annual r eport and accounts 2011
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 network testing handset testing
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annual report and accounts 2011 
anite plc annual report and accounts 2011 cafe
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overview
 1 anite
 2 at a glance
 3 chairman’s statement
business review
 5 chief executive’s review
 5  overview
 5  strategy
 6  our markets
 8  our solutions
 12  outlook
 14  review of operations
 17 group key performance indicators
 18 financial review
management and governance
 22 directors
 24 report of the directors
 27 corporate governance report
 33 remuneration report
 40 report of the audit committee
financial statements
 42 statement of directors’ responsibilities
 43 independent auditors’ report group
 44 consolidated income statement
 44 consolidated statement of comprehensive income
 45 consolidated statement of changes in equity
 46 consolidated balance sheet
 47 consolidated cash flow statement
 48 notes to the accounts
 84 fiveyear summary
 85 independent auditors’ report company
 86 company balance sheet
 87 company statement of comprehensive income
 87 company statement of changes in equity
 88 company cash flow statement
 89 notes to the company accounts
other information
 99 shareholder information
 100 glossary of terms
 101 advisers and offices 1 overview
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anite
anite plc an international software and solutions company operates in two  
defined markets we focus on providing device and network testing systems to the 
wireless market and reservation and ecommerce solutions to the leisure travel 
industry both are based on our comprehensive knowledge of the sectors and on  
our proprietary systems
our 500 staff work with many of the world’s leading wireless and travel companies 
from our headquarters in the uk and from offices in 14 countries throughout  
europe the americas asia and the middle east our services which include 
implementation systems integration and maintenance enable us to meet our 
customers’ needs and enable them to achieve their business objectives  2 overview
travel
divisional structure
wireless
at a glance
travel
anite supplies systems to help leisure  
travel companies run their businesses 
efficiently as a result of market 
consolidation fewer companies are now 
managing an everlarger volume of travellers 
but are finding it difficult to increase profits 
our technology helps them to achieve  
that by taking out cost and improving 
productivity while at the same time 
offering a greater range of products and 
improving customer service
network testing 
anite helps network operators and 
manufacturers manage their businesses 
effectively our range of tools enables the 
network operators to collect and analyse 
data on coverage and performance to  
check that networks are strong enough  
to minimise dropped calls and to handle 
the increasing amount of data that is 
downloaded by users of smart devices  
and that devices will work on different 
operators networks
handset testing
anite helps manufacturers design efficient 
chipsets and mobile devices and bring them 
to market quickly and costeffectively at a time 
when an everincreasing number of functions 
are being demanded of devices development 
and testing are critically important our 
systems enable manufacturers to ensure that 
their products not only conform to industry 
standards but also meet endcustomers 
expectations and are able to communicate 
with other devices on all networks
operating highlights
wireless 
•	 wireless revenue as a whole contributed 79 of group revenues 
2010 71 
•	 handset testing 
 – outperformance during the year with strong final quarter
 – order intake £596m 2010 £322m booktobill ratio  
12 2010 09
 – lte 4g revenue growing and represented 34 of revenue 
2010 12 
 – good demand for 3g products
•	 network testing
 – outperformance during the year with particularly strong h1
 – order intake £230m 2010 £211m booktobill ratio  
10 2010 11
 – invex acquisition broadened network testing’s product 
portfolio and customer base 
travel
•	 challenging year but tangible progress made
•	 multiyear contract with tui travel plc to implement  
comres in uk and ireland
•	 closing order book £632m 2010 £492m booktobill  
ratio 17 2010 13
financial highlights adjusted¹
•	 order intake up 42 to £1166m 2010 £823m booktobill 
ratio 12 2010 10
•	 revenue up 19 to £937m 2010 £788m
•	 ebitda up 25 to £222m 2010 £177m
•	 operating profit up 48 to £176m 2010 £119m
•	 operating margin of 19 2010 15
•	 profit before tax up 62 to £160m 2010 £99m
•	 adjusted basic earnings per share up 67 to 40p 2010 24p
•	 proposed final dividend up 13 to 0735p 2010 065p
 – total 105p 2010 095p
•	 net cash of £277m apr 2010 £298m stated before  
swap liability capped at £216m 
statutory results
•	 revenue from continuing operations up 19 to £937m  
2010 £788m
•	 profit for the year of £94m 2010 loss of £34m
•	 statutory basic earnings per share 33p 2010 loss per share 
12p diluted earnings per share 31p 2010 loss per share 12p
highlights
1  adjusted results are for continuing operations before sharebased payments 
impairment of goodwill impairment and amortisation of acquired intangible assets 
restructuring costs other gains and losses and recycled hedge losses
this annual report contains forwardlooking statements these forwardlooking statements are not guarantees of future performance rather they are based on 
current views and assumptions and involve known and unknown risks uncertainties and other factors that may cause actual results to differ from any future results 
or developments expressed or implied from the forwardlooking statements each forwardlooking statement refers only to the date of the particular statement and 
save to the extent required by the applicable law or regulation we do not undertake any obligation to update or renew any forwardlooking statement
nt
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nt 3 overview
anite reported strong growth in the  
year and made good progress in all 
three businesses
clay brendish
chairman’s statement
introduction
i am pleased to report a strong financial performance for the year 
ended 30 april 2011 compared with a relatively weak result last 
year this performance was driven by significant revenue growth in 
our wireless division which resulted in strong overall profit growth 
above that expected by the board at the start of the year
handset testing reported a strong finish to the year with lte 4g
products accounting for 34 of handset testing revenue compared 
with 12 in the previous financial year
network testing had a good result benefiting from a recovery in 
customer spending and upgrades to customer networks
travel performed slightly below the board’s original expectations 
however profitability remains robust and tangible operational progress 
was made during the year this culminated in the signing of a major 
contract with tui travel plc and an increased closing order book
secondhalf milestones
two important milestones were achieved during the second half
first in january 2011 anite acquired the invex network test and 
measurement product line which included two products that 
significantly widen our network testing product range in readiness 
for lte rollouts in future years
second in april 2011 anite signed a multiyear contract with  
tui travel plc to implement anite’s comres reservation system  
in tui’s uk and ireland division
strategy and progress
we continue to make good progress with our strategy to position anite 
as a global leader in wireless test software and to take advantage of 
the opportunities that will emerge from the development and rollout 
of lte technology for the year our wireless revenue advanced and 
contributed 79 of anite’s total revenue 2010 71
the board believes that wireless operates in a longterm growth 
market which has high barriers to entry and relatively few major 
competitors this enables the business to generate good profit 
margins and returns on investments
in travel our strategy is to increase the business’s longterm value  
as it transitions between legacy and new products to achieve this 
we will continue to strengthen and improve its market position  
by expanding the customer base and managing the migration of 
existing customers to our new product comres thus increasing 
recurring maintenance revenue
overall the board is committed to maintaining market leadership 
through continued investment in our rd programmes
it is the board’s intention that the group retains a strong financial 
position to provide financial flexibility
● handset testing   ● network testing   ● travel
2010
total £823m
322
21 1
290
2011
total £1166m
596
230
340
order intake by business £m 4 overview
adjusted operating profit by business £m revenue by business £m
chairman’s statement continued
● handset testing   ● network testing   ● travel
2010
total £788m
358
200
230
2011
total £937m
496
241
200
results summary
the group’s results were well ahead of last year and continue  
to demonstrate the underlying strength and profitability of our 
divisions an adjusted operating margin of 22 2010 14 was 
reported by the wireless division as a whole and 21 2010 24 
by the travel division
handset testing benefited from improved market conditions 
recovery in customer spending in 3g and growth in lte orders  
in line with the progress of the technology this produced a result 
substantially ahead of last year
network testing also benefited from improved market conditions 
which led to a particularly strong first half result
travel reported reduced licence revenue compared with last year 
leading to a fall in revenue and profit
overall group adjusted operating profit was up 48 to £176m 
2010 £119m on revenue up 19 at £937m 2010 £788m
adjusted basic earnings per share were up 67 to 40p 2010 24p
the year end financial position was robust net cash as at 30 april 
2011 was £27 7m 31 october 2010 net cash of £284m the reported 
level of net cash is before taking account of the liability on the currency 
swap which as previously announced will be settled on 31 october 
2011 for £216m the year end closing net cash is also stated after  
a £59m impact in the second half for shares purchased for the 
employee benefit trust and for the cost of the acquisition of the 
invex product line
dividend 
the board is recommending a final dividend of 0735p per share 
2010 065p representing a 13 increase the dividend will be paid 
on 25 october 2011 to shareholders on the register at 16 september 
2011 this increase reflects the board’s intention to maintain a 
progressive dividend policy the dividend having been held last year 
despite reduced earnings
people
on behalf of the board i would like to thank all employees for their 
contribution hard work and support during the period
summary and outlook 
anite reported strong growth in the year and made good progress  
in all three businesses
travel is now in its best shape for a number of years after a period  
of declining profits it has a strong order book and sales pipeline  
by the end of the current year we expect it to be demonstrating  
the path to renewed growth from its robust and profitable core
2011 saw improved financial performance within the wireless 
division driven by both customer spending recovery and organic 
business growth we believe the recovery phase is complete and 
that its 2012 results will be driven by business growth alone 
wireless is better positioned to take advantage of its existing  
and new markets than in the past and we believe that the lte 
opportunity is also likely to be deeper and longerlasting than 
previous technologies
for 2012 overall we believe that there are good growth prospects 
led by the wireless division the group has made an encouraging 
start to the new financial year we remain optimistic about anite’s 
future progress
clay brendish
chairman
28 june 2011
2011
total £176m
includes group 
costs of £30m
100
64
42
2010
total £119m
includes group 
costs of £17m
35
45
56
● handset testing   ● network testing   ● travel 5 business review
anite is well positioned to grow as  
our markets continue to improve
christopher humphrey
chief executive’s review
overview
our business has emerged strongly from the economic downturn 
both operationally and financially 
the economic environment – which particularly in the first half  
of last year had restricted customers’ spending – continued to 
improve following a strong end to the year revenue and adjusted 
operating profit were both well ahead of market expectations while 
we are not complacent about the economic outlook the market has 
undoubtedly improved we have an advantage in that our business 
is geographically diversified our wireless customers are based 
throughout the world from the us to china and travel’s principal 
customers are throughout europe
in the wireless division there was not only an increase in what 
customers were prepared to spend on legacy – 2g and 3g – 
products but there was also increased investment in lte 
handset testing revenue growth came from our core product area  
of conformance testing ct and also the newer product areas of 
development testing dt and interoperability testing iot in our 
2010 annual report i explained how we had decided to develop our 
own lte hardware platform the anite 9000 mobile test accelerator 
– this product was launched in december 2009 it has been 
subsequently upgraded in the current year and has been well received 
by our customers this combined with other rd investment over 
the year means we are well positioned for future growth
in our network testing business we acquired a new product line 
thereby extending both our product portfolio and customer base
our travel business which over recent years had lost customers through 
business failures and continuing market consolidation has weathered 
the storm and is now in much better shape it is now firmly 
established with tui europe’s largest travel operator this relationship 
was further strengthened when travel signed a contract with the uk 
and ireland division of the tui business at the end of the year
strategy
group strategy
our overall goal is to deliver shareholder value by concentrating  
on our wireless division which exhibits good longterm growth 
potential due to strong growth drivers and market position
our travel business is in the middle of a transition between older 
legacy technology and a new more flexible and scalable platform 
we look to build further value in this business through this transition
travel strategy
travel provides reservation systems for tour operators ferry and 
cruise companies the systems we provide are complex substantial 
and provide functionality that is critical to our customers’ operations 
once implemented they generally remain in situ for many years 
requiring continued support and enhancement to cope with the 
customers’ changing business requirements each implementation 
typically includes a considerable bespoke element to enable it  
to meet specific requirements as a result our relationships with 
customers are generally very longterm and built on our deep 
industry or domain knowledge
in the past we have supplied hosted and maintained systems for 
customers as the leisure travel industry has become more complex 
and companies have consolidated there is an increasing trend for 
operators to run their own systems inhouse we are therefore 
adapting our business towards a more traditional software and 
support model our comres product is the only leisure travel 
reservation system with the flexibility and capability to cope  
with the volume of enquiries and bookings experienced by the  
large tour operators
our strategy in travel is in part to maintain and develop our 
products to exploit our technological leadership in leisure travel 
reservation systems which service the mid and uppertier tour 
operators in international markets to this end most of the 
additional product functionality that will accelerate growth can  
be developed inhouse there are however certain small product 
extensions that could be acquired in order to save time and expense 
creating a faster delivery to market
the nature of the leisure travel industry and the products we now 
provide offer us the opportunity to expand our market from our historic 
uk focus to other markets in europe in particular germany we will 
build on our success in creating uk and central european versions  
of comres for tui and will continue with our longterm plans for 
migrating customers from our legacy atop system to comres 6 business review
global mobile data traffic 2010 to 2015 exabytes per month relative volume of wireless subscribers across networks billions
chief executive’s review continued
wireless strategy
consumer demand for smartphones and the push by device 
manufacturers to offer greater functionality are causing data 
transmission to grow exponentially with the result that mobile 
network operators mnos are under pressure to increase capacity 
and speed to match customers’ expectations
this has meant that chipset and mobile phone manufacturers  
are being challenged by the operators to accelerate the pace of 
technological change to keep up with the increasing data demand
our handset testing business enables the global chipset and 
handset manufacturers to increase their speed and reduce their  
cost to market and achieve the technological advances that are 
needed to develop new phones and devices
our network testing business provides products for network 
operators to optimise their networks and improve efficiency and 
customer experience
our strategy in both wireless businesses is to invest in early rd  
to keep these highly specialised products at the leading edge and  
to offer our customers the latest technology as soon as it is needed 
we believe this commitment to our customers and the market will 
deliver us further growth in revenue and profit as the market 
continues to develop
we will offer an increasing range of products to assist our wireless 
customers to exploit technology change around the world in 
handset testing this involves developing products in development 
and interoperability testing to complement our marketleading 
conformance test capability in network testing we have for 
example just acquired benchmarking and scanner products to 
augment our other network testing tools
demand for legacy technologies has proved more sustained than 
expected and we continue to invest in this area our main focus  
is however currently on lte although the pace of change is 
accelerating and we are already planning for the next generation
the major focus in meeting these demands will be internally developed 
products but these may also be supplemented by small selected 
acquisitions if appropriate
our markets
anite is structured into two marketfacing divisions wireless and 
travel wireless has two businesses handset testing provides 
specialist systems hardware and software to enable manufacturers 
to design new chipsets devices and data cards effectively and  
to bring them to the market quickly network testing provides  
the technology that enables mnos to test the efficiency and 
effectiveness of their mobile phone networks – and to ensure  
a consistently highquality service for users of mobile devices –  
by carrying out live testing with different makes of handsets  
and devices
0
1
2
3
4
5
6
7
2015
2014
2013
2012
2011
2010
024
06
12
22
38
63
2010 2011 2012e 2013e 2014e 2015e
source cisco visual networking index 2011
0
1
2
3
4
5
6
7
8
60
66
70
74
77
2011 2012e 2013e 2014e 2015e
     3gpp2       3gpp
source informa telecoms  media wcis www4gamericasorg december 2010  7 business review
global 3g and 4g network deployment status number global handset unit shipments by technology millions
wireless market
the wireless market continues to grow rapidly in less than 40 years 
– the first call was made on a portable cellular phone in april 1973 
– the number of active mobile connections has grown to five billion 
it is estimated that 155 billion phones will be sold in 2011 up 161 
on 2010
i
 and the total number of subscribers will increase from  
60 billion in 2011 to 77 billion in 2015
ii
 sales of smartphones  
are expected to grow 61 yearonyear
i
 – making the market  
ever more complex while there is little growth in voice and text  
in developed markets mobile data traffic is expected to grow  
to 63 exabytes one billion gigabytes a month by 2015 a 26fold 
increase over 2010
iii

while this increase in traffic is to be expected in developing 
countries such as india where there are few or no fixedline 
networks and most access to the internet is made on wireless 
networks even in developed economies people are increasingly 
using their mobile devices rather than fixedline phones or desktop 
computers to access data
in time we expect manufacturers to reduce the number of different 
models they produce but advances in technology will always result 
in new models and devices which will need to be tested and 
verified over the next five years production of the nowdominant 
2g gsm units will gradually decline – from more than 700 million 
in 2010 to an estimate of fewer than 300 million – while shipments 
of 3g wcdma devices will continue to increase – from  
400 million in 2010 to an estimated 950 million in 2015 – and lte 
devices will grow from virtually nothing in 2010 to around 75 million 
in 2015
iv
 on the network side there are plans for lte networks 
– which again will need to be tested and verified – to increase from 
something under 100 at the moment to more than 300
ii

3g when it was introduced was a solution looking for a problem 
and as a result takeup in its use was very slow lte is a solution  
to a real problem the huge increase in dataintensive applications 
that is overloading network capacity that combined with network 
operators’ constant drive to reduce costs demanded the introduction 
of a new more efficient technology lte which we have supported 
from the outset is now universally accepted as the most effective 
solution to the problem of delivering the necessary data capacity
while lte is being adopted far more quickly than 3g was the speed 
of adoption is being influenced by a number of factors spectrum 
allocation from governments the legacy technology on networks 
and the economic pressures of the past two years which have 
constrained the level of investment needed to achieve the necessary 
upgrades in infrastructure although we do not expect lte to be 
implemented in the uk until 201314 it is already in the process of 
being adopted in the us japan china and some mainland european 
countries for the first time the us is leading the rollout of a new 
technology because it was an early and rapid adopter of smartphones 
it has the biggest problem at this early point in the development of 
the lte market we estimate that less than 40 of handset testing 
customers are developing lte products although the number is growing 
i ccs insight ii 4g americas iii cisco visual networking index 2011 
iv deutsche bank informa global mobile daily cdg gsma
0
100
200
300
400
500
600
700
800
900
1000
other
lte 4g
cdma 3g
wcdma 3g
gsm 2g
2009 2010
source deutsche bank informa global mobile daily cdg gsma march 2011
■ gsm 2g  ■ wcdma 3g  ■ cdma 3g  ■ lte 4g  ■ other
2011 2012e 2013e 2014e 2015e
0
50
100
150
200
250
300
350
400
450
networks planned
countries in service
networks in service
lte hspa hspa
hspa hspa lte
■ networks in service  ■ countries in service  ■ networks planned
source www4gamericasorg may 2011 8 business review
chief executive’s review continued
travel market
in the travel market in recent years a combination of consumers 
having tighter budgets natural events such as volcanic ash clouds 
earthquakes and tsunamis political unrest and rising oil prices has 
put the leisure travel industry under pressure and many smaller 
operators have struggled to survive or have gone out of business 
the resulting consolidation means that while the market itself has 
not shrunk the number of operators has
consolidation in the leisure travel industry has resulted in the large 
companies becoming even larger so that fewer companies are 
managing greater volumes of business their it systems – which have 
the potential to improve profitability by making buying selling and 
backoffice functions more economical – have however generally 
failed to keep pace in addition particularly in the uk and the nordic 
region traditional tour operators face increasing competition from 
internet travel companies
our industryleading reservation and ebusiness system is scaleable 
and is therefore particularly suitable for large businesses it has 
achieved considerable success with europe’s leading leisure travel 
business tui and has the potential to achieve the same increases  
in efficiency and profitability for many others – including tour 
operators specialist holiday companies leisure park operators 
accommodation providers and cruise and ferry operators 
our solutions
wireless handset testing solutions
our handset testing business has been a world leader in wireless 
testing solutions for 20 years enabling chipset and mobile device 
manufacturers to test the viability improve the quality and reduce  
the time to market of their products originally focused on 
conformance testing ct – ensuring that devices complied with 
industry standards and were able to deliver the service expected of 
them – we have more recently expanded into development testing 
dt – helping our customers develop viable earlystage devices – 
and interoperability testing iot – simulating realworld network 
conditions to ensure that devices can communicate effectively with 
one another on different networks
our technology which has a long lifespan and is easy to use  
enables manufacturers to identify and resolve problems early in the 
development process and helps them reduce costs and show a clear 
return on investment while a large proportion of customers buy our 
standard products we offer major customers a degree of customisation 
and are uniquely flexible in allowing product licences to be shared 
across rd sites and our solutions to be used across departments 
our products test the entire range of devices – from second generation 
2g through to the latest fourth generation 4g new devices must 
be able to work on multiple generations of technology to maintain  
a connection the need for new devices to contain legacy and new 
generation technology makes it difficult for new entrants to the test 
market as they need to be able to provide a comprehensive range of 
test cases 
we develop and verify test script packages to be used on our simulation 
systems – we currently offer around 2500 for ct alone – and a 
number of the larger network operators specify that manufacturers 
must validate their devices on an anite test system we now also 
offer to customise our iot tests to specific network configurations
case study handset testing  
enabling our customers to lead their markets 
cetecom is an international test house with stateoftheart lab 
facilities across the globe its unique service portfolio that covers  
the entire life cycle of a mobile communications product ensures 
international standards are met and facilitates the early release of 
products and applications for its customers leading device manufacturers 
work in close collaboration with test houses such as cetecom in order to 
certify their products and to gain quick access to markets around the world 
cetecom has worked with anite since the mid90s when anite 
launched its conformance test solutions in order to enhance its 
competitive advantage in 2011 cetecom reaffirmed its commitment  9
35
anite sas is a network simulator 
solution that enables customers 
to quickly evaluate devices in the 
integration interoperability and 
carrier acceptance testing phases
the ﬁrst product of its kind it 
remains the marketleader 
interoperability testing iot
anite’s development toolset 
supports all phases of wireless 
device development from 
presilicon protocol module 
development through to systems 
integration and veriﬁcation
development testing dt 
conformance testing ct 
anite’s industryleading conformance 
toolset tests the individual protocol 
stack layers in a wireless device to
ensure compliance with the latest 
industry standards
9 business review
to anite by signing up to an agreement 
comprising anite’s latest test solution 
covering lte in addition to its existing anite 
solution that covered both 2g and 3g this 
new package includes conformance and 
interoperability test solutions for both lte 
signalling protocol test cases and operator 
endorsed lte carrier acceptance scripts 
by choosing anite cetecom achieves  
a number of key benefits 
•	 anite has sustained cetecom’s leading 
position in the lte conformance test 
market this enables cetecom to be the 
first to offer major device manufacturers 
the ability to test against the latest industry 
requirements set out by certification  
bodies such as gcf and ptcrb and leading 
american lte carriers
•	 anite’s unique flexible licensing option 
allows cetecom to effectively utilise the 
software from its multiple locations across 
the globe and
•	 as a provider of lte services cetecom has 
been able to implement improvements 
through a strong partnership and excellent 
collaboration with anite 
“cetecom clearly differentiates itself from other 
test houses by offering the greatest coverage of 
lte conformance test cases this is supported  
by the comprehensive and cuttingedge solutions 
offered by anite our partnership with anite plays 
an important part in our ability to maintain our 
leading position”
thorsten stabenau  
director corporate marketing and sales 
cetecom 10 business review
case study network testing  
enabling network operators  
to improve service performance
in such a highlycompetitive and fastchanging environment continual 
benchmarking is vital to stay ahead of the game new services in voice 
video and data bring a constant stream of challenges new technologies 
such as hspa and lte bring many more particularly in network 
planning and service optimisation operators need to assess multiple 
networks and technologies to define their competitive service level and 
optimise coverage and service quality
for more than a decade one of the largest mobile network operators in 
europe has been working with anite in all stages of the cellular network 
chief executive’s review continued
we lead the market in the development of ct cases and have 
consistently led the lte conformancetesting market where we 
currently have around 245 validated test scripts
v
 this market is 
driven by the certification schemes administered by the standard 
setters such as the global certification forum gcf – a partnership 
between mobile network operators mobile device manufacturers 
and the test industry – which has created an independent 
certification programme to help ensure interoperability between 
mobile devices and networks worldwide 
conformance testing for lte became mandatory in december 2010 
and is beginning to gather momentum we are now developing our 
technology to support lte advanced which is significantly faster 
than lte in preparation for the time when it can be supported by 
the networks
wireless network testing solutions
our network testing business provides products under the nemo 
brand for mnos and network equipment manufacturers to measure 
the coverage and quality of mobile phone networks our product 
portfolio was expanded when in january 2011 in anticipation of the 
rollout of lte networks over the next five years we acquired the 
invex network test and measurement product line which includes 
benchmarking and scanner products the acquisition included 
existing customer commitments and 19 employees based in 
virginia usa who are primarily involved in rd
when the process of integrating the invex products into our nemo 
portfolio is complete – by the end of the first half of this financial year 
– we will offer our customers one of the strongest and most versatile 
range of products available in the market in addition because our 
technology all operates on the same software it enables data  
on the quality of the networks to be compared more consistently 
our measurement tools are designed to meet the needs of all our 
customers regardless of their internal processes and means of 
testing they provide a wide range of information from call quality 
data download and upload speeds to signal reliability the 
interaction of neighbouring cells and the efficiency with which 
devices “handoff” from one cell to another as they move in  
a vehicle on foot or in a building
the products range from nemo handy an easytouse handheld 
device that can be used for indoor and outdoor testing – upgraded  
in february 2011 – to nemo outdoor a powerful laptopbased 
solution – a new version was released in april 2011 the latter is  
used for “drive testing” by an engineer who drives around an area  
to compare coverage and quality at all times of day and night and 
in all weather conditions the newly acquired invex benchmarking 
product enables a large number of devices to be measured 
simultaneously without radio interference while nemo 
autonomous – upgraded in january 2011 – can be installed in  
any vehicle to provide a costeffective unmanned continuous 
stream of data
the software embedded in our products enables mnos and their 
subcontractors to manage and analyse vast quantities of data 
quickly and efficiently either on our postprocessing analyser  
or on thirdparty processing tools
we sell to around 100 countries during the year we increased our 
sales force and developed our network of local partners in addition 
to their sales function these partners offer technical help to customers 
as well as supporting all the major network standards while 
significant volumes of lte business will not begin until the commercial 
networks are rolledout we have already sold lte equipment to 
network equipment manufacturers and operators in the us and 
mainland europe
v gcf device certification criteria database
lte validation comparison by operating band 
number of validated lte protocol test cases as at 9 june 2011
0
50
100
150
200
250
competitor 4
competitor 3
competitor 2
competitor 1
anite
■ anite  ■ competitor 1  ■ competitor 2  ■ competitor 3  ■ competitor 4
fdd01
gcf
ntt docomo
fdd07
gcf
telia sonera
fdd13
gcf
verizon
fdd20
gcf
vodafone
tdd40
gcf
china mobile
any
band
fdd17
ptcrb
att
source gcf device certiﬁcation criteria database  11
nt
optimisation
nt
       anite’s optimisation solution 
     offers tools for every stage of the 
    network lifecycle from onsite 
   troubleshooting and maintenance 
  indoors or outside to collecting 
metrics through drive or walk testing
 
  
analysis and reporting
this scaleable and automated 
solution combines high 
performance analysis of drive
test data with troubleshooting 
capabilities to highlight any 
network issues and their 
probable root causes 
benchmarking 
anite provides the most 
complete and ﬂexible set 
of tools and platforms to 
benchmark current versus
next generation technologies 
across service providers 
and applications 
anite’s measurement tools are 
installed in ﬁxed locations or 
moving vehicles to monitor 
what’s happening on a network 
and provide steady streams of 
highquality data at the 
lowest possible cost 
autonomous 
11 business review
lifecycle – trial rollout and maintenance – 
from early gsm to the latest lte upgrades 
this customer utilises the entire nemo network 
testing product portfolio from data collection 
to analysis and reporting
•	 for rf optimisation and benchmarking it uses 
nemo outdoor drive testing and nemo 
handy onthego and indoor measurements
•	 for network maintenance the customer relies 
on nemo autonomous to verify service 
quality on the most crowded traffic routes 
and densely populated areas and
•	 nemo analyze is used for collecting and 
storing all measurement data and for analysis 
and reporting the measurement reports are 
tailored to customer requirements
this customer is committed to working with 
anite because 
•	 anite is first to market with new technologies 
and offers easy and costefficient upgrades
•	 anite’s comprehensive product portfolio means 
that all the data collected can be seamlessly 
compared and analysed and all customer testing 
needs can be fulfilled by one supplier and 
•	 anite’s technical support is trusted  
to handle any local issues promptly  
and effectively
“we work in collaboration with our customers 
ensuring that our tools are tailored to meet their 
requirements and that all the benefits of new 
features and functionality are fully utilised to enable 
them to deliver results more costeffectively”
heikki koivuaho  
senior vp global sales  marketing anite 12 business review
chief executive’s review continued
case study travel 
delivering flexibility and efficiency
superbreak mini holidays limited is a marketleading provider for rail 
theatre and event inclusive short break holidays and hotels throughout 
the uk and overseas superbreak is part of holiday break plc an 
education and travel activity group which includes the widely recognised 
eurocamp and pgl brands superbreak books c15 million customers 
each year on domestic and european short breaks based in york 
england superbreak holds allocations of rooms at hotels and can make 
bookings up to and on the day of departure
travel
our travel business helps companies in the leisure travel industry 
run their businesses efficiently as the uk’s marketleading supplier 
of software to travel companies our technology enables them to 
sell an increasingly diverse choice of holiday products through a 
range of sales channels – including call centres travel agents and 
the internet – to price by currency and market to manage their 
inventory to connect with other industry providers and to improve 
productivity and customer service our technology has a long life 
cycle and many of our customers have been using our legacy atop 
product for more than 15 years
our comres solution has the potential to significantly reduce  
tour operators’ back office costs by standardising processes across 
all markets and types of holiday and can be scaled up to cope with  
an increasing workload as the business grows
in what continues to be a challenging economic environment price 
and capacity are the keys to success our flexible software enables 
leisure travel companies to reduce costs while at the same time 
manage a wider range of products it also enables international 
companies such as our major customer tui to tailor their product 
offerings to meet national characteristics in the uk and nordic 
countries for example consumers tend to buy holidays including 
flights but in germany many holidays are “landbased” – consumers 
buy time at a hotel but make their own travel arrangements
as a standalone system comres offers the key functions of 
reservations content and customer relationship management  
and operational finance it is also the core around which our com 
ebusiness suite is built this integrated enterprise resource planning 
erp solution – which includes supplier contracting dynamic supplier 
connectivity sales inventory management customer documentation 
supplier notification and accounts receivable and payable – can be 
bought and implemented in modules
outlook
in the past financial year the group took a large step in the  
right direction 
handset testing is a leader in the mobile device testing market and 
the investment we made in designing our own hardware is beginning 
to pay off we have established a leading position in lte conformance 
testing and for the foreseeable future that will continue to be our 
key market we believe however that our longerterm growth 
prospects are being greatly improved by the continued growth  
in interoperability testing
network testing’s prospects have been enhanced by the invex 
acquisition and its growing global presence its broad suite of 
products means that it is well set to continue to grow albeit in the 
first half it is unlikely to exceed the very strong comparative period 
last year
following the recent contract success our travel business is 
approaching an inflexion point while it is likely to take some time 
for the world economy and therefore the leisure travel industry  
to recover to pre2008 levels we are confident that our software’s 
scaleability combined with our reputation for successful 
implementation places us in an excellent position for steady 
longterm growth
nobody is immune to the volatility of the global economy however 
we believe that our investment in rd and our market positions will 
enable us to win and retain business
we are a small agile company that focuses on what customers 
need i am confident that we will continue to make good progress 13
feedback
going on holiday
coming home
resort 
management
issues
201 0 0 4 4 4 1 1
201 0 0 5 1 1
201 0 0 6
5
1 1
home
2011
£
procurement
q
a
2012 
distribution
ticket
credit
card
ticketing
distribution
sun
travel
2011
sun
travel
2011
call centre
£
travel agent
shop online
booking
search   price   book 
sun
travel
2012
20 20
sun
travel
2012
13 business review
focused on delivering value for money and 
offering high levels of customer satisfaction 
superbreak has been an anite customer since 
1993 initially on anite’s legacy atop system
business growth and a need for extensive 
external supplier integration led superbreak 
to go out to tender for a new reservation 
system it selected anite’s next generation  
com ebusiness suite successfully migrating 
onto the new com platform and going live  
in april 2010 superbreak now uses com to 
manage its reservations customer database 
operational finance and supplier gateway
superbreak chose to continue working with 
anite for the following reasons
•	 over the years it has built up significant 
trust in both the anite people and the 
technology
•	 com offers a highly flexible web services 
interface for distribution rich supplier 
connectivity through prebuilt connectors 
and a tightly integrated operational 
accounting module and
•	 com is a featurerich solution which has 
been proven to scale for large business 
volumes and gives superbreak the flexibility 
to expand into new product areas on a 
costeffective infrastructure
“our ongoing collaboration with anite and their 
expertise in tailoring their functionally rich and 
process driven travel reservation solution to our 
requirements has enabled us to become one of 
the most efficient operators in the uk com is 
core to the success of our business” 
eamonn ferrin managing director superbreak 14 business review
chief executive’s review continued
review of operations
vi
the results for the group overall demonstrated an encouraging 
recovery from the difficult trading period of 12 months ago with 
progress in both wireless businesses more than compensating for  
a reduction in revenue and profit in the travel business
the main driver for growth was an increase in demand for new 
generation lte products in handset testing and a recovery in the 
level of demand for existing technology 3g products in both 
handset testing and network testing
travel continues to be impacted by reduced demand for its legacy 
products while growth in revenues for its comres product was 
affected by delays in transitioning from the successful implementation 
project in tui germany and central europe to a new project to 
implement in tui uk and ireland the full contract for tui uk was 
signed in the last month of the year and has resulted in a significant 
increase in the travel order book
wireless handset testing
the adjusted results for the handset testing business for the year 
show considerable yearonyear growth albeit against a historically 
low comparative period order intake grew 85 to £596m  
2010 £322m revenue increased by 39 to £496m 2010 
£358m and adjusted operating profit almost trebled to £100m 
2010 £35m
the main driver for growth in revenue was the increasing demand 
for our lte products which include the anite 9000 hardware 
platform the evolution of the anite 9000 has continued with the 
release of a new version at the end of 2010 this has been well 
received by customers and the innovation and progress with the 
product have been considerable since its launch in december 2009 
we have a competitive roadmap that will see further innovation  
in the next 12 months
lterelated revenue increased nearly four times from £43m  
in 2010 to £167m representing 34 of handset testing revenue  
in the year while part of the lte demand was for products for 
development testing there was also early stage demand for lte 
conformance and interoperability testing solutions
in addition to the lte demand handset testing also saw a recovery 
in demand for 3g products this in part reflected a catchup in the 
first half of the year of spending by customers who in the previous 
financial year had deferred investments due to the economic climate 
demand for 3g solutions was however also driven by investment  
in hspa the latest iteration of the technology as operators sought 
to increase the performance of their existing 3g networks and 
device manufacturers invested in and upgraded test equipment  
to develop products to exploit the improved networks hspa is also 
a technology used by some operators as part of a transition to lte
the impact on handset testing’s results of the weaker average 
sterling exchange rate against the us dollar compared with the 
previous year and its effect on translating overseas subsidiaries’ 
revenue on a constantcurrency basis resulted in a revenue benefit 
of £03m with an immaterial impact on profit the effect however 
of transactional currency movements – transacting for sales in 
currencies different from our base currency – and year end currency 
balances resulted in an overall exchange gain of £05m 2010 
£04m loss – a £09m positive impact on profits yearonyear
on a regional basis asia pacific saw the most significant growth 
more than doubling revenue to £170m 2010 £84m emea 
increased 11 to £131m from £118m in 2010 while the biggest 
region americas increased 25 to £195m 2010 £156m
net revenue margin in handset testing revenue less thirdparty 
hardware cost as a percentage of revenue fell as predicted to 75 
2010 82 this was caused by the greater mix of hardwarerelated 
orders fulfilled during the year compared with the largely software 
related revenue of the prior period this was in part because of the 
higher proportion of lte revenue this year the current stage of  
the lte development cycle means that orders tend to be for more 
hardware at this stage with related software orders for test scripts 
vi throughout this review reference to adjusted results means the results for 
continuing operations before where applicable sharebased payments impairment 
of goodwill impairment and amortisation of acquired intangible assets 
restructuring costs other gains and losses and recycled hedge losses
review of operations – handset testing £m revenue by destination – handset testing £m
operating proﬁt revenue order backlog order intake
596
322
496
358
217
12 1
100 35
85
79
39
186
2010 operating margin 10
2011 operating margin 20
● 2010
● 2011
● emea   ● the americas   ● asia paciﬁc
131
195
170
2011
total £496m
118
156
84
2010
total £358m 15 business review
and upgrades following as the use of the systems matures in 
addition net revenue percentages for 2g3g products fell as more 
hardware was shipped 
continued investment in rd was a feature of the handset testing 
business in the financial year the cash spent on rd projects 
reduced slightly to £102m 2010 £105m however due to a 
planned increase in spend on writing lte conformance test scripts 
there was a net capitalisation of rd costs of £10m 2010 net 
amortisation of £06m meaning that the profit and loss charge 
reduced in the period to £92m 2010 £111m throughout last  
year anite consistently led the market on numbers of validated 
conformance test scripts we currently have around 245 scripts 
validated by the standards bodies some 52 more than our nearest 
competitor the breadth of our test script offering is helping us win 
early conformance test system orders as that market starts to 
develop having become mandatory at the end of 2010
other fixed costs in handset testing increased by £32m compared 
with the same period last year the majority of this increase resulted 
from increased staff costs as investments were made in the sales 
function to drive revenue growth and in customer support to  
reflect the growing installed base of systems in the field additional 
nonstaff related costs in this area were also incurred in improving 
diagnostic and calibration capabilities headcount in handset 
testing increased to 180 at the year end 2010 173 as a result  
of increases within rd and in sales and marketing to support the 
larger revenue base
as a result of the factors described above handset testing’s 
operating margin doubled from 10 to 20
wireless network testing 
adjusted results for the network testing business show orders 
increased 9 to £230m 2010 £211m while revenue increased  
by 21 to £24 1m 2010 £200m net revenue percentage revenue 
less cost of thirdparty hardware as a proportion of revenue was 
essentially unchanged at 72 2010 71 while adjusted operating 
profit increased by 42 to £64m 2010 £45m the results above 
include those for the invex product line from its acquisition on  
10 january 2011 invex contributed £02m of revenue in the first four 
months of anite ownership it broke even over that period following 
the capitalisation of £05m of rd costs mainly associated with the 
development of a new benchmarking platform
the market for network testing tools was particularly strong in the 
first half of the year as customers caught up with spending following 
the economic climaterelated reduction in the previous year business 
activity levels in the second half of the year were at more normal 
levels the second half of the year also saw the first minor sales  
of lte products in network testing although levels are not expected 
to become material until 2013
the effect on network testing of currency movements in translating 
the overseas subsidiaries’ results back to sterling was a translation 
loss of £09m on revenue and £03m on profits this was mainly as a 
result of the average exchange rate of the us dollar weakening against 
the euro yearonyear the impact of transactional currency movements 
from the dollareuro as a result of the division’s trade in america and 
the far east resulted in a £03m exchange gain 2010 £01m loss 
giving a positive £04m transactional impact on profits yearonyear
while network testing’s revenue in emea increased by 33 to 
£122m and in the americas by 44 to £56m in asia it declined  
by 9 to £63m
the cash invested by network testing in rd increased to £27m 
2010 £21m in the period significant upgrades were launched  
to the existing nemo outdoor and analyze platforms and a new 
androidbased product nemo handya was developed following 
the acquisition of the invex product line we also undertook significant 
work integrating nemo’s software to the invex benchmarking 
hardware platform and the fsr1 scanning receiver part of the rd 
investment spend was on finalising the first version of the new 4g 
capable platform and preparing it for production further work was 
undertaken on new features for the fsr1 scanning receiver including 
new frequency band variations to meet european and asian customer 
requirements £05m of the investment in hardware development 
was capitalised resulting in the pl charge for rd remaining 
virtually unchanged at £22m 2010 £21m
review of operations – network testing £m
operating proﬁt revenue order backlog order intake
230
21 1
64
45
241
200
11
9
21
–100
42
2010 operating margin 23
2011 operating margin 27
● 2010
● 2011
revenue by destination – network testing £m
● emea   ● the americas   ● asia paciﬁc
122
56
63
2011
total £241m
92
39
69
2010
total £200m 16 business review
chief executive’s review continued
other fixed costs in network testing increased by £12m to £87m 
2010 £75m mainly as a result of increased staff costs this was 
due to the cost of the additional staff taken on with invex to 
increased headcount in sales and marketing and to additional  
sales commission and bonuses reflecting the growth achieved 
headcount at the year end was 103 including the 19 new staff 
members taken on with invex this compares with 83 at the 
previous year end
overall after all the factors above operating margins for the network 
testing business increased from 23 last year to 27 this year
travel
fullyear adjusted results for the travel division show a mixed 
picture with revenue reducing by 13 to £200m 2010 £230m 
and adjusted operating profit declining 25 to £42m 2010 
£56m on the positive side the travel business had a stronger year 
with respect to order intake orders signed in the year were up 17 
to £340m 2010 £290m representing a booktobill ratio of  
17 compared with 13 in the previous financial year the major order 
signed in the past 12 months was a multiyear contract with tui 
travel plc for the implementation of anite’s comres reservation 
system in tui’s uk and ireland division travel’s closing order book 
increased 28 from £492m to £632m
the tui uk deal is an extension of the initial evaluation contract 
signed towards the end of the previous financial year for which the 
first delivery was made in the latter stages of the current financial 
year it also follows on from the successful implementation of  
comres in tui’s business in germany and central europe that 
project has been running for five years and the final deliveries were 
achieved on time in the second half of the year the system is now 
live in germany and central europe and will be carrying in excess  
of four million passengers per year
the travel business continued to suffer a decline in legacymanaged 
services and maintenance revenue as the effect of tour operator 
companies such as globespan and goldtrail ceasing trading had an 
impact on yearonyear revenue in addition licence revenue was 
down £12m on the previous year at £15m 2010 £27m the 
business did benefit in the first half by £10m from the renegotiation 
of an existing managed services contract but in comparison lacked 
the repetition of a bonus payment of £08m received in the previous 
first half year related to the successful delivery of a key customer 
contract milestone
translational currency effects in travel are negligible as results from 
overseas subsidiaries are immaterial the transactional effect of 
eurodenominated business and assets reduced profits by £01m 
2010 £01m increase a net adverse effect of £02m yearonyear
in the year 51 of revenue came from the comres product compared 
with 47 in the previous year and 98 2010 98 of total revenue 
came from uk and europe passenger numbers on comres systems 
are now running at just under six million a year 2010 four million 
illustrating the continuing progress being made by this product
control of costs given the revenue decline was another feature  
of the travel business in the year variable cost of sales reduced  
by £07m in line with the revenue decline for thirdparty product 
sales fixed costs fell £10m on the previous year with the biggest 
reduction being in sales and marketing costs and property costs 
headcount at the end of the year had reduced to 167 2010 176
the travel business has recently signed an extension to the lease  
on its current office location the extension is until march 2021 and 
at the same time provides for the surrender of all the additional 
surplus property currently leased in slough this leaves travel with 
an appropriately sized facility from which to serve its customers 
over the next ten years
overall travel’s operating margin remained healthy at 21 
although down on the 24 achieved in the previous year
other group costs
the divisional performances above are stated before unallocated 
corporate costs which include an element of head office staff  
costs directors’ remuneration professional fees and other 
nonoperational costs during the year unallocated group costs 
increased by £13m to £30m 2010 £17m within this non
operational surplus property costs were £07m 2010 £01m 
mainly as a result of a tenant at one of the properties going into 
administration the balance of the other increase in fixed costs is 
mainly driven by staff costs including bonuses and the fullyear 
impact of the previous year’s recruitment
christopher humphrey
chief executive
28 june 2011
review of operations – travel £m
operating proﬁt revenue order backlog order intake
632
492
42
56
200
230
17
28
–13
–25
340
290
2010 operating margin 24
2011 operating margin 21
● 2010
● 2011
revenue by type – travel £m
● own product software licences  ● bespoke services systems integration 
and implementation  ● managed services  ● software maintenance and support  
● sale of thirdparty products and services  ● other
27
73
53
44
25
08
15
77
44
39
15
10
2011
total £200m
2010
total £230m 17 business review
order intake
42
order intake represents the value of orders received 
from customers in the year it is a measure of inyear 
performance and supports future years’ revenue 
performance
 
 
the order intake in the year increased mainly as a 
result of an 85 increase in orders in our handset 
testing business due to the increasing demand for 
the company’s lte products which include the  
anite 9000 hardware platform and a recovery in 
demand for 3g products
revenue
19
revenue represents the amounts derived from the 
provision of goods and services in the year
 
 
the increase in revenue reflects the strong growth  
in the wireless business including the increase in  
lte revenues which rose by £124m this more than 
offset the reduction in the travel business
adjusted operating profit
48
adjusted operating profit measures the operating 
performance of the business before taking into 
account sharebased payments impairment  
and amortisation of acquired intangible assets 
impairment of goodwill restructuring costs  
other gains and losses and recycled hedge losses 
management believes this gives a better comparable
 
 
measure of the true operating performance of 
continuing operations
the increase in adjusted operating profit primarily 
arises from the higher revenue within the handset 
testing business partially offset by increases in 
staff costs
research and development total spend
2
research and development rd spend represents 
the total cash invested in rd in the year before 
the effect of capitalisation and amortisation under 
ias 38 and shows the total amounts the group 
invests each year on new and on enhancing its 
existing software products
 
the increase in rd occurred in our network  
testing business where we invested in the 
development of the benchmarking tools acquired  
in the acquisition of the invex product line 
development of our new 4g lte products remained 
at similar high levels as the previous year
headcount
4
headcount measures the number of staff employed 
directly by the group at the end of each year and  
is an important measure to ensure the business is 
not overstaffed in relation to its revenue the group 
maintains a regular review of headcount in each 
business in order to keep costs under control
 
 
headcount across the group increased primarily  
as a result of the acquisition of the invex product 
line which included 19 staff
the group uses a range of performance measures to manage the businesses within the group in addition the divisions have established 
their own performance indicators that are specific to their individual businesses
the group kpls monitor order intake revenue margins research and development spend adjusted operating profit and headcount  
in addition to these group kpls other measures indicating specific divisional measures such as cash generation working capital  
capital expenditure product development and major project performances are used 
the group changes and refines the kpls regularly depending on the major issues that are identified in the businesses
group key performance indicators kpis
901
937
788
2009
£m
2011 2010
2009
£m
2011 2010
200
176
119
98
129
126
2009
£m
2011 2010
492
469
452
2009
number
2011 2010
2009
£m
2011 2010
776
1166
823 18 business review
anite’s results benefited from the 
operational gearing of our businesses
richard amos
financial review
the group’s results for the year ended 30 april 2011 reflected  
a recovery from the previous year as overall markets were more 
helpful and we started to see returns on the investments made  
over the past two years results benefited from the operational 
gearing of our businesses with incremental revenue yielding high 
incremental margins with a lower rate of growth in fixed costs
the following analysis is for our continuing operations which comprise 
the handset testing and network testing businesses in our wireless 
division and the travel division
on 7 january 2011 we acquired the invex product line for the 
network testing business the results for invex for the four months 
of ownership were immaterial to the overall group results but further 
details are set out in note 13 of the attached results
principal accounting policies
the principal accounting policies are unchanged with the exception 
that this year is the first time since the adoption of ifrs 3 revised 
2008 that acquisition costs have been required to be written off  
in the period as incurred acquisition costs incurred during the year 
have been disclosed within “restructuring costs” and are excluded 
from the definition of adjusted profits the group has not adopted 
early any of the new standards from ifrs 9 to ifrs 13
financial results
revenue from continuing operations was up 19 at £937m  
2010 £788m and adjusted profit before tax increased 62 to 
£160m 2010 £99m
reconciliations of adjusted ebitda of £222m 2010 £177m to  
the operating profit of £139m 2010 loss £18m and adjusted 
operating profit of £176m 2010 £119m to the reported profit 
before tax for the year of £122m 2010 loss £40m are set out  
in the tables to the right the reconciling items are those that  
in the opinion of the board are either oneoff in nature or are 
noncash related and are not therefore indicative of the group’s 
underlying trading
reconciliation of operating to statutory results
 2011 2010 
 £m £m
adjusted ebitda 222 177
depreciation 28 32
amortisation of intangible assets 18 26
adjusted operating profit 17 6 119
sharebased payments 01 24
amortisation of acquired intangible assets 36 42
impairment of goodwill and acquired  
intangible assets – 62
restructuring costs 02 09
operating profitloss 139 18
 2011 2010 
 £m £m
adjusted operating profit 17 6 119
net finance charges excluding recycled  
hedge losses 16 20
adjusted profit before tax  160 99
sharebased payments 01 24
amortisation of acquired intangible assets 36 42
impairment of goodwill and acquired  
intangible assets – 62
restructuring costs 02 09
other gains and losses – 04
net finance charges recycled hedge losses 0 1 06
profitloss from  
continuing operations before tax 122 40 19 business review
currency effects
movements in exchange rates in the year had an overall positive 
effect on the results compared with the previous year yearonyear 
the average exchange rate for the us dollar strengthened 2 
against sterling from £1  us160 to £1  us157 although the 
average rate of the euro weakened by 4 from £1  €113 to  
£1  €1 18 the net effect of these changes on the translation  
of results from overseas subsidiaries was to reduce revenue  
by £06m and adjusted operating profit by £03m
the closing exchange rates at the year end which affect the 
conversion of foreign exchangedenominated balance sheet items 
– such as cash and trade debtors and creditors – saw mixed 
movements of the foreign currencies against sterling the closing 
rate for the euro was £1  €1123 2010 £1  €1153 an appreciation 
of 3 on the previous year however the closing exchange rate  
for the us dollar was £1  us1666 2010 £1  us1526  
a depreciation of 9 on the previous year
the transactional effect of business units trading in currencies other 
than their local currency and the revaluation of foreign currency 
balance sheet accounts into local currency also had an effect on the 
group where possible these exposures are hedged or minimised 
by converting foreign currency balances back into local functional 
currencies in the year these transactions had an approximate net 
£05m positive effect compared with a net £07m adverse effect  
in the previous year resulting in £12m overall positive impact on 
operating profit the relative currency impact on divisional results  
is discussed in the review of operations on page 14
revenue
revenue from continuing operations increased in the year by 19 to 
£937m 2010 £788m the two wireless businesses both recorded 
strong growth more than offsetting a decline in travel details of this 
are set out in the review of operations geographically revenue by 
destination showed a slight increase in sales to asia compared with 
the previous year uk 16 2010 19 emea 32 2010 36 
americas 27 2010 25 and rest of world mainly asia 25 
2010 20
in revenue by type the principal changes in the year were strong 
increases in sales of software licences and thirdparty equipment 
which increased by 31 to £580m 2010 £443m recurring 
revenue software maintenance and managed services increased 
marginally to £270m 2010 £264m as a decline in travel offset 
growth in both wireless businesses as a result the proportion of 
recurring revenue was 29 compared with 34 in 2010
cost of sales and gross profit
overall cost of sales increased by 29 to £382m 2010 £297m 
within this the costs of thirdparty hardware sold on to customers 
increased 50 to £207m 2010 £138m the increase relates to 
handsets where more hardware systems were sold this year as 
explained in the review of operations other cost of sales mainly 
staff costs directly associated with the delivery of revenue and to 
support the growing number of installed systems increased 10 to 
£175m 2010 £159m gross profit in the year increased to £555m 
2010 £491m slightly less than the corresponding increase in 
revenue with gross margin reducing to 59 2010 62
operating expenses
total operating expenses in the period decreased to £416m  
2010 £509m a detailed breakdown is given in note 25
within the total operating expenses are oneoff and noncash items 
not charged to adjusted operating profit and underlying operating 
expenses that are charged to adjusted operating profit the latter 
totalled £379m 2010 £372m
within underlying operating expenses rd costs incurred by the 
wireless businesses reduced by £18m to £114m 2010 £132m 
the reduction followed the high level of spend in the previous year 
on developing the lte product in handset testing it is sales of this 
product that have been responsible for much of the recent growth  
in handset testing revenue the inyear profit and loss charge has 
also reduced because amortisation costs of previously capitalised 
developments reduced to £12m from £19m amounts capitalised  
in the year increased to £27m 2010 £13m and included £22m 
incurred in handset testing 2010 £13m on developing the market 
leading suite of conformance test cases and £05m in network 
testing 2010 nil on developing the next generation of the  
invex benchmarking product and adding new capability to the  
fsr1 scanner
revenue by type £m
● own product software licences
● bespoke services systems 
 integration and implementation
● managed services
● software maintenance 
 and support
● sale of thirdparty products 
 and services
● other
308
73
53
211
135
08
392
77 44
226
188
10
2011
total £937m
2010
total £788m 20 business review
revenue by destination £m
financial review continued
other underlying operating expenses increased £24m from  
£240m in 2010 to £264m the main increase was in staff costs 
particularly in the handset testing business as explained in the 
review of operations on page 14
after underlying operating expenses adjusted operating profit  
was £176m 2010 £119m an increase of 48 adjusted ebitda 
was up 26 at £222m 2010 £177m
oneoff and nontrading operating expenses excluded from 
adjusted profit calculations totalled £37m 2010 £137m  
these included amortisation of acquired intangible assets of £36m 
2010 £42m a credit for sharebased payments of £01m 2010 
charge of £24m and a charge of £03m 2010 £nil for the costs 
associated with acquiring the invex product line the comparative 
period included £71m associated with the closure of handset 
testing’s wimax operation in april 2010 there was no similar 
writeoff in the year ended 30 april 2011
the significant reduction in sharebased payment costs was because 
in the first half of the current year a £21m credit was recorded for 
maturing schemes that had lapsed because the nonmarket vesting 
conditions had not been achieved against this has been included  
a £20m charge which includes a £02m charge 2010 £nil for 
employer national insurance costs associated with grants 
anticipated to vest
after these nonoperational costs the group reported an overall 
operating profit of £140m 2010 operating loss of £18m
other gains and losses
other gains and losses which are excluded from the calculation  
of adjusted profit before tax were a net £nil in the current year 
2010 cost of £04m
group finance costs
the group had an excess of £27 7m of cash over borrowings at 30 april 
2011 30 april 2010 £298m but incurred a net finance charge of 
£17m 2010 £26m this was principally because the borrowings 
within the capital structure were fixed at the relatively high 
longterm rates available when the facilities were put in place in 
2006 but surplus cash earns interest only at current low rates this 
position will normalise in november 2011 when the current facilities 
and interest arrangements expire the net finance charge includes 
£01m 2010 £06m in respect of the recycling of a fairvalue loss 
on a cash flow hedge previously included directly in equity and now 
reclassified through the profit and loss back into equity see note 6 
this charge is excluded from adjusted profit before tax calculations
taxation
the tax charge for the year on continuing operations was £33m 
2010 £04m the tax rate on the statutory operating profit was 
268 2010 negative rate on loss 109 primarily as a result  
of adjustments to the provisions made in that year for deferred tax 
the underlying adjusted tax rate on adjusted profit before tax is 
277 2010 297 tax paid in the year was £20m 2010 £17m
shareholder returns
after taking account of the factors described above adjusted basic 
earnings per share were 40p 2010 24p an increase of 67 
adjusted diluted earnings per share similarly increased 65 to 38p 
2010 23p the statutory basic earnings per share for continuing 
operations was 31p 2010 loss per share 15p
the board has proposed a final dividend of 0735p per share  
2010 065p making a total for the year of 105p 2010 095p 
which is covered 38 times by adjusted basic earnings
balance sheet
trade and other receivables
trade and other receivables increased to £319m at 30 april 2011 
compared with £245m at the previous year end the main reason 
for the increase is trade debtors which net of provisions have 
increased by 24 from £204m to £253m this is mainly due  
to the growth in revenue which is up 19 yearonyear debtor 
days at 30 april 2011 have actually decreased to 76 days from 78  
at the previous year end
● emea   ● the americas   ● asia paciﬁc
2010
total £788m
434
196
158
2011
total £937m
449
25 1
237 21 business review
cash generated from 
operations £m
proposed annual dividend p
trade and other payables
trade and other payables increased to £305m at 30 april 2011  
from £258m at the previous year end this is mainly as a result  
of an increase in accruals including bonus and commissions related 
to the strong close to the year and to trade creditors with increased 
purchases in the final month of the year to satisfy the year end 
product demand
cash flow
cash generated from operations was £172m 2010 £142m this 
represented a conversion of 77 of adjusted ebitda 2010 81 
within this there was a net working capital increase of £33m 2010 
increase of £16m this was caused by the increase in trade debtors 
and partial offset in trade creditors referred to above
net payments for finance costs were £17m 2010 £14m while  
tax payments increased to £20m from £17m in the previous year 
reflecting increased profits made by overseas entities
capital expenditure in the period was £35m 2010 £25m 
significant purchases included £16m 2010 £11m on anite 9000 
development equipment £27m was incurred on capitalised 
development expenditure 2010 £13m as explained above
dividends paid to shareholders totalled £28m 2010 £28m  
and a further £54m 2010 £02m was incurred during the year  
on purchasing shares into the company’s employee benefit trust 
the acquisition of the invex product line cost £13m of cash in the 
year and there is a further potential cash payment of £06m that  
is deferred until the acquired operation achieves certain revenue 
milestones the majority of that deferred payment is expected to  
be settled in the coming financial year
after these movements net cash decreased by £21m 2010 net 
cash increase of £25m the net cash balance at 30 april 2011 was 
as a result £277m 30 april 2010 £298m this net cash balance is 
stated before taking account of the liability on the foreign currency 
swap which is due to be settled on 31 october 2011 and which is 
capped at £216m
borrowings and facilities
the outstanding balance on the group’s term loan facility at  
30 april 2011 was £100m 2010 £150m this is covered by £377m 
of cash and cash equivalents at 30 april 2011 30 april 2010 £448m 
the facility expires on 30 november 2011
the group also has further borrowing facilities available including  
a syndicated revolving facility of £200m 2010 £200m and a net 
overdraft facility of £50m 2010 £50m both were undrawn at  
30 april 2011 the revolving facility is due to expire on 30 november 
2011 and the overdraft on 31 january 2012
in view of the current strong cash position the availability of 
banking facilities the maturity profile of debt obligations and 
forecast cash position over the next 18 months the directors have  
a reasonable expectation that the group has adequate resources  
to continue in operational existence for the foreseeable future 
accordingly anite continues to adopt the going concern basis  
in preparing the consolidated financial statements
richard amos
group finance director
28 june 2011
net cash £m adjusted basic eps p
172
142
2010 2011
277
298
2010 2011
105
095
2010 2011
40
24
2010 2011 22 management and governance
directors
from left to right  
nigel clifford richard amos christopher humphrey clay brendish paul taylor david hurstbrown management and governance 23
†   member of the audit remuneration and nomination committees
   member of the remuneration and nomination committees
  member of the nomination committee
from left to right  
nigel clifford richard amos christopher humphrey clay brendish paul taylor david hurstbrown
nigel clifford
nonexecutive director
nigel 52 joined the board on 1 april 2009 he has wide experience 
across a number of sectors including the wireless telecoms and oss 
software sectors from may 2010 to april 2011 he held the position 
of chief executive at micro focus international plc the leading 
provider of enterprise application modernisation testing and 
management solutions prior to joining micro focus nigel was chief 
executive of symbian limited the ukbased software development 
and licensing company he led nokia’s successful integration of 
symbian and then became senior vice president strategy 
technology  architecture devices at nokia in addition nigel  
was chief executive officer at tertio telecoms limited a software 
product and services company and formerly held the position  
of senior vice president service delivery with international 
telecommunications company cable  wireless
richard amos
group finance director  
and company secretary
richard 44 was appointed to the board as group finance director 
on 2 november 2009 assuming the additional responsibility  
of company secretary on 17 february 2010 he was previously  
group finance director at agilisys holdings limited a private  
it services company and group finance director and company 
secretary at two listed technology groups retail decisions plc  
and vega group plc
christopher humphrey
chief executive
christopher 54 joined the board in february 2003 as group finance 
director and was appointed chief executive of the company on 
31 december 2008 he has held senior positions in finance at 
conoco eurotherm international plc and critchley group plc
clay brendish cbe†
nonexecutive chairman
clay 64 was appointed as nonexecutive chairman in october 
2005 prior to his retirement in may 2001 he was executive deputy 
chairman of cmg now part of logica having joined the board 
when it acquired admiral plc the software services company he 
cofounded in 1979 clay is also nonexecutive chairman of sthree 
plc he is a trustee of economist newspapers limited and chairman 
of the test and itchen association limited clay’s other non
executive directorships are of bt group plc from which he has 
recently announced his retirement after nine years’ service and 
herald investment trust plc and as a member of the administrative 
board of elster group se
paul taylor†
nonexecutive director
chairman of the audit committee
paul 46 was appointed as a nonexecutive director on 5 october 
2009 and became chairman of the audit committee in december 
2009 he is also nonexecutive director and chairman of the  
audit committee of ubisense plc a worldleading provider of 
precise realtime location solutions from march 2001 until  
january 2011 paul held the position of group finance director  
with aveva group plc the world’s leading engineering it software 
provider to the plant power and marine industries where he  
gained considerable experience of the demands of a growing  
global software business paul is a fellow of the association of 
chartered certified accountants
david hurstbrown†
senior independent nonexecutive director
chairman of the remuneration  
and nomination committees 
david 62 joined the board on 23 august 2004 following a  
career in the investment banking industry david has been acting  
as a nonexecutive director for a variety of public and private 
companies these include imagination technologies group plc  
and ffastfill plc david is a fellow of the securities institute 24 management and governance
the directors present their report on the affairs of the group together with the audited financial statements for the year ended 30 april 2011
principal activities
the group is a leading worldwide provider of it solutions software systems integration and managed services within its core markets  
of wireless and travel analyses of turnover profit on ordinary activities and net assets are given in note 2 on pages 56 to 58
business review and future developments
the company is required by the companies act 2006 to include a fair review of the group’s business and a description of the principal risks 
and uncertainties facing the group the required information relating to the review of the year’s operations key risks trading outlook and 
future developments is contained in the chairman’s statement on page 3 the chief executive’s review on page 5 the financial review on 
page 18 and the corporate governance report on page 27 of this report
where the annual report contains forwardlooking statements these are made by the directors in good faith based on the information 
available to them at the time of their approval of this report consequently such statements should be treated with caution due to the 
inherent uncertainties including both economic and business risk factors underlying such forwardlooking statements or information
results
the audited accounts of the group for the year ended 30 april 2011 are set out on pages 44 to 98 the group profit for the year after 
taxation was £94m 2010 loss after taxation of £34m
dividends
the directors recommend a 13 increase in the final dividend to 0735p 2010 065p per ordinary share which if approved by  
shareholders at the 2011 annual general meeting agm will be due for payment on 25 october 2011 to holders of ordinary shares on the 
register at the close of business on 16 september 2011 this together with the interim dividend of 0315p per ordinary share 2010 03p 
paid on 18 february 2011 will make a total dividend for the year of 105p per ordinary share up 11 on the previous year  
2010 095p per ordinary share
research and development
the total expenditure in the year within continuing operations was £129m 2010 £126m of which £114m was expensed in the income 
statement 2010 £132m after net capitalisation of £15m 2010 net amortisation £06m this expenditure was incurred on product 
development and enhancement in our wireless business
acquisitions and disposals
on 7 january 2011 we completed a small acquisition of the network test and measurement product line invex from andrew llc  
a subsidiary of commscope inc of north carolina
the invex product line which includes benchmarking and scanner products will significantly broaden anite’s existing network testing 
product range nemo and advance the readiness of its product portfolio for the lte networks’ rollout over the next five years this 
acquisition will also broaden anite’s north american customer base and offer new products to anite’s existing global customers the invex 
products have been fully integrated into our network testing business further details are given in note 13 on page 68
share capital
during the year the company allotted 253081 ordinary shares with a nominal value of 1125p each in respect of the exercise of options 
under anite’s share option plans
the company’s authorised ordinary share capital comprised 355555556 ordinary shares of 1125p each and the issued ordinary share 
capital comprised 298936276 2010 298683195 ordinary shares of 1125p each details are set out in note 28 on page 82
purchase of own shares
the company obtained shareholder authority at the last agm held on 16 september 2010 to purchase up to 29881932 ordinary shares 
with a nominal value of 1125p each being 10 of the issued ordinary share capital of the company as at 1 july 2010 which remains 
outstanding until the conclusion of the next agm on 15 september 2011
the company may not pay less than the nominal value currently 1125p each for each ordinary share purchased exclusive of expenses 
and may not pay more per ordinary share than the higher of i 5 over the average of the middle market closing price of the ordinary 
shares based on the daily official list of the london stock exchange for the five business days immediately before the day of purchase 
exclusive of expenses and ii the price of the last independent trade and the highest current independent bid on trading venues where the 
purchases are carried out exclusive of expenses
the company did not purchase any shares for treasury or for cancellation during the year
the company will put a resolution to shareholders to give it authority to purchase up to 29894627 ordinary shares with a nominal value of 
1125p each being 10 of the issued ordinary share capital of the company as at 20 june 2011
directors
details of the persons who were directors during the year can be found in the report on corporate governance which starts on page 27  
full biographical details of the company’s directors at the date of this report are given on pages 22 to 23
report of the directors management and governance 25
the company’s articles of association require that onethird of the directors must retire at each agm and that each director must offer 
themselves for reelection at least once every three years at the 2011 agm clay brendish and christopher humphrey will retire by rotation 
under article 66 and being eligible offer themselves for reelection
the board considers that the directors seeking reelection continue to be very effective and valuable members of the board with the 
necessary skills and have demonstrated their continuing commitment to the role
directors’ interests
the beneficial interests of the directors holding office at 30 april 2011 and their immediate families in the capital of the company are as 
set out in the remuneration report which starts on page 33 no director has or had during the period under review any interest in any 
contract of significance with the company or any of its subsidiaries other than their own employment contracts
indemnities and insurance
directors and officers of the company and its subsidiaries benefit from directors’ and officers’ liability insurance cover in respect of legal 
actions brought against them in addition directors of the company are indemnified in accordance with the company’s articles of 
association to the maximum extent permitted by law all directors have deeds of indemnity that are in force as at the date of this report 
these indemnities are available for inspection by shareholders at the company’s registered office during normal business hours  
and will be available for inspection at the agm
neither the insurance nor the indemnities provide cover where the relevant director or officer has acted fraudulently or dishonestly
articles of association
the company adopted new articles of association at the 2009 agm no changes to these articles are proposed at the 2011 agm a copy  
of the current articles of association can be inspected at the company’s registered office during normal business hours and will be available 
for inspection at the agm
major shareholders 
as at the date of this report the company has been notified of the following holdings of 3 or more of the total voting rights attaching to 
its issued share capital
 percentage of issued capital 
 
aberforth partners llp  1389 
bt pension scheme trustees limited  1196 
prudential plc  534 
fidelity international limited  492 
hawksford jersey ltd as trustee of the anite employee share ownership plan 437 
legal  general investment management limited  399
the wellcome trust  306 
corporate governance
the corporate governance report is set out on pages 27 to 32
charitable contributions and voluntary initiatives
contributions by the group during the year for charitable purposes amounted to £22745 2010 £10350 the group does not make any 
political donations
financial risk policies
a summary of the group’s treasury policies and objectives relating to financial risk management including exposure to associated risks is 
set out in note 25 on pages 76 to 80
employees
the energy commitment and passion of our employees are vital to our business the company strives to create a working environment 
which encourages people to be individuals and develop their full potential within a framework of shared values and goals to achieve this 
anite is committed to a policy which provides all employees and potential employees with equality of opportunity for selection and 
development regardless of age gender nationality race creed disability or sexuality
in the event of employees becoming disabled every effort is made to ensure that their employment with the company continues and that 
appropriate training is arranged for them employees are provided with information through myanitecom the group’s global intranet road 
shows and other internal communications the views and ideas of employees are sought through discussion line management and focus groups
the company operates a range of employee share schemes for executive directors and a small number of senior executives in the uk  
and overseas as set out in the remuneration report on pages 33 to 39 since august 2005 the company has offered all uk employees an 
enhanced share incentive plan which currently matches on a oneforone basis the number of shares purchased monthly by employees  
the company also operates the anite uk sharesave plan 2009 these schemes provide for options to be granted over shares using new  
issue shares or treasury shares as well as market purchase shares 26 management and governance
report of the directors continued
environmental policy
the company supports the protection of a sustainable environment the group’s activities which are mainly officebased do not produce 
harmful waste or emissions and the group is a constituent of the ftse4good index of ethically sustainable companies while our operations 
by their nature have minimal impact on the environment we recognise our responsibilities in this respect
anite is therefore committed to
•	 complying with the relevant environmental legislation regulations and industry standards of the countries in which it conducts business 
•	 reducing the output of emissions that may have an adverse impact on the environment 
•	 minimising the consumption of energy and water used in its facilities 
•	 reducing waste and wherever practicable reusing and recycling consumables eg paper toner cartridges and computer equipment  
and disposing of nonrecyclable items in an environmentally acceptable manner and 
•	 where practicable purchasing environmentally sound goods and services 
in order to achieve these objectives the company is building awareness and promoting initiatives to encourage employees to become fully engaged 
change of control
all the company’s employee share schemes contain provisions relating to a change of control of the company following a takeover bid 
under these provisions a change of control of the company would normally be a vesting event facilitating the exercise or transfer of 
awards subject to any relevant performance conditions being satisfied or waived at the discretion of the remuneration committee
the company is not party to any other significant agreements that take effect alter or terminate upon a change of control following a 
takeover bid other than with regard to the company’s syndicated bank facility agreement which expires on 30 november 2011 which 
provides that on a change of control the majority lenders have the ability to cancel and seek repayment of all outstanding loans
payment of suppliers
given the international nature of its operations the group does not operate standard terms in respect of payments to suppliers subsidiary 
operating companies are responsible for agreeing the terms and conditions and payment terms with their suppliers it is the group’s policy 
to agree with all suppliers where practicable appropriate terms of trade and to operate within those terms trade creditors at 30 april 2011 
represented on average 33 days’ credit 2010 51 days for the group and 42 days’ credit for the company 2010 42 days
going concern
the directors acknowledge the latest guidance on going concern the directors believe that the group has a robust business model as 
evidenced by the trading of the business over the past 12 months strong free cash flow generation and is compliant with all its banking 
covenants in making their assessment of going concern the directors consider the budgets including the wireless research and development 
commitments threeyear plans and cash forecasts for the following 18 months together with the forecast covenant positions in addition 
the directors take into account the current strong net cash position the availability of banking facilities as set out in note 25j the maturity 
profile of debt obligations detailed in note 25 and the settlement of the crosscurrency swap as set out in note 24 after considering the 
above the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the 
foreseeable future accordingly anite continues to adopt the going concern basis in preparing the consolidated financial statements
disclosure of information to auditors
at the date of this report as far as each of the directors is aware there is no relevant audit information of which the company’s auditors  
are not aware each of the directors has taken all the steps that he ought to have taken as a director in order to make himself aware of any 
relevant audit information and to establish that the company’s auditors are aware of that information
this information is given and should be interpreted in accordance with the provision of section 418 of the companies act 2006
reappointment of auditors
the board has considered and recommends the reappointment of deloitte llp as auditors deloitte llp have expressed their willingness  
to continue in office as auditors and a resolution proposing their reappointment will be proposed at the forthcoming agm
annual general meeting agm
the agm of the company will be held at 12 noon on thursday 15 september 2011 at 353 buckingham avenue slough berkshire sl1 4pf 
the notice setting out details of the business to be considered at the meeting is sent to shareholders with this annual report
by order of the board and signed by 
richard amos
company secretary 
28 june 2011 management and governance 27
corporate governance report
the board is committed to the highest standards of good corporate governance it follows an approach that complies with provisions of  
the uk financial reporting council’s combined code on corporate governance dated june 2008 the “code” this report sets out the 
company’s compliance with the code
the board is aware of the terms of the uk corporate governance code published in june 2010 which apply for the first time to the 
company from 1 may 2011
statement of compliance with the combined code
the board has applied the principles set out in section 1 of the code throughout the accounting period including both the main and 
supporting principles by complying with the code as reported above further explanations of how the principles and supporting principles 
have been applied are set out below and in the remuneration report and the report of the audit committee 
the board
the board of directors is the body responsible for corporate governance for establishing policies and objectives and for the stewardship  
of the group’s resources it is the company’s policy that the roles of chairman and chief executive are separate with their roles and 
responsibilities clearly divided and recorded the chairman is responsible for leadership of the board ensuring its effectiveness and setting 
its agenda he also ensures that communication with shareholders is effective and facilitates the contribution of the nonexecutive 
directors the chief executive is responsible for implementing the strategy agreed by the board as a whole and for managing the group 
currently the board is made up of the nonexecutive chairman the chief executive the group finance director and three nonexecutive 
directors david hurstbrown is the senior independent director there have not been any changes to the board during this financial year 
the biographies of the directors as at the date of this report are given on pages 22 to 23
the chairman was considered to be independent on his appointment to the board it is the opinion of the board that the three non
executive directors are independent of management and have no business or other relationship which could interfere materially with the 
exercise of their judgement in relation to the business of the company or the group 
the current board complies with the main principle in paragraph a3 of the combined code in that it includes a balance of executive 
directors so that no individual or small group of individuals can dominate the board’s decisionmaking
the directors believe it is essential that the company has an effective board the board operates formally through regular scheduled board 
meetings and there is also frequent communication between the directors outside these meetings including as members of relevant 
committees the board met 18 times during the year including 12 scheduled meetings and six ad hoc meetings convened to deal with specific 
matters requiring board consideration or approval details of attendance at these meetings are given in the table on page 29 during the 
year the board also received detailed strategy presentations from the divisional managing directors and met both formally and informally 
with the management teams of the three businesses the chairman and the nonexecutive directors meet without executive directors 
present at least annually
the regular and timely provision of information to the board is ensured through the monthly preparation and circulation to all board 
members of the chief executive’s report which reports on operational matters and the group finance director’s report which provides  
the monthly management accounts and other relevant financial information and which also covers corporate governance corporate social 
responsibility and matters concerning the company’s shares share schemes and shareholders other matters are tabled on a regular basis  
at board meetings or are reported to the board as appropriate
the board has agreed a formal schedule of matters reserved specifically for its decision which include
•	 strategy and objectives 
•	 business risks 
•	 business plans and budgets 
•	 changes in capital and corporate structure 
•	 accounting policies and financial reporting 
•	 internal controls and business risk factors 
•	 major contracts 
•	 capital projects 
•	 acquisitions and disposals 
•	 communications with shareholders and 
•	 board membership 
the board has delegated the normal operational management of the company to the executive directors who have direct responsibility  
for all operations and activities the company currently has two executive directors supported by an executive team which comprises  
the managing directors of the handset testing network testing and travel businesses 28 management and governance
corporate governance report continued
the roles of group finance director and company secretary are combined which is felt is appropriate given the size and complexity of the 
group all directors have access to the advice and services of the group finance director and company secretary who is responsible for 
ensuring that board procedures and applicable rules and regulations are observed there is an agreed procedure for directors to obtain 
independent professional advice paid for by the company
in accordance with the company’s articles of association onethird of the board is required to retire by rotation each year and each director 
must offer himself for reelection once every three years in addition any director appointed during the year will stand for election at the 
next general meeting ensuring that each board member faces reelection at regular intervals details of the directors due to retire at the 
2011 annual general meeting are shown on page 25
committees of the board
the board’s committees meet regularly to enable them to discharge their responsibilities each committee has terms of reference which are 
reviewed regularly by the board copies are available on request from the company secretary or on the group’s website wwwanitecom
following formal decisionmaking the board may on occasion delegate authority to a committee consisting of any two directors to approve 
the detailed execution of an agreed course of action within strict parameters
audit committee
the report of the audit committee on page 40 includes details of the audit committee and its work
remuneration committee 
the remuneration report on pages 33 to 39 includes details of the remuneration committee and its work
nomination committee 
the nomination committee comprises the chairman the three independent nonexecutive directors and the chief executive it is chaired 
by david hurstbrown the committee may invite others including external advisers to attend its meetings as appropriate the nomination 
committee met once during the year details of attendance at each meeting are shown in the table on page 29
the principal role of the nomination committee is to advise and make recommendations to the board with regard to the size structure and 
composition of the board the appointment of new directors and the reappointment of existing directors the committee follows formal 
rigorous and transparent procedures when appointing new directors which include the preparation of a job description the use of external 
advisers to facilitate the search and the evaluation of candidates according to objective criteria all shortlisted candidates are interviewed  
by at least two members of the committee
board and committee composition and attendance 
the following tables detail the current composition of the board and its committees and the attendance of directors at meetings of the 
board and board committees during the year ended 30 april 2011
  date of service contract  
  or letter of appointment   audit remuneration nomination 
director  or reappointment unexpired term committee committee committee
clay brendish nonexecutive chairman 5 october 2008 three months member member member
christopher humphrey chief executive 3 february 2003 rolling one year   member 
richard amos group finance director  
 and company secretary 2 november 2009 rolling one year 
david hurstbrown nonexecutive director  
 senior independent  
 nonexecutive director 24 august 2010 two years two months member chairman chairman
nigel clifford nonexecutive director 1 april 2009 ten months  member member
paul taylor nonexecutive director 5 october 2009 one year three months chairman member member
  management and governance 29
attendance at meetings
  audit remuneration nomination 
 board committee committee committee
 meetings  attended meetings attended meetings attended meetings attended 
 during  during during during during during during during 
 the year the year the year the year the year  the year the year the year
chairman
clay brendish 18 17 3 3 5 5 1 1
executive directors         
christopher humphrey 18 18 – 3 – 4 1 1
richard amos 18 18 – 3 – 3 – 1
nonexecutive directors
david hurstbrown 18 17 3 3 5 5 1 1
nigel clifford 18 16 – 3 5 5 1 1
paul taylor 18 15 3 3 5 5 1 1
  attended by invitation 
 12 scheduled meetings and six ad hoc meetings 
terms and conditions of appointment of the nonexecutive directors 
nonexecutive directors are normally appointed for a term of three years the terms and conditions of the appointment of the non
executive directors are available for inspection by any person at ancells business park harvest crescent fleet hampshire gu51 2uz  
or the company’s registered office during normal business hours and at the annual general meeting of the company 
board performance evaluation and training 
the board as part of its commitment to ensure its effectiveness and to evaluate its performance undertook an evaluation of its 
performance and that of its directors during the year this evaluation consisted of a questionnaire being completed by all board members 
covering the performance of the board and each of the committees in connection with a formal evaluation of each committee’s assessment 
of its performance and effectiveness 
the nonexecutive directors have met alone to appraise the chairman’s performance 
the evaluation of board performance will continue to be conducted annually and the company may engage external help from time to time 
to ensure that the process is robust 
induction and development of directors 
all new directors receive a comprehensive induction to the company 
individual directors are expected to take responsibility for identifying their training needs and to take steps to ensure that they are 
adequately informed about the company and their responsibilities as a director in addition the company has a continuing professional 
approach to assist the directors in discharging their responsibilities effectively this is achieved through briefings on business issues as  
well as legal accounting and changes in corporate governance directors also have the ability to attend external seminars on topics that  
are of interest 
key performance indicators kpis 
the group uses a range of performance measures to measure and manage the businesses within the group in addition the divisions have 
established their own performance indicators that are specific to their individual businesses
the group kpis monitor order intake revenue margins research and development spend adjusted operating profit and headcount  
in addition to these group kpis other measures indicating specific divisional measures such as cash generation working capital  
capital expenditure product development and major project performances are used 
the group reviews and refines the kpis regularly dependent on the major issues that are identified in the businesses  30 management and governance
corporate governance report continued
risk and internal control
the directors have overall responsibility for ensuring that the group maintains a sound system of internal control and risk management  
the internal control systems are designed to meet the needs of the group and the risks to which it is exposed there are limitations in any 
system of internal control and accordingly even the most effective system can provide only reasonable and not absolute assurance 
against material misstatement or loss 
there is an ongoing process in place for continually identifying assessing and managing the material risk faced by the group this board 
retains responsibility for this process delegating daytoday responsibilities to the executive directors this process has been in place 
throughout the year under review is regularly reviewed by the board and complies fully with turnbull guidance
the audit committee is delegated responsibility for reviewing the effectiveness of the internal control process as detailed on  
pages 40 to 41
the key procedures that the board has established and which are designed to provide effective internal control for the group are 
identification mitigation and monitoring of business risks
identification of business risks is an integral part of the system of internal control the potential existence of new risks is continually being 
assessed through monthly operational business review meetings monthly board meetings and other ad hoc assessments in addition on an 
annual basis the board considers the principal risks of the group and each of the business units this is done in conjunction with the annual 
strategy review and the annual budgeting exercise risk registers are documented and mitigation strategies are considered and implemented 
where possible these include the purchasing of insurance where appropriate monitoring processes are also designed to ensure regular 
reporting of indicators and impacts of risks a “whistleblowing” policy is in place to enable the confidential reporting of possible malpractice 
or dishonesty
policies approval limits delegation and compliance
the board sets groupwide policies including authority procedures and group accounting and procedures manuals which are adopted by 
each subsidiary local managing directors and finance managers are required to certify each half year that they have complied with the 
policies as explained on page 41 the group has established a limited internal audit function this function reviews compliance with policies 
each year and reports to the audit committee on its findings
included in group policies are project management processes that are required to be followed for all major development projects in the 
group the group employs a group director of project and programme management to develop implement and monitor these policies 
included within the policies are regular reporting requirements including for the largest projects regular updates to the board 
budgetary process and financial reporting
the group undertakes annually a rigorous budgeting exercise that follows on from an annual strategic planning process the output of the 
budgeting exercise is a boardapproved detailed financial plan with monthly profit and loss balance sheet cash flow and key performance 
indicator projections monthly management reporting of actual performance against these targets and monthly revised forecasts takes 
place with analysis of significant variances these reports are reviewed via monthly business reviews attended by the chief executive the 
group finance director the managing director of the relevant business unit and his senior management team the chief executive and the 
group finance director produce monthly reports to the board which are reviewed at the board meeting
management of the group
the board has overall responsibility for the group there is an executive committee formed of the chief executive the group finance 
director and the managing director of each of the businesses subject to defined approval limits responsibility for the operations of each 
business are delegated to the managing director of that business who has a separate management team appropriate to his business to 
manage the daytoday operations of that business staffing skills and resource levels within business units are reviewed regularly to ensure 
adequacy with a specific review done annually as part of the strategy and budget process in addition there are staff employed at a group 
level in the areas of finance human resources project management and it infrastructure to define group policy and ensure compliance 
where specific skill shortfalls are identified the group employs external advisers subject to defined approval levels
material risks 
the principal risk factors that have been identified by the risk management process which may affect the group’s business are set out below 
these are not all within the group’s control the list sets out the major risks and in each case the group has identified monitoring and mitigation 
strategies to endeavour to limit the impact should the risk materialise other risks besides those listed may also affect the group management and governance 31
global economic and geopolitical risk 
despite the relative stabilisation of major global economies over the past 12 months business could be adversely affected by a weakening  
of global economic conditions that could cause customers to defer their investment plans in light of lower consumer spending equally 
geopolitical issues such as were seen in north africa and the middle east in early 2011 could have an impact on consumer travel plans 
potentially affecting tour operator investment programmes
in common with many other businesses adverse economic conditions could increase our financial exposure to defaults by customers or  
by suppliers on whom we rely for critical components or products this could result in lower revenues higher costs or adverse cash flow
mitigation – the group regularly monitors external developments to assess their potential impact on the group – and amends plans 
resources and investments accordingly monthly assessment of sales pipelines shortterm forecasts and feedback from sales personnel  
are also used to assess developments in this area
competitiveness
each of the businesses operates in highly competitive markets and changes in relative competitiveness could have an impact on business 
levels changes could be caused by new market entrants by existing competitors changing their focus or strategy or introducing new 
products that undermine the competitive position of existing anite products these factors could result in reduced business volumes or they 
could result in anite businesses having to change pricing strategies that result in reduced margins
mitigation – mitigation strategies in this area include regular reviews of sales pipelines and actual margins achieved to highlight evidence 
of a change in competitiveness market developments are monitored through regular feedback from sales personnel and review of market 
commentaries
technology risks
each of the businesses is a technology leader in its field and this position is a key element of its competitive positioning any failure to 
maintain this technology leadership could have an adverse impact on business reasons why this may happen could include developments 
in underlying technologies in the specific industry that result in anite products becoming obsolete a failure on the part of a technology 
development project to deliver an effective and efficient solution or progress in technology development being made by one or more 
competitors that reduces the market appeal of one or more anite products
since the decision in 2009 to pursue an inhouse strategy for the provision of the hardware platform for our lte solution in handset testing 
the risk in this area has changed with a reduction in risk that a technology partner might fail to provide a competitive platform on which to 
deploy our software being offset by an increase in the risk of our own inhouse developments this has moved management of the risk more 
into our own control and the group has subsequently undertaken a number of actions to manage and mitigate that risk
mitigation – market developments are regularly monitored through feedback from customers and sales personnel and review of market 
commentaries technology roadmaps are regularly reviewed to ensure that they remain relevant
project delivery risk 
the success of all group businesses is partially dependent on the successful completion of development projects within budget cost and 
specifications the delivery of such projects might be subject to certain technical commercial legal customerrelated or economic risks 
projects might be internal eg within network testing the development of a product that will be sold once completed or customerrelated 
eg within travel the integration of the comres product into a tour operator’s existing systems
mitigation – longterm projects are managed according to an internal project management standard monthly progress reports are 
compiled and variances to plans investigated these reports are formally presented to senior management on a monthly basis for the 
largest projects periodic updates are also given to the executive directors and main board
human resource and organisation risks 
the group’s performance and its ability to mitigate significant risks within its control depend on its employees and management teams 
future success will depend to a large extent on the group’s ability to attract retain and motivate its people 
if the group loses the services of key people or is unable to attract and retain employees with the right capabilities and experience it would 
be likely to have an effect on the group’s business and operations
mitigation – the group uses a variety of techniques to attract retain and motivate its staff with particular attention paid to those in key roles 
techniques include the regular review of remuneration packages regular communication with all staff and annual performance reviews 32 management and governance
corporate governance report continued
financial risks
the principal financial risks to which the group is subject to are
liquidity risk – the risk that at a particular point in time the group does not have access to sufficient funds to pursue opportunities and 
has to forego the opportunity or defer other expenditure plans this risk could be caused by a number of reasons including borrowing or 
other funding options not being available or only available at uneconomic prices
foreign currency risk – the group has assets and liabilities denominated in currencies other than sterling which is its reporting 
currency and is also subject to crossborder transactional currency exposure in respect of trading outside each operating company’s 
functional currency movements in foreign exchange rates could have an adverse impact on group cash flows and net asset values
interest rate risk – the group finances its operations and acquisitions through a mixture of retained reserves and bank borrowings 
changes in interest rates applicable to borrowings or deposits could adversely impact profitability and cash flows
credit risk – as previously explained in relation to global economic and geopolitical risk the group is exposed to the credit worthiness of  
its customers and suppliers in addition the group’s own credit rating could impact its capacity to obtain funding and the cost thereof
mitigation – note 25 to the accounts on pages 76 to 80 includes a description of the various strategies in place to mitigate financial risks
relations with shareholders
communications
the board considers effective communication with its investors whether institutional private or employee shareholders to be  
extremely important 
the company reports formally twice a year with the halfyear results announcement and the preliminary announcement of the fullyear 
results an interim report and accounts is published in december and the annual report and accounts is published in july in addition as 
required under article 6 of the transparency directive the company issues an interim management statement during each half year these 
reports are available on wwwanitecom
the company makes other announcements from time to time which can also be found on wwwanitecom 
members of the board meet institutional investors regularly to provide an opportunity to discuss in the context of publicly available 
information the progress of the business institutional investors and analysts are also invited to attend briefings by the company following 
the announcements of the annual and interim results 
during the year the nonexecutive directors met a number of major shareholders individually 
the chairman and the senior independent director are available to shareholders on all matters relating to governance 
annual general meeting agm
the company’s agm will be held on 15 september 2011 at the company’s registered office in slough the notice of meeting is sent to 
shareholders at least 20 working days before the agm the directors encourage the participation of private shareholders at the agm and 
are available for questions both formally during the meeting and informally afterwards the chairmen of the audit remuneration and 
nomination committees are normally available to answer questions at the agm 
approved by the board and signed on its behalf 
richard amos
company secretary
28 june 2011  management and governance 33
remuneration report
this report has been prepared in accordance with the companies act 2006 and associated legislation and meets the relevant requirements 
of the listing rules of the financial services authority as required by the relevant legislation a resolution to approve the report will be 
proposed at the annual general meeting agm of the company at which the financial statements will be presented for approval 
the relevant legislation requires the independent auditors to report to the company’s shareholders on certain specified matters and this 
report has therefore been split into separate sections for the unaudited and audited information 
unaudited information
remuneration committee 
the remuneration committee is a committee of the board and comprises the nonexecutive directors who are independent of 
management and free from any business or other relationship which could interfere with the exercise of their independent judgement  
the company chairman who was independent on appointment is also a member 
during the year membership of the committee was as follows david hurstbrown chairman of the committee clay brendish nigel 
clifford and paul taylor 
the committee met four times formally and once informally during the year details of attendance at the meetings are shown in the table  
in the corporate governance report on page 29 
the principal function of the committee is to make recommendations to the board on the remuneration policy for executive directors it is 
also responsible for setting the individual remuneration packages for the chairman in his absence the executive directors and the chief 
executive’s direct reports and for monitoring and approving the operation of all sharebased incentive arrangements the committee also 
determines the terms and conditions of employment of the executive directors 
the committee operates within agreed terms of reference which are posted on the company’s website 
advice and assistance 
aon hewitt limited operating through the brand hewitt new bridge street is the committee’s independent adviser on executive 
remuneration and employee share schemes neither aon hewitt limited nor any other part of the aon corporation group provided other 
services to the company during the year the group finance director provides the committee with information and assistance and only 
attends meetings by invitation the chief executive regularly attends meetings by invitation to provide his insight on business objectives 
the individual performance of his direct reports and pay and conditions throughout the group no executive director or senior manager is 
however present when their own remuneration is being specifically discussed 
remuneration policy 
main principles 
the company’s objective is to attract retain and incentivise highcalibre executives who can drive the business forward and increase 
shareholder value to meet this objective the company follows three key principles
•	 total rewards are designed to be competitive with the remuneration package of each executive director and his direct reports 
benchmarked regularly against the market 
•	 incentivebased rewards are seen as an important part of each executive director’s total remuneration and are designed to drive and 
reward exceptional performance and 
•	 longterm incentive arrangements are designed to align the interests of the executive directors and senior managers with those of the 
shareholders and to support the company’s business strategy 
the committee also ensures that when determining the executive directors’ remuneration packages due account is taken of pay and 
employment conditions elsewhere in the group in this regard the committee ensures via regular interaction with the company’s hr 
function and the chief executive’s attendance at certain meetings that it is kept fully abreast of all relevant groupwide remuneration
related issues
the committee ensures that the incentive structures for executive directors and senior managers will not raise environmental social or 
governance esg risks by inadvertently motivating irresponsible behaviour more generally with regard to overall remuneration structures 
there is no restriction on the committee which prevents it from taking into account esg matters in addition these remuneration structures 
neither encourage nor reward inappropriate operational risk taking and are applied with due account taken of the company’s risk policies 
and systems 
reward structure 
the executive directors’ total remuneration packages consist of 
•	 base salary 
•	 annual performance bonus 
•	 pension contributions 
•	 other benefits and allowances and 
•	 longterm incentive arrangements  34 management and governance
base salary 
base salary is reviewed annually and is set with reference to salary levels for similar roles in other comparable companies in the software 
and computer services sector and the market generally the factors for comparability include market sector size and business complexity
there were no increases in base salary levels awarded to the executive directors last year from 1 may 2011 mr humphrey who as 
described below receives no formal pension provision has had his car allowance consolidated with his basic pay making his revised basic 
pay £334000 per annum in addition mr humphrey will be granted a nil cost option in july 2011 for shares worth approximately £15000  
at a share price to be determined at grant this award becomes exercisable one year following grant the committee believed that the grant 
of this award was more appropriate than increasing mr humphrey’s fixed cash remuneration and as such was granted without any 
performance conditions in the event of a change in control of the company the award will vest in full 
mr amos whose basic pay has remained unchanged since he joined in november 2009 and who as described below receives a significantly 
belowmarket pension provision has received a 135 increase in pay on 1 may 2011 to £210000 per annum in order to bring him more in 
line with market competitive rates 
the committee is comfortable that the approach outlined above is very much in the interests of shareholders and reflects the integral role 
played by messrs humphrey and amos in the company’s continued strong performance
annual performance bonus 
the company operates an annual bonus plan the plan for executive directors under the terms of the plan for year ended 30 april 2011 a 
bonus of up to 125 of salary could be earned bonuses were determined by performance against a sliding scale of challenging group profit 
growth targets worth up to a maximum of 100 of salary and delivery of key strategic business objectives a maximum of 25 of salary 
in reviewing the performance of the whole year the committee awarded both mr humphrey and mr amos the maximum award at 125  
of salary following the successful achievement of the stretching profit targets and their objectives for the year a period in which the share 
price also grew by almost 90
for the financial year 201112 the plan will again be primarily based on the achievement of profit growth targets achievement of budgeted 
profitability will entitle the participant to a bonus of 125 2010 25 of base salary with stretching targets above this required to be met 
in order for the maximum 100 of base salary that is applicable to this element of the bonus to be paid in addition up to a further 25 of 
base salary is payable for the achievement of personalstrategic objectives although for such payments to be made a minimum level of 
profit growth must be achieved 
pension contributions 
christopher humphrey makes his own pension arrangements and the group makes no payment in this respect richard amos belongs to  
the anite stakeholder pension plan and the company contributes 5 of his base salary on the basis that he contributes a minimum of 3 
other benefits and allowances 
executive directors are entitled to a car allowance although from 1 may 2011 mr humphrey’s car allowance was consolidated into his  
base salary fuel medical insurance deathinservice and permanent health insurance together with reasonable business expenses
longterm incentive arrangements 
the company operates the following two longterm sharebased incentive plans for executive directors 
•	 the performance share plan psp and 
•	 the share matching plan smp 
under the psp an individual may receive an award of shares worth up to 100 of their salary per annum although in exceptional 
circumstances an award of up to 200 of their salary may be made 
the executive directors are also able to participate in the smp as originally structured participants were allowed to lodge in the smp shares 
worth up to 30 per annum of base salary which were then matched on a twoforone grossed up for tax basis in 2007 the company 
sought shareholder approval to provide participants with the opportunity to invest a higher amount up to 90 of base salary than the 
normal 30 limit over the period from 1 may 2007 to 30 april 2010
at the 2010 agm shareholders approved a proposal to amend the smp so that executives were again given the opportunity to invest up to 90 
of base salary over the period from 1 may 2010 to 30 april 2013 and then going forward over successive rolling three financial year periods 
pursuant to this change while the effective average annual level of coinvestment in the smp remains unchanged at 30 per annum 
executives have the opportunity to invest a higher amount in any of the three financial years provided the aggregate investment over that 
period does not exceed 90 of salary in 2010 mr humphrey invested 90 of salary and mr amos 60 the original twoforone gross 
matching ratio was retained 
awards granted under the psp and smp are subject to threeyear performance conditions 
remuneration report continued management and governance 35
psp awards 2008 and 2009 performance conditions
•	 half of each award is subject to a total shareholder return tsr target this is measured relative to the ftse allshare software and 
computer services sector with 25 of this portion of awards vesting at the median and full vesting at the upper quartile straightline 
vesting applies between these points 
•	 half of each award is assessed by reference to anite’s earnings per share eps performance for compound annual eps growth of at least 
rpi plus 4 per annum 25 of awards subject to this part of the condition will vest and for full vesting compound annual eps growth 
must be at least rpi plus 12 per annum straightline vesting applies between these points 
the eps figure for the measurement for psp awards made in 2008 was 51p being the basic earnings per share of the company before the 
amortisation of acquired intangible assets gains and losses from the disposal of operations impairment charges and including capitalisation 
of research and development costs with such adjustments as may be made by the committee this element of the award will lapse as the 
performance conditions were not met at the end of the performance period at 30 april 2011
the eps figure for the measurement for psp awards made in 2009 was 44p being the adjusted earnings per share from continuing 
operations before disposed businesses other gains and losses sharebased payments amortisation of acquired intangible assets and 
restructuring costs 
in addition to the tsr targets before any awards vest the committee must also have satisfied itself that the company’s underlying financial 
performance over the performance period warrants the level of vesting determined by reference to the tsr performance condition and eps 
performance condition the extent to which the performance condition is satisfied will be calculated by external consultants to ensure the 
appropriate level of thirdparty verification 
psp awards 2010 performance conditions
•	 half of the award is based on the company’s relative tsr compared with the ftse allshare software and computer services sector  
as was the case with past awards 
•	 half of the award is based on the adjusted profit before interest and tax pbit performance of the wireless division and split into two parts
 1  75 ie 37 5 of the total grant will be based on the sum of the pbit of the wireless division in each of the three financial years  
of the performance period the following vesting schedule will apply to this part of the award 
total pbit of wireless division for 2011 2012 and 2013 proportion of the 75 of the pbit target which vests 
less than £425m 0 
£425m 25 ie 1875 of the pbit awards
between £425m and £50m pro rata from 25 to 100 ie 1875 to 75  
 of the pbit awards 
£50m or above 100 ie 75 of the pbit awards
 2  25 ie 125 of the total grant will be paid if in any one year of the performance period the pbit of the wireless division is  
in excess of £234m which was the sum of the record years of pbit the handset and network testing businesses achieved in 2007  
and 2009 respectively 
  note that measures 1 and 2 above will be assessed independently of each other in addition these are both independent of the tsr 
target which will continue to apply to half of all awards
psp and smp 2011 awards performance conditions 
•	 half of the award will continue to be based on the company’s relative tsr compared with the ftse allshare software and computer 
services sector as was the case with past awards
•	 half of the award will be based on the adjusted pbit performance of the wireless division and split into two parts 
 1  75 ie 37 5 of the total grant will be based on the sum of the pbit of the wireless division in each of the three financial years  
of the performance period the following vesting schedule will apply to this part of the award 
total pbit of wireless division for 2012 2013 and 2014 proportion of the 75 of the pbit target which vests
less than £54m 0 
£54m 25 ie 1875 of the pbit awards
between £54m and £64m pro rata from 25 to 100 ie 1875 to 75  
 of the pbit awards 
£64m or above 100 ie 75 of the pbit awards
 2  25 ie 125 of the total grant will be paid if in any one year of the performance period the pbit of the wireless division is in 
excess of £234m which was the sum of the record years of pbit the handset and network testing businesses achieved in 2007  
and 2009 respectively 36 management and governance
  in the event that acquisitions or disposals are made during the threeyear period the committee may with appropriate financial advice 
make adjustments to the pbit target furthermore the pbit target will be measured on a consistent basis with respect to intercompany 
charges and exceptional items 
  in addition the committee will also carry out a qualitative assessment of the performance of the group as a whole when deciding 
whether to release the shares under the pbit element of the psp and smp this will ensure that there has been no event outside the 
wireless division which would make a vesting inappropriate finally in the event of a change in control of the company the committee 
can decide to determine vesting of the entire awards by reference to the tsr performance conditions if for example it proves 
impractical to measure performance against pbit targets at the relevant time
  the committee will keep the structure and operation of the company’s share incentive arrangements under regular review to ensure 
they take due account of marketbest practice and the company’s strategic objectives
to provide a further alignment of interest with shareholders the executive directors participating in the psp and smp when exercising an 
award are required to retain in shares an amount equal in value to 50 of the aftertax gain made until they have built up a shareholding 
equal to 100 of base salary 
the executive directors are also eligible to participate in the company’s sharesave plan and the share incentive plan which are available to 
all uk employees 
the use of new issue or treasury shares to satisfy awards made under the share plans is subject to a 15 dilution limit in any tenyear 
period the current potential dilution is below this level the committee aware of shareholders’ views in connection with this matter 
continues to take active steps to control the dilutive effect of the company’s share incentives and is currently working under an informal 
dilution limit of 10 the actual potential dilution is currently 77 2010 70
other share plans 
recruitment award to richard amos 
in addition to the longterm incentive plans detailed above the committee awarded richard amos a oneoff restricted share award  
on the commencement of his employment the award of 150000 ordinary shares was granted on 10 december 2009 pursuant to the 
exemption from the need for prior shareholder approval contained in listing rule 942 r2 no consideration was paid by mr amos for  
the award the committee confirms that the award was felt to be necessary to facilitate the recruitment of mr amos 
the award will normally vest on 10 december 2011 the second anniversary of the date of grant subject to mr amos remaining employed  
by the group at that time in the event of a change of control of the company the award will vest within the threemonth period or such 
other period as the board may determine following such event 
management incentive plan 
in 2007 the company introduced a management incentive plan mip for key employees the mip is not available to executive directors and 
all awards are settled using market purchase shares or a cash equivalent further details of the mip are contained in note 9 on page 62 
conversion of existing awards to nil cost options
on 1 june 2011 the remuneration committee approved the conversion of existing outstanding awards structured as conditional awards 
under the performance share plan and management incentive plan to nil cost options with a tenyear exercise period it was felt that this 
would give the participants more flexibility as to when they could obtain their shares under the plans there was no change to the 
performance conditions or other terms under which the awards were first granted all awards including smp issued since 1 january 2010 
have been issued as nil cost options with performance conditions attached as explained above
service contracts 
the committee’s policy is that all executive directors’ service contracts will be rolling contracts of one year’s duration information 
regarding the service contracts of executive directors who served during the year is summarised in the table below 
executive director date of contract notice period
christopher humphrey 3 february 2003 12 months
richard amos 2 november 2009 12 months
executive directors are not permitted to hold external nonexecutive directorships or offices without the approval of the board  
no executive director received any fees in respect of any external nonexecutive directorships held during the year 
remuneration report continued management and governance 37
the table below sets out the rights the company has to pay executive directors in lieu of notice together with the contractual 
compensation payable if the company terminates the contract other than for cause without notice 
  months’ salary  
 months’ salary and payable in 
 contractual benefits equivalent number  
 payable within seven of monthly 
executive director days of termination1 instalments2
christopher humphrey 6 6
richard amos – 12
1  contractual benefits for christopher humphrey alone include the annual performance bonus he would have received had he continued to be employed from the date  
of termination until the expiry of the notice period 
2 payments cease in effect if the executive director commences employment with a new employer during the payment period 
other than in the case of dismissal for gross misconduct the provisions of christopher humphrey’s service contract will be honoured in full 
the company is aware of the provisions in the combined code which state that compensation payments should reflect a departing director’s 
obligation to mitigate his loss the company has however adopted the above described approach to determining the compensation that is 
payable in the event that christopher humphrey’s service contract is terminated as it believes that it is in shareholders’ interests that the 
maximum obligations of each party in such circumstances are transparent and agreed in advance to provide certainty
if the company terminates christopher humphrey’s employment without cause the committee will be asked to exercise any discretion  
it has under the terms of any share incentive plans in his favour if the remuneration committee determines not to follow this 
recommendation he shall be entitled to damages
these terms do not apply to richard amos the provisions in his contract are in line with the committee’s standard ongoing policy for new 
executive director appointments these are that in the event of termination without cause he would be entitled to 12 months’ salary only 
paid in monthly instalments and with mitigation there are no obligations on the remuneration committee to exercise its discretion in 
respect of the terms of the share incentive plans
nonexecutive directors 
clay brendish has a threeyear term of office with six months’ notice of termination required by either party david hurstbrown nigel 
clifford and paul taylor each have a threeyear term of office with no notice period or provision for compensation for loss of office 
further details of the nonexecutive directors’ terms of employment can be found on page 29
the board reviews the independent nonexecutive directors’ fees annually in the course of which it compares fees paid to nonexecutive 
directors of comparable companies fees recognise the additional responsibilities undertaken by the nonexecutive directors in chairing the 
board and its committees in addition to their fees the nonexecutive directors are entitled to reimbursement of reasonable business expenses
the chairman’s fees are set by the remuneration committee he is not present at any discussion of his own remuneration the fees for 
nonexecutive directors have not been increased since 1 may 2007 or from the date they subsequently joined the company increases  
in nonexecutive directors’ fees for the year commencing 1 may 2011 have been agreed as follows clay brendish – increased by 3  
to £139000 david hurstbrown – 12 to £47000 also senior independent director and chairman of the remuneration committee  
nigel clifford – 8 to £40000 and paul taylor – 7 to £45000 also chairman of the audit committee 
total shareholder return performance graph
200
150
100
50
0
30 april 2011 30 april 2010 30 april 2009 30 april 2008 30 april 2007 30 april 2006
value £
ftse allshare software and computer services index
source omson reuters anite group
this graph shows the value by 30 april 2011 of £100 invested in anite plc on 30 april 2006 compared with the value of £100 invested in the 
ftse allshare software and computer services index the other points plotted are the values at intervening financial year ends 38 management and governance
audited information 
directors’ emoluments for year ended 30 april 2011 
 	 	 car	 	 subtotal	 p ension	 	 benefits	 t otal	 total 	
	 salary	 allowance	 salary	 contributions	 bonus	 in	kind	 2011 2010  
 £	 £	 £	 £	 £	 £	 £ £
executive directors
christopher humphrey 3 10000	 2 4000	 334000	 –	 387 500	 8669	 730 169 342669
richard amos
1 2
 185000	 14400	 199400	 9250	 23 1250	 3803	 4437 03 129148
 495000	 38400	 533400	 9250	 6 18750	 1247 2	 1 17387 2 471817
nonexecutive directors
clay brendish 135000	 –	 135000	 –	 –	 –	 135000 135000
david hurstbrown 42000	 –	 42000	 –	 –	 –	 42000 42000
nigel clifford 3 7 000	 –	 3 7 000	 –	 –	 –	 3 7 000 37000
paul taylor
3
 42000	 –	 42000	 –	 –	 –	 42000 23314
 75 1000	 38400	 7 89400	 9250	 6 18750	 1247 2	 142987 2 734600
1 mr amos has elected for £30000 of his bonus to be paid to the company pension plan
2 mr amos was appointed a director of the company on 2 november 2009
3 mr taylor was appointed a director of the company on 5 october 2009
executive directors’ share options 
  options held options options	held   first  
  at 1 may exercised at	30	 april exercise date exercisable  
  2010 in year 2011 price of grant date expiry date
christopher humphrey
approved share option plan  86956 86956 – 345p 15072003 15072006 14072013 
longterm incentive plan  571226 – 571226 345p 15072003 15072006 14072013
  149912 – 149912 565p 23012004 23012007 22012014
  187500 – 187 500 485p 16082004 16082007 15082014
executive options – total  995594 86956 908638    
saye  41466 – 41466 225p 31072009 01092014 01032015
total options  1037060 86956 950 104    
the aggregate of the theoretical gains on share options exercised by christopher humphrey during the year amounted to £27 000 this is 
calculated by reference to the closing midmarket price of the shares on the date of exercise and the exercise price of the options 
disregarding whether such shares were sold or retained on exercise and is stated before tax the 86956 options exercised were all retained
the closing price of an ordinary share of anite plc as at 30 april 2011 was 6425p the range of closing prices during the year ended 30 april 
2011 was 6925p high and 3100p low
executive directors’ performance share plan share matching plan and restricted share award
for the reasons explained above on the 1 june 2011 the remuneration committee resolved that all existing conditional awards under the 
management incentive plan performance share plan and share matching plan be converted to nil cost options subject to the rules of the 
respective plans the 2010 psp and smp awards were both issued as nil cost options
during the year the 2007 awards granted under the performance share plan and share matching plan lapsed due to the performance 
conditions not being met
remuneration report continued management and governance 39
executive directors’ performance share plan share matching plan and restricted share award continued
  options     vestingfirst 
 at 1 may awarded lapsed a t	30	 april share price date exercisable
 2010 during year during year 2011 1 at award of grant date expiry date
christopher humphrey
performance share plan 294610 – 294610 – 835p 31072007 31072010 31072010
performance share plan 683784 – – 6837 84 370p 18082008 18082011 17082018
performance share plan 1148000 – – 	 1 148000 270p 23122008 23122011 22122018
performance share plan 830350 – – 830350 280p 10072009 10072012 9072019
performance share plan – 861111 – 86 1 111 3600p 7072010 7072013 6072020
share matching plan 1064553 – 1064553 – 705p 11102007 11102010 11102010
share matching plan – 3207818 – 3207 818 3550p 7072010 7072013 6072020
total 4021297 4068929 1359163 673 1063    
        
richard amos
performance share plan – 513889 – 5 13889 3600p 7072010 7072013 6072020
share matching plan – 1276229 – 	 127 6229 3550p 7072010 7072013 6072020
total – 1790118 – 1790 118    
        
richard amos
restricted share award
1
 150000 – – 150000 3225p 10122009 10122011
total 150000 – – 150000
former director steve rowley
performance share plan 303394 – 303394 – 835p 31072007 31072010 31072010
performance share plan 351352 – – 35 1352 370p 18082008 18082011 17022012
share matching plan 1096285 – 1096285 – 705p 11102007 11102010 11102010
total 1751031 – 1399679 35 1352    
1 these conditional shares were not converted to nil cost options at 1 june 2011
former director 
steve rowley resigned as a director with effect from 31 december 2008 and it was agreed that i his performance share plan and share 
matching plan awards granted in 2006 should lapse on 31 december 2008 and ii his performance share plan and share matching plan 
awards granted in 2007 and 2008 should not lapse but should be capable of vesting on the agreed vesting date subject to the extent to 
which the performance conditions are satisfied at that time and a pro rata reduction on the size of the original award up to the date of 
resignation the 2007 awards lapsed in 2010 due to the group’s results not achieving minimum performance levels for 30 april 2010
directors’ interests in shares 
the interests of the directors who held office at 30 april 2011 and their immediate family in the ordinary share capital of the company 
were as shown in the table below all interests are beneficial
 number number  
 of	shar es of shares 
 held	as	at  held as at  
 30	 april	2011 1 may 2010
clay brendish 291222 291222
christopher humphrey 1233021 1114515
richard amos 343349 227262
david hurstbrown 180000 150000
nigel clifford 	 30000 –
paul taylor – –
in the period from 1 may 2011 to 20 june 2011 being the latest practicable date prior to the publication of this document the only changes 
in the interests of the directors related to the monthly investments of the executive directors in the share incentive plan sip during this 
period christopher humphrey acquired 684 and richard amos 688 ordinary shares under the sip 
this report has been approved by the board and has been signed on its behalf by 
david hurstbrown 
chairman of the remuneration committee 
28 june 2011 40 management and governance
the audit committee is a committee of the board which comprises independent nonexecutive directors and the chairman who was 
considered independent on his appointment to the board on 4 october 2005 
during the year the members of the committee were paul taylor chairman clay brendish and david hurstbrown the board considers 
that paul taylor who is a fellow of the association of chartered certified accountants has recent and relevant financial experience the 
company provides an induction programme for new audit committee members 
having reviewed the composition of the committee during the year the board is satisfied the committee has the skills and resources to 
fulfil effectively its roles and responsibilities including those in connection with risk and internal controls
meetings 
the committee invites others including the external auditors the group finance director and the chief executive to attend its meetings  
as appropriate the group financial controller is the secretary to the committee 
the committee meets with the external auditors without any executive directors present at least twice annually and more often if this  
is considered appropriate 
role responsibilities and terms of reference 
the committee operates within agreed terms of reference which can be found on the company’s website
the committee’s main responsibilities include
•	 making recommendations on the appointment and remuneration of the company’s external auditors assessing their performance and 
independence monitoring the provision of nonaudit services and any potential impact on independence
•	 reviewing the annual and interim financial statements and results announcements of the company including reviewing the company’s 
accounting policies 
•	 monitoring and reviewing the company’s systems of internal control and risk management including the “whistleblowing” 
procedures and
•	 reviewing the nature and scope of the work to be performed by the external and internal auditors the results of their work and the 
response of management 
work during the year
during the period under review the committee met three times details of attendance at each meeting are shown in the table in the 
corporate governance report on page 29 
the committee discharged its obligations in respect of the financial year as follows
external audit 
the committee has considered the independence and effectiveness of deloitte llp deloitte llp have been the group’s auditors since 
september 2002 the audit committee considered that the relationship with the auditors is working well and remains satisfied with their 
independence and effectiveness the external auditors are required to rotate the audit partner responsible for the group and subsidiary 
audits every five years and the current lead audit partner who was appointed in october 2008 has completed three year end audits 
nonaudit fee work conducted by deloitte llp over the past year for tax services and halfyear review assurance services amounted to 23 
of the audit fee work the committee considers that the level and nature of nonaudit work does not compromise the independence of the 
external auditors 
accordingly it has not considered it necessary in the current year to run a tender process for the audit work there are no contractual 
obligations restricting the group’s choice of external auditors and the committee also keeps under review the value for money of the audit 
during the period the committee reviewed and approved the scope of the audit as proposed by deloitte llp 
financial reporting
the committee reviewed the interim and annual financial statements the committee received and considered reports from the external 
auditors on accounting and judgemental issues which required its attention the reports were based on a full audit annual and a limited 
scope review interim 
internal controls and risk management
the board retains the responsibility for risk assessment and monitoring as explained in the governance report on page 27 the audit 
committee is delegated the responsibility for assessing the effectiveness of the group’s internal control regime it undertook this during  
the year by receiving reports from the internal audit function and from the external auditors 
report of the audit committee management and governance 41
internal audit 
the committee agreed in july 2006 to create an internal review function headed by a member of the group finance team who under the 
control of the audit committee carries out a plan of detailed reviews throughout the operating companies where additional resource is 
required this is sourced either from an external professional firm or by selecting divisional staff who carry out peer reviews in divisions other 
than their own this internal review function does not represent an independent internal audit function as defined by professional internal 
audit standards but has been a significant enhancement in the group’s internal control framework the committee considers that the 
current internal review function is suitable given the size and complexity of the business
the committee agreed the scope of the work at the start of the year and requested two reviews be conducted during the year these were  
a review across the group by the group finance manager of credit risk management and debt collection procedures and an audit of project 
management procedures in the handset testing and travel business units conducted by the group director of project and programme 
management both reviews concluded that the overall controls in the areas tested were appropriate and effective and recommended  
minor improvements
paul taylor 
chairman of the audit committee 
28 june 2011 42 financial statements
the directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations 
company law requires the directors to prepare financial statements for each financial year under that law the directors are required to 
prepare the group financial statements in accordance with international financial reporting standards ifrss as adopted by the european 
union and article 4 of the ias regulation and have also chosen to prepare the parent company financial statements under ifrss as adopted 
by the eu 
under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state  
of affairs of the company and of the profit or loss of the company for that period in preparing these financial statements international 
accounting standard 1 requires that directors
•	 properly select and apply accounting policies consistently 
•	 present information including accounting policies in a manner that provides relevant reliable comparable and understandable information 
•	 provide additional disclosures when compliance with the specific requirements in ifrss are insufficient to enable users to understand  
the impact of particular transactions other events and conditions on the entity’s financial position and financial performance and 
•	 make an assessment of the company’s ability to continue as a going concern 
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions 
and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial 
statements comply with the companies act 2006 they are also responsible for safeguarding the assets of the company and hence for 
taking reasonable steps for the prevention and detection of fraud and other irregularities
the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s 
website legislation in the united kingdom governing the preparation and dissemination of financial statements may differ from legislation 
in other jurisdictions 
responsibility statement 
we confirm that to the best of our knowledge
•	 the financial statements prepared in accordance with international financial reporting standards give a true and fair view of the assets 
liabilities financial position and profit or loss of the company and the undertakings included in the consolidation taken as a whole and 
•	 the management report which is incorporated into the directors’ report includes a fair review of the development and performance  
of the business and the position of the company and the undertakings included in the consolidation taken as a whole together with a 
description of the principal risks and uncertainties that they face 
by order of the board 
christopher humphrey 
chief executive
28 june 2011 
statement of directors’ responsibilities financial statements 43
independent auditors’ report to the members of anite plc
we have audited the group financial statements of anite plc for the year ended 30 april 2011 which comprise the consolidated income 
statement the consolidated statement of comprehensive income the consolidated statement of changes in equity the consolidated 
balance sheet the consolidated cash flow statement and the related notes 1 to 32 the financial reporting framework that has been applied 
in their preparation is applicable law and international financial reporting standards ifrss as adopted by the european union
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006  
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them  
in an auditors’ report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
as explained more fully in the statement of directors’ responsibilities the directors are responsible for the preparation of the group 
financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an opinion on the 
group financial statements in accordance with applicable law and international standards on auditing uk and ireland those standards 
require us to comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement whether caused by fraud or error this includes an assessment of 
whether the accounting policies are appropriate to the group’s circumstances and have been consistently applied and adequately disclosed 
the reasonableness of significant accounting estimates made by the directors and the overall presentation of the financial statements  
in addition we read all the financial and nonfinancial information in the annual report to identify material inconsistencies with the audited 
financial statements if we become aware of any apparent material misstatements or inconsistencies we consider the implications for 
our report
opinion on financial statements
in our opinion the group financial statements
•	 give a true and fair view of the state of the group’s affairs as at 30 april 2011 and of its profit for the year then ended
•	 have been properly prepared in accordance with ifrss as adopted by the european union and
•	 have been prepared in accordance with the requirements of the companies act 2006 and article 4 of the ias regulation
opinion on other matters prescribed by the companies act 2006
in our opinion the information given in the report of the directors for the financial year for which the group financial statements are 
prepared is consistent with the group financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following
under the companies act 2006 we are required to report to you if in our opinion
•	 certain disclosures of directors’ remuneration specified by law are not made or
•	 we have not received all the information and explanations we require for our audit
under the listing rules we are required to review
•	 the directors’ statement in relation to going concern 
•	 the part of the corporate governance statement relating to the company’s compliance with the nine provisions of the june 2008 
combined code specified for our review and
•	 certain elements of the report to shareholders by the board on directors’ remuneration
other matter
we have reported separately on the parent company financial statements of anite plc for the year ended 30 april 2011 and on the 
information in the directors’ remuneration report that is described as having been audited 
peter o’donoghue senior statutory auditor
for and on behalf of deloitte llp
chartered accountants and statutory auditors
london uk 
28 june 2011 44 financial statements
 
 
   2011 2010 
 note £000 £000
continuing operations
revenue 21 93694 78770
cost of sales  38184 29710
gross profit  55510 49060
distribution costs  11358 10708
research and development  12838 15666
administrative expenses  17354 24529
operating expenses 25 41550 50903
operating profit before sharebased payments amortisation of acquired intangible assets  
impairment of goodwill and acquired intangible assets and restructuring costs  22 17660 11856
sharebased payments 9 126 2436
amortisation of acquired intangible assets 14 3582 4231
impairment of goodwill and acquired intangible assets  – 6172
restructuring costs 3 244 860
 
operating profitloss 22 13960 1843
other gains and losses 4 19 473
finance income 6 484 222
finance charges 6 2242 2843
profitloss from continuing operations before tax  12221 3991
tax expense 10 3270 436
profitloss from continuing operations  8951 4427
profit from discontinued operations 5 484 1000
profitloss for the year 7 9435 3427
profitloss attributable to equity holders of the parent  9435 3427
continuing and discontinued operations
earnings per share  – basic 11 33p 12p
 – diluted  31p 12p
continuing operations
earnings per share  – basic 11 31p 15p
 – diluted  29p 15p
   2011 2010 
 note £000 £000
retained profitloss for the year  9435 3427
exchange differences arising on translation of foreign operations  1941 24
cash flow hedges taken to equity  404 189
recycling of fair value loss on cash flow hedges from equity to profit or loss
1
 6 133 655
fair value losses on net investment hedges net of foreign exchange
2
  – 2735
gain on sale of shares from employee benefit trust  5 3
recognition of equitysettled sharebased payments before tax 9 305 2446
tax creditcharge taken directly to other comprehensive income 10 226 134
total comprehensive incomeloss  11839 2979
1 the fair value losses recycled to the income statement in the year are disclosed within finance charges note 6
2  the net loss of £nil 2010 £2735000 comprises the fair value loss on the net investment hedge of £nil 2010 £2796000 relating to the effective portion of the crosscurrency 
swaps less the foreign exchange gain of £nil 2010 £61000 
consolidated income statement
consolidated statement of comprehensive income financial statements 45
consolidated statement of changes in equity
 issued share   capital 
 share premium own merger redemption other retained 
 capital account shares reserve reserve reserves earnings total 
 £000 £000 £000 £000 £000 £000 £000 £000
balance at 1 may 2009 33644  25485  3657 722 2741 5087 30062 83910
changes in equity for the year  
to 30 april 2010
movements in total comprehensive loss
retained loss for the year – – – – – – 3427 3427
exchange differences arising  
on translation of foreign operations – – – – – 24 – 24
cash flow hedges taken to equity – – – – – 189 – 189
recycling of fair value loss on cash flow  
hedges from equity to profit or loss – – – – – 655 – 655
fair value losses on net investment  
hedges net of foreign exchange – – – – – 2735 – 2735
revaluation of own shares in  
employee benefit trust – – 429 – – – 429 –
sale of own shares from  
employee benefit trust – – 400 – – – 400 –
gain on sale of shares from  
employee benefit trust – – – – – – 3 3
recognition of equitysettled  
sharebased payments before tax – – – – – – 2446 2446
tax creditcharge taken directly  
to other comprehensive income – – – – – 206 340 134
 
total comprehensive loss  
for the year – – 29 – – 1661 1289 2979
issue of share capital 8 15 – – – – – 23
purchase of own shares into  
employee benefit trust – – 209 – – – – 209
dividend paid – – – – – – 2795 2795
balance at 30 april 2010 33652 25500 3895 722 2741 6748 25978 77950
changes in equity for the year  
to 30 april 2011
movements in total comprehensive income
retained profit for the year – – – – – – 9435 9435
exchange differences arising on  
translation of foreign operations – – – – – 1941 – 1941
cash flow hedges taken to equity – – – – – 404 – 404
recycling of fair value loss on cash flow  
hedges from equity to profit or loss – – – – – 133 – 133
sale of own shares from  
employee benefit trust – – 17 – – – 17 –
gain on sale of shares from  
employee benefit trust – – – – – – 5 5
recognition of equitysettled  
sharebased payments before tax – – – – – – 305 305
tax chargecredit taken directly  
to other comprehensive income – – – – – 559 785 226
 
total comprehensive income  
for the year – – 17 – – 1919 9903 11839
issue of share capital 28 60 – – – – – 88
purchase of own shares into  
employee benefit trust – – 5351 – – – – 5351
dividend paid – – – – – – 2826 2826
balance at 30 april 2011 33680	 25560	 9229	 722	 2741	 4829	 33055	 81700 46 financial statements
  2011 2010 
 note £000 £000
noncurrent assets   
goodwill 12 58690 57323
other intangible assets 14 19254 19171
property plant and equipment 15 9226 10038
deferred tax assets 26 2491 2406
  89661 88938
current assets
inventories 17 4722 4452
trade and other receivables 18 31939 24518
derivative financial assets 24 486 856
current tax assets  224 267
cash and cash equivalents 19 37667 44803
  75038 74896
total assets  164699 163834
current liabilities   
trade and other payables 20 30538 25758
bank borrowings 21 9995 4988
current tax payable  8257 7439
derivative financial liabilities 24 22394 49
provisions 27 4794 4611
  75978 42845
noncurrent liabilities   
bank borrowings 21 – 9979
deferred tax liabilities 26 3561 4389
derivative financial liabilities 24 – 23569
provisions 27 3460 5102
  7021 43039
total liabilities  82999 85884
net assets  81700 77950
equity  
issued share capital 28 33680 33652
share premium account  25560 25500
own shares 28d 9229 3895
merger reserve  722 722
capital redemption reserve  2741 2741
other reserves  4829 6748
retained earnings  33055 25978
total equity  81700 77950
the financial statements of anite plc company no 01798114 were approved by the board on 28 june 2011 and signed on its behalf by
christopher humphrey 
chief executive
richard amos 
group finance director
consolidated balance sheet financial statements 47
consolidated cash flow statement
  2011 2010 
 note £000 £000
profitloss for the year   
continuing operations  8951 4427
discontinued operations  484 1000
  9435 3427
adjustments for   
tax chargecredit – continuing and discontinued 10 2786 564
other gains and losses 4 19 473
net finance charges 6 1758 2621
depreciation and impairment of property plant and equipment 15 2722 3170
amortisation of intangible assets 14 1796 2623
amortisation of acquired intangible assets 14 3582 4231
loss on disposal of property plant and equipment  – 31
impairment of goodwill 12 – 5092
impairment of acquired intangible assets 14 – 1080
impairment of intangible assets 14 – 403
sharebased payments 9 126 2436
decrease in provisions  1458 1490
operating cash flows before movements in working capital  20476 15733
increase in inventories  115 2163
increase in receivables  7260 220
increase in payables  4071 809
increase in working capital  3304 1574
cash generated from operations 	 17172 14159
interest received  190 259
interest paid  1899 1695
income taxes paid  2012 1720
net cash generated from operating activities  13451 11003
cash flow from investing activities   
purchase of product line 13 1263 –
deferred consideration paid  – 364
purchase of foreign exchange options  – 1000
purchase of property plant and equipment   2836 2159
purchase of software licences 14 631 387
expenditure on capitalised product development 14 2657 1319
net cash used in investing activities  7387 5229
cash flow from financing activities   
issue of ordinary share capital  88 23
purchase of own shares into employee benefit trust  5351 209
proceeds from sale of own shares from employee benefit trust  5 3
dividend paid to company’s shareholders 29 2826 2795
decrease in bank loans  5000 5000
net cash used in financing activities  13084 7978
net decrease in cash and cash equivalents 22 7020 2204
effect of exchange rate changes  116 170
cash and cash equivalents at 1 may  44803 47177
cash and cash equivalents at 30 april 19 37667 44803 48 financial statements
notes to the accounts
1 statement of accounting policies
a general information
anite plc is a company incorporated in the united kingdom under the companies act 2006 the consolidated financial statements of the 
company for the year ended 30 april 2011 comprise the company and its subsidiaries together referred to as the “group” the principal 
activities of the company’s subsidiaries are described in note 16 the financial statements were authorised for issue by the directors on  
28 june 2011 the financial statements are presented in pounds sterling because that is the currency of the primary economic environment 
in which the group operates 
b basis of preparation
these consolidated financial statements have been prepared in accordance with international financial reporting standards ifrs as 
adopted by the european union and international financial reporting interpretations committee ifric interpretations and those parts  
of the companies act 2006 applicable to companies reporting under ifrs therefore the group financial statements comply with article 4  
of eu ias regulations
the financial statements have been prepared under the historical cost convention as modified by the revaluation of certain financial instruments
the directors acknowledge the latest guidance on going concern these consolidated financial statements have been prepared on a going 
concern basis as set out on page 26 in the report of the directors
i critical accounting assumptions and judgements
the preparation of financial statements in accordance with ifrs requires the use of certain critical accounting assumptions it also requires 
management to exercise its judgement in the process of applying the group’s accounting policies the areas requiring a higher degree of 
judgement or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in the relevant 
accounting policies under the following headings
1 goodwill note 1e 
2 intangible assets note 1fii and iii 
3 revenue recognition note 1k 
4 taxation note 1l 
5 employee benefits – sharebased compensation note 1m and 
6 provisions note 1p
ii ifric interpretations and amendmentsnew ifrs
the ifric interpretations and amendments to published standards that are effective in 2011 and those that are not yet effective are 
discussed in section 1s below
the accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements
c basis of consolidation
the group financial statements consolidate the financial statements of the company and entities controlled by the company all of which 
are made up to 30 april each year the results of companies acquired or sold during the year are consolidated for the periods from or to the 
date on which control passed control is achieved where the company has the power directly or indirectly to govern the financial and 
operating policies of an investee entity so as to obtain benefits from its activities in assessing control potential voting rights that presently 
are exercisable or convertible are taken into account acquisitions are accounted for under the acquisition method the results of subsidiaries 
disposed in the year are included in the consolidated income statement up to the effective date of disposal
on acquisition the assets and liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition 
any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill any deficit in the 
cost of acquisition below the fair values of the identifiable net assets acquired ie discount on acquisition is credited to the income 
statement in the period of acquisition
where necessary adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those 
used by the group all intercompany transactions and balances between group enterprises are eliminated on consolidation
d foreign currency
transactions in currencies other than the functional currency of the entity are recorded at the rates of exchange at the dates of the 
transactions at each balance sheet date monetary assets and liabilities denominated in foreign currencies are retranslated at the rates  
of exchange prevailing at that date nonmonetary assets and liabilities carried at fair value that are denominated in foreign currencies  
are translated at the rates prevailing at the date when the fair value was determined
the exchange differences arising on retranslation are taken to the income statement except for exchange differences arising on non
monetary assets and liabilities where the changes in fair value are recognised directly in equity financial statements 49
1 statement of accounting policies continued
d foreign currency continued
the results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates 
ruling at the balance sheet date exchange differences arising on translation of the opening net assets and results of overseas operations  
and on foreign currency borrowings to the extent that they hedge the group’s investment in such operations are recognised directly in the 
hedging and translation reserve account “other reserves”
any differences that have arisen since 1 may 2004 the date of transition to ifrs are included in the retained earnings account such translation 
differences are recognised as income or as expenses in the period in which the operation is disposed of
the group has elected to treat goodwill and fair value adjustments arising on acquisitions before the date of transition to ifrs as sterling
denominated assets and liabilities
e goodwill
goodwill arising on consolidation represents the excess of the cost of acquisition over the group’s interest in the fair value of the identifiable 
assets and liabilities of a subsidiary associate or jointly controlled entity at the date of acquisition
goodwill is recognised as an asset and reviewed for impairment at least annually any impairment is recognised immediately in the income 
statement and is not subsequently reversed
on disposal or closure of a previously acquired business the attributable amount of goodwill previously written off to reserves is included  
in determining the profit or loss on disposal or closure
goodwill arising prior to the transition to ifrs has been recognised and measured in accordance with uk gaap but is no longer amortised
accounting assumptions and judgements
the determination of whether or not goodwill has been impaired requires an estimate to be made of the “value in use” of the cash
generating units cgus to which goodwill has been allocated the value in use calculation includes estimates about the future financial 
performance of the cgus including management’s estimates of longterm operating margins and longterm growth rates the carrying 
amount of goodwill and the key assumptions used in the calculation of value in use of cgus to which goodwill is attributed are disclosed  
in note 12
f intangible assets
i software licences
software licences are initially measured at cost cost includes the purchase price of the asset and the directly attributable costs of bringing 
the asset into its intended use after initial recognition the intangible asset is carried at cost less accumulated amortisation less any 
accumulated impairment losses amortisation is charged evenly over the asset’s estimated useful life
ii separately identifiable intangible assets arising on business combinations
separately identifiable intangible assets such as customer relations technology and in process rd are recognised only when the assets 
meet the following conditions
a meet the separately identifiable criteria below 
b are controlled by the acquiring company 
c provide a probable source of future economic benefits and 
d the fair value can be measured reliably
the criteria to be separately identifiable are met when the intangible asset
i is capable of being separated from the acquired business and
ii  arises from contractual or legal rights regardless of whether those rights are transferable or separable from the acquired company  
or other rights and obligations
the amortisation period ranges from five to ten years and is based on equal annual instalments over the asset’s estimated useful life
accounting assumptions and judgements
the assessment of the future economic benefits generated by these separately identifiable intangible assets and the determination of their 
amortisation profiles involves a significant degree of judgement based on management estimation of future potential revenue and profit 
and the useful life of the assets reviews are performed regularly to ensure the recoverability of these intangible assets 50
notes to the accounts continued
financial statements
1 statement of accounting policies continued
f intangible assets continued
iii research and development expenditure
expenditure on research activities as defined in ifrs is recognised in the income statement as an expense as incurred
expenditure on internally generated intangible assets arising from the group’s development activities is recognised only when both the 
identification and recognition criteria as defined in ias38 for an intangible asset and the following six criteria are met
1 the technical feasibility of completing the asset so that it will be available for use has been achieved 
2 the group has the intention to complete the asset and use or sell it 
3 the group has the ability to use or sell the asset 
4 it is probable that the asset created will generate future economic benefits 
5 adequate technical financial and other resources are available to complete the development and to use or sell the asset and 
6 the development cost of the asset can be measured reliably
if these conditions are not met such development expenditure is recognised as an expense in the period in which it is incurred
the qualifying expenditure capitalised represents costs directly attributable to the development of the asset this expenditure is capitalised 
from the point at which the above criteria are met up to the point at which the product is in use internally generated intangible assets 
including capitalised development costs are amortised on a straightline basis over their useful lives which management estimate to be  
no more than three years
accounting assumptions and judgements
the assessment that the internally generated assets will generate future economic benefits relies on the management’s estimation of future cash 
flow streams of these assets the technical feasibility of the assets involves a degree of management’s judgement as to when this is achieved
management’s assessment regarding the useful lives of capitalised development costs is based upon the typical product life cycle for similar 
assets in the market adjusted by the risks associated with each capitalised development project
g property plant and equipment and depreciation
land and buildings office equipment and fixtures and fittings computer equipment and vehicles are stated at cost net of accumulated 
depreciation and any recognised impairment loss
depreciation is provided on all tangible fixed assets and freehold properties at rates calculated to write off the cost over the estimated 
useful lives on a straightline basis as follows
freehold properties 2 per annum of cost excluding land 
short leasehold properties length of lease  
office equipment and fixtures and fittings 10 to 50 per annum of cost  
vehicles  25 per annum of cost 
computer equipment 33 per annum of cost
costs relating to short leasehold properties office equipment and fixtures and fittings and vehicles are included in the “plant fixtures 
equipment and motor vehicles” category see note 15
the gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying 
amount of the asset and is recognised in income
h impairment of tangible and intangible assets excluding goodwill
at each balance sheet date the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any 
indication that those assets have suffered an impairment loss if any such indication exists the recoverable amount of the asset is estimated 
in order to determine the extent of the impairment loss if any where the asset does not generate cash flows that are independent from 
other assets the group estimates the recoverable amount of the cgu to which the asset belongs any tangible or intangible asset with an 
indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired
recoverable amount is the higher of fair value less costs to sell and value in use in assessing value in use the estimated future cash flows 
are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and 
the risks specific to the asset for which the estimates of future cash flows have not been adjusted
if the recoverable amount of an asset or cgu is estimated to be less than its carrying amount the carrying amount of the asset or cgu  
is reduced to its recoverable amount an impairment loss is recognised as an expense immediately unless the relevant asset is carried at a 
revalued amount in which case the impairment loss is treated as a revaluation decrease financial statements 51
1 statement of accounting policies continued
h impairment of tangible and intangible assets excluding goodwill continued
where an impairment loss subsequently reverses the carrying amount of the asset cgu is increased to the revised estimate of its 
recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined  
had no impairment loss been recognised for the asset or cgu in prior years a reversal of an impairment loss is recognised as income 
immediately unless the relevant asset is carried at a revalued amount in which case the reversal of the impairment loss is treated as  
a revaluation increase
i other investments
other investments are stated at cost less provision for any impairment
j inventories and work in progress
inventories and shortterm work in progress are stated at the lower of cost and net realisable value costs include materials and where 
relevant direct labour and appropriate overheads that have been incurred in bringing the inventories and work in progress to their present 
location and condition net realisable value represents the estimated selling price less all estimated costs of completion and costs to be 
incurred in marketing selling and distribution
k revenue recognition
revenue from the sale of software relates mainly to perpetual licences which provide the customer with the right to use the group’s 
products where any associated services are not essential to the functionality of the software then the software revenue is recognised when 
the following conditions are met
•	 persuasive evidence that an arrangement exists
•	 the company’s fee is fixed or determinable and
•	 collection is probable
revenue is recognised on delivery with a retention to be recognised on acceptance or otherwise as performance is defined in the relevant 
customer contract
revenue generated from fixed price contracts including relevant licence fees where service essential to the functionality of the software is 
being performed is recognised on a percentage of completion basis over the life of the contract provision is made for any expected losses 
on contracts yet to be completed amounts recoverable on fixed price contracts which are included in debtors are stated at the net sales 
value of the work done less amounts received as progress payments on account excess progress payments are included in creditors as 
payments on account cumulative costs incurred net of amounts transferred to cost of sales less provisions for contingencies and 
anticipated future losses on contracts are included as fixed price contract balances in work in progress
contracts which meet the definition of a construction contract are disclosed separately as “amounts due from customers under 
construction contracts” in “trade and other receivables” or “amounts due to customers under construction contracts” in “trade and other 
payables” as required under ias 11 “construction contracts” see note 23 for more details
revenue generated from time and material contracts is recognised in line with when the work is performed
maintenance revenue is generally recognised on a straightline basis over the life of the related agreement taking into account any free 
maintenance periods
managed services revenue is recognised over the life of the contract costs incurred on a contract from third parties which are directly 
related to the contract are capitalised and recognised over the life of the contract contract profitability is regularly reviewed and  
if necessary provision for any forecast loss arising is made sales operational and administrative costs are written off as incurred
all finance income is recognised in the income statement in the period in which it arises
accounting assumptions and judgements
the revenue and profit of fixed price contracts is recognised on a percentage of completion basis when the outcome of a contract can be 
estimated reliably management exercises judgement in determining whether a contract’s outcome can be estimated reliably management 
also makes estimates of the total cost of professional services or in some instances total contract costs which are used in determining the 
value of amounts recoverable on contracts and any related provisions required for onerous contracts estimates are continually revised 
based on changes in the facts relating to each contract
the carrying value of amounts recoverable on contracts is disclosed in note 23
management has exercised a degree of judgement in formulating a set of criteria used for determining when revenue that involves several 
deliverable elements should be recognised on a bundled or unbundled basis 52
notes to the accounts continued
financial statements
1 statement of accounting policies continued
l taxation
the tax expense represents the sum of tax currently payable and deferred tax
the tax currently payable is based on taxable profit for the year taxable profit differs from net profit as reported in the income statement 
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never 
taxable or deductible the liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the 
balance sheet date
deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the 
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet 
liability method deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised 
to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised  
such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition other than  
in a business combination of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit
deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates and interests  
in joint ventures except where the group is able to control the reversal of the temporary difference and it is probable that the temporary 
difference will not reverse in the foreseeable future
the carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable 
that sufficient taxable profits will be available to allow all or part of the asset to be recovered
deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised 
deferred tax is charged or credited in the income statement except when it relates to items charged or credited directly to equity in which 
case the deferred tax is also dealt with in equity
accounting assumptions and judgements
in recognising income tax assets and liabilities management makes estimates of the likely outcome of decisions by tax authorities on 
transactions and events whose treatment for tax purposes is uncertain where the final outcome of such matters is different or expected  
to be different from previous assessments made by management a change to the carrying value of income tax assets and liabilities will be 
recorded in the period in which such a determination is made the carrying values of current tax and deferred tax assets and liabilities are 
disclosed separately in the consolidated balance sheet
m employee benefits
i retirement benefit costs
payments to defined contribution retirement benefit schemes are charged as an expense as they fall due payments made to statemanaged 
retirement benefit schemes are dealt with as payments to defined contribution schemes where the group’s obligations under the schemes 
are equivalent to those arising in a defined contribution retirement benefit scheme the group has no defined benefit schemes
ii sharebased compensation
the group has applied the requirements of ifrs 2 “sharebased payments” in accordance with the transitional provisions ifrs 2 has been 
applied to all grants of equity instruments after 7 november 2002 that were unvested as of 1 january 2005
the group operates several equitysettled sharebased payment plans for its employees the fair value of shares determined at the grant 
date of the equitysettled sharebased payment is recognised as an expense on a straightline basis over the vesting period the group  
does not operate separate cashsettled sharebased payment plans however the employer’s nic liability arising on the outstanding awards 
is treated as such an arrangement for accounting purposes the group holds an accrual for this nic liability which is calculated at each 
balance sheet based on its best estimate of the ultimate liability any movement in this accrual is immediately charged or credited to 
sharebased payments in the income statement
the group operates an inland revenue approved employee share option scheme “saye scheme” which allows employees the ability  
to purchase the group’s ordinary shares at a discount to the current market value the group records an expense based on its best estimate 
of the fair value of the discount related to shares expected to vest on a straightline basis over the vesting period 
the group has granted executive options which include approved option plans and longterm incentive plans the grant price is normally 
equal to the average quoted market price of the group shares on the date of grant the vesting period is generally three to ten years if the 
options remain unexercised after a period of ten years from the date of grant the options expire furthermore options are forfeited if the 
employee leaves the group before the options vest unless the employee meets certain “good leaver” conditions financial statements 53
1 statement of accounting policies continued
m employee benefits continued
accounting assumptions and judgements
the fair value of the saye scheme and executive option scheme is measured by using the blackscholes and a stochastic model namely the 
montecarlo pricing model respectively the total amount of this fair value to be expensed rateably over the vesting period is determined 
by reference to the fair value of the options at the grant date excluding the impact of any nonmarket vesting conditions such as profit 
targets nonmarket vesting conditions are included in assumptions about the number of options that are expected to become exercisable 
or the number of shares that the employee will ultimately receive this estimate is revised at each balance sheet date and the difference  
is charged or credited to the income statement with a corresponding adjustment to equity
market vesting conditions such as tsr targets are factored into the fair value of the option and therefore no subsequent adjustments will  
be made if performance conditions are not met
the proceeds received on exercise of the options net of any directly attributable transaction costs are credited to equity
for more details on the assumptions made in the valuation see note 9
n financial instruments
financial assets and financial liabilities are recognised on the group’s balance sheet when the group becomes a party to the contractual 
provisions of the instrument
i trade and other debtors
trade and other debtors do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated 
irrecoverable amounts
ii investments
investments are recognised and derecognised on a tradedate where a purchase or sale of an investment is under a contract whose terms 
require delivery of the investment within the timeframe established by the market concerned and are initially measured at cost including 
transaction costs
investments are classified as either heldfortrading or availableforsale and are measured at subsequent reporting dates at fair value
where securities are held for trading purposes gains and losses arising from changes in fair value are included in net profit or loss for the period
for availableforsale investments gains and losses arising from changes in fair value are recognised directly in equity until the security is 
disposed of or is determined to be impaired at which time the cumulative gain or loss previously recognised in equity is included in the net 
profit or loss for the period
iii financial liabilities and equity
financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into an equity 
instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities
iv bank borrowings
interestbearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs finance charges including 
premiums payable on settlement or redemption and direct issue costs are accounted for on an accruals basis to the income statement using 
the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period  
in which they arise
v trade payables
trade payables are not interest bearing and are stated at their nominal value
vi equity instruments
equity instruments issued by the company are recorded at the proceeds received net of direct issue costs 54
notes to the accounts continued
financial statements
1 statement of accounting policies continued
o derivative financial instruments and hedge accounting
the group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates the group 
does not enter into speculative derivative contracts and all such instruments if used by the group are for hedging purposes to alter the risk 
profile of an existing underlying exposure to the group in line with the group’s risk management policies
the use of financial derivatives is governed by the group’s policies approved by the board of directors which provide written principles  
on the use of financial derivatives
cash flow hedge
changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised 
directly in equity and the ineffective portion is recognised immediately in the income statement if the cash flow hedge of a firm 
commitment or forecast transaction results in the recognition of an asset or a liability then at the time the asset or liability is recognised 
the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the 
asset or liability for hedges that do not result in the recognition of an asset or a liability amounts deferred in equity are recognised in the 
income statement in the same period in which the hedged item affects net profit or loss
fair value hedge
for an effective hedge of an exposure to changes in the fair value the hedged item is adjusted for changes in fair value attributable to the 
risk being hedged with the corresponding entry in profit or loss gains or losses from remeasuring the derivative or for nonderivatives the 
foreign currency component of its carrying amount are recognised in profit or loss
changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement 
as they arise
discontinued hedge accounting
hedge accounting is discontinued when the hedging instrument expires or is sold terminated exercised or no longer qualifies for hedge 
accounting at that time any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecast 
transaction occurs if a hedged transaction is no longer expected to occur the net cumulative gain or loss recognised in equity is transferred 
to net profit or loss for the period
hedges of net investments in foreign operations
hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges any gain or loss on the hedging 
instrument relating to the effective portion of the hedge is recognised in the hedging and translation reserve account “other reserves”  
the gain or loss relating to the ineffective portion is recognised immediately in profit or loss under the heading of “other gains and losses”
gains or losses deferred in the foreign currency translation reserve are recognised immediately in profit or loss on disposal of the foreign operation
embedded derivatives
derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and 
characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains  
or losses reported in the income statement
p provisions
provisions for warranties onerous contracts vacant properties with outstanding leases to settle restructuring costs and legal claims are 
recognised when the group has a present legal or constructive obligation as a result of past events this is where in management’s view  
it is more likely than not that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated 
restructuring provisions comprise unexpired future lease payments employee termination payments and removal costs provisions  
for restructuring costs are recognised when the group has a detailed formal plan for the restructuring that has been communicated  
to affected parties
deferred consideration provision is management’s best estimate of the contingent consideration payable to vendors which may be subject 
to change as this is dependent on the fulfilment of certain performance targets of the businesses acquired
property provisions are established on a propertybyproperty basis to meet the estimated liabilities including dilapidations the provision 
covers all ongoing unavoidable costs net of rental income provisions are not recognised for future operating losses
accounting assumptions and judgements
the group is subject to claims that arise in the normal course of business each claim is evaluated by management together with their  
legal advisers and a decision is made on whether financial settlement is probable in which case appropriate provisions are made
q operating profit from continuing operations
operating profit from continuing operations is stated after charging restructuring costs but before finance income or charges and before 
other gains or losses financial statements 55
1 statement of accounting policies continued
r leasing
leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the 
lessee all other leases are classified as operating leases
assets held under finance leases are recognised as assets of the group at their fair value or if lower at the present value of the minimum 
lease payments each determined at the inception of the lease the corresponding liability to the lessor is included in the balance sheet as  
a finance lease obligation lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve  
a constant rate of interest on the remaining balance of the liability finance charges are charged directly against income unless they are 
directly attributable to qualifying assets in which case they are capitalised in accordance with the group’s general policy on borrowing  
costs see above
rentals payable under operating leases are charged to income on a straightline basis over the term of the relevant lease
benefits received and receivable as an incentive to enter into an operating lease are also spread on a straightline basis over the lease term
rental income from operating leases is recognised on a straightline basis over the term of the relevant lease
s adoption of ifric interpretations new and amendments to ifrs
i applicable for the group’s accounting periods beginning on or after 1 may 2010
the ifric interpretations amendments to existing standards and new standards that are mandatory and relevant for the group’s 
accounting periods beginning on or after 1 may 2010 have been adopted adoption of these standards has not had any effect on the financial 
performance or position of the group except for the requirement to write off acquisition costs as incurred in the period in accordance with 
ifrs 3 revised 2008 the changes include the adoption of
•	 ifrs 3 revised 2008 “business combinations – comprehensive revision on applying the acquisition method” whereby the rules for 
accounting for business combinations have been amended
at the date of approval of these financial statements the following standards interpretations and amendments thereto were issued that are 
mandatory for the group’s accounting periods beginning on or after 1 may 2010 management assessed the relevance of these amendments 
and interpretations and concluded that they are neither relevant nor material to the group or resulted in additional disclosures
amendments to existing standards
•	 improvements to ifrss – amendments that result in accounting changes for presentation recognition or measurement purposes that 
have been issued with effective dates such that adoption will be mandatory for the accounting period commencing 1 may 2010
ii applicable for the group’s accounting periods beginning on or after 1 may 2011
at the date of approval of these financial statements the following standards interpretations and amendments thereto were issued that  
are mandatory for the group’s accounting periods beginning on or after 1 may 2011 the group has not adopted early any of these new 
pronouncements that may be relevant to the group
international financial reporting interpretations committee ifric interpretations
•	 ifric 19 “extinguishing financial liabilities with equity instruments”
new standards and amendments to existing standards effective for the accounting period ended 30 april 2012
•	 ias 24 “related party disclosures” revising the definition of related parties
•	 improvements to ifrss – amendments that result in accounting changes for presentation recognition or measurement purposes that 
have been issued with effective dates such that adoption will be mandatory for the accounting period commencing 1 may 2011
new standards and amendments to existing standards effective 1 january 2013 with early adoption permissible
•	 ifrs 9 “financial instruments” covering classification and measurement of financial assets
•	 ifrs 10 “consolidated financial statements” introducing a single consolidation model for all entities based on control
•	 ifrs 11 “joint arrangements” removing the option to apply the proportional consolidation method when accounting for jointly 
controlled entities
•	 ifrs 12 “disclosures of involvement with other entities” requiring enhanced disclosures about both consolidated entities and 
unconsolidated entities in which an entity has involvement
•	 ifrs 13 “fair value measurement” defining fair value setting out a framework for its measurement and required disclosures
•	 ias 27 “separate financial statements” amended for items not included in ifrs 10
•	 ias 28 “investments in associates and joint ventures” amended for conformance with new standards 56
notes to the accounts continued
financial statements
2 revenue and segmental information
21 revenue from operations
  2011 2010 
 note £000 £000
own product software licences  39198	 30716
bespoke services systems integration and implementation of software products  7720  7389
managed services  4467  5284
software maintenance and support  22572	 21158
sale of thirdparty products and services  18779  13458
other  958 765
revenue from operations 22 93694 78770
finance income 6 484 222
total revenue  94178 78992
22 operating segments – primary basis
the group is organised into four operating segments handset testing network testing travel and group with the exception of group 
which performs the head office function each operating segment derives its revenue from the development installation and support of 
software products relating to its relevant industry sector 
operating segment information under the primary reporting format is as disclosed in the tables below
	 handset	 network	 t otal	
	 t esting	 t esting	 wir eless	 t rav el	 gr oup	 t otal 	
year ended 30 april 2011 	 £000	 £000	 £000	 £000	 £000	 £000
external revenue 49543		 24148		 73691		 20003		 –	 93694
internal revenue –	 –	 –	 –	 1370		 1370
total revenue 49543		 24148		 73691		 20003		 1370		 95064
segment adjusted
1
 profitloss before tax 10003		 6420		 16423		 4206		 4594	 16035
net finance charges before recycled hedge loss –	 –	 –	 –	 1625		 1625
segment adjusted
1 
operating profitloss 10003		 6420		 16423		 4206		 2969	 17660
sharebased payments 314		 112	 202		 28		 104	 126
amortisation of acquired intangible assets –	 3582	 3582	 –	 –	 3582
restructuring costs –	 281	 281	 –	 37	 244
segment operating profitloss 10317		 2445		 12762		 4234		 3036	 13960
other gains and losses –	 –	 –	 –	 19		 19
finance income –	 –	 –	 –	 484		 484
finance charges –	 –	 –	 –	 2242	 2242
profitloss from continuing operations 
before tax 10317		 2445		 12762		 4234		 4775	 12221
tax expense –	 –	 –	 –	 3270	 3270
profitloss from continuing operations 10317		 2445		 12762		 4234		 8045	 8951
profit from discontinued operations –	 –	 –	 –	 484	 484
profitloss for the period 10317		 2445		 12762		 4234		 7561	 9435	
1  segment adjusted operating profits are stated prior to the adjusting items of sharebased payments amortisation of acquired intangible assets and restructuring costs financial statements 57
2 revenue and segmental information continued
22 operating segments – primary basis continued
 handset network total 
 testing testing wireless travel group total 
year ended 30 april 2010 £000 £000 £000 £000 £000 £000
external revenue 35753 20026 55779 22991 – 78770
internal revenue – – – – 1387 1387
total revenue 35753 20026 55779 22991 1387 80157
segment adjusted
1 
profitloss before tax 3460 4569 8029 5575 3714 9890
net finance charges before recycled hedge loss – – – – 1966 1966
segment adjusted
1
 operating profitloss 3460 4569 8029 5575 1748 11856
sharebased payments 1019 219 1238 331 867 2436
amortisation of acquired intangible assets 625 3606 4231 – – 4231
impairment of goodwill and acquired  
intangible assets 6172 – 6172 – – 6172
restructuring costs 860 – 860 – – 860
segment operating lossprofit 5216 744 4472 5244 2615 1843
other gains and losses – – – – 473 473
finance income – – – – 222 222
finance charges – – – – 2843 2843
lossprofit from continuing operations  
before tax 5216 744 4472 5244 4763 3991
tax expense – – – – 436 436
lossprofit from continuing operations 5216 744 4472 5244 5199 4427
profit from discontinued operations – – – – 1000 1000
lossprofit for the period 5216 744 4472 5244 4199 3427
1  segment adjusted operating profits are stated prior to the adjusting items of sharebased payments amortisation of acquired intangible assets impairment of goodwill and 
acquired intangible assets and restructuring costs
23 other information
	 handset	 network	 t otal	
	 t esting	 t esting	 wir eless	 t rav el	 gr oup	 t otal 	
year ended 30 april 2011 	 £000	 £000	 £000	 £000	 £000	 £000
total assets 29811		 65794		 95605		 12161		 56933		 164699	
including        
capital additions in the year 4578		 1113		 5691		 114		 131		 5936 
capital acquired in the year –	 1792		 1792		 –	 –	 1792 
adjusted ebitda calculation      
segment adjusted operating profitloss 10003		 6420		 16423		 4206		 2969	 17660 
depreciation 1466		 138		 1604		 606		 512		 2722 
amortisation of intangible assets 1367		 200		 1567		 189		 39		 1795
 
adjusted ebitda 12836		 6758		 19594		 5001		 2418	 22177 
 handset network total 
 testing testing wireless travel group total 
year ended 30 april 2010 £000 £000 £000 £000 £000 £000
total assets 36517 60173 96690 10478 56666 163834
including      
capital additions in the year 3300 374 3674 326 58 4058
      
adjusted ebitda calculation      
segment adjusted operating profitloss 3460 4569 8029 5575 1748 11856
depreciation 1776 147 1923 777 470 3170
amortisation of intangible assets 2047 213 2260  328 35 2623
adjusted ebitda 7283 4929 12212 6680 1243 17649
      58
notes to the accounts continued
financial statements
2 revenue and segmental information continued
24 geographical segment – secondary basis
the operating segments operate in four principal geographical areas as set out below
the following analysis of the group’s revenue is based on the geographical location of customers irrespective of the origin of the goods or 
services the corresponding segment assets are based on the geographical location of the assets
 total revenue
 2011 2010 
 £000 £000
united kingdom 15242 15362
emea – excluding united kingdom 29674 28061
the americas 25126 19545
rest of the world 23652 15802
 93694 78770
 noncurrent assets
 2011 2010 
 £000 £000
united kingdom 19441 12194
emea – excluding united kingdom 68967 68572
the americas 1172 8031
rest of the world 81 141
 89661 88938
25 operating expenses
 2011 2010 
 £000 £000
distribution costs
– amortisation of acquired intangible assets 2211 2345
– other underlying operating expenses 9147 8363
 11358 10708
research and development
– amortisation of internally generated assets 1230 1940
– other underlying operating expenses 10237 11252
 11467 13192
– amortisation of acquired intangible assets 1371 1886
– restructuring costs – 588
 12838 15666
administrative expenses
– sharebased payments 126 2436
– impairment of goodwill – 5092
– impairment of acquired intangible assets – 1080
– restructuring costs 244 272
– other underlying operating expenses 17236 15649
 17354 24529
total operating expenses 41550 50903
analysed as
– amortisation of acquired intangible assets note 14 3582 4231
– impairment of goodwill note 12 – 5092
– impairment of acquired intangible assets note 14 – 1080
– restructuring costs note 3 244 860
– sharebased payments note 9 126 2436
oneoff and nontrading operating expenses excluded from adjusted profit 3700 13699
– amortisation of internally generated assets note 14 1230 1940
– other underlying operating expenses 36620 35264
total operating expenses 41550 50903
  financial statements 59
3 restructuring costs
restructuring costs incurred in the year relate to the acquisition costs for the purchase of the invex product line note 13 in addition  
there is a credit relating to the net impact on the property provision as a result of a provision release that was originally charged within 
restructuring costs offset by a oneoff charge relating to a property guarantee given in respect of previously disposed operations
the restructuring costs incurred in the prior period relate to the closure of the wimax line of business within the wireless division these costs 
include the impact of asset write downs of the development costs and equipment and other costs of restructuring and redundancy the 
related costs of impairing the goodwill and acquired intangible assets are disclosed separately within administrative expenses note 25
 2011 2010 
 £000 £000
costs incurred on acquisition of product line 281 –
net property provision released 37 –
impairment of capitalised development costs – 403
impairment of property plant and equipment – 110
redundancy costs – 75
other exit costs – 272
 244 860
4 other gains and losses
 2011 2010 
 £000 £000
hedge ineffectiveness on cash flow hedges 404 187
hedge ineffectiveness on net investment hedge 237 651
change in the fair value of derivative assets outstanding at year end options 775 172
change in the fair value of derivative liabilities outstanding at year end forwards 153 170
costs arising on liquidation of previously disposed businesses – 23
 19 473
the gains arising due to hedge ineffectiveness are derived from the differences in the movement in the fair values of both the interest rate 
and crosscurrency swaps and the hypothetical derivative that represented the market value of the swap on the date of designation 
5 discontinued operations
there were no discontinued operations in either the current or immediate prior years the profit after tax from discontinued operations of 
£484000 2010 £1000000 relates to the release of tax provisions made in prior years 60
notes to the accounts continued
financial statements
6 net finance charge
 2011 2010 
 £000 £000
finance income  
interest receivable and similar income 15 25
interest on shortterm deposits 412 197
interest on extended payment terms 57 –
total finance income 484 222
finance charges
bank loans and overdrafts
1
 202 325
other loanscommitment fees 82 118
losses on financial instruments in a hedging relationship  
– interest rate swaps and caps – cash flow hedges 952 928
– crosscurrency swaps – net investment hedge 691 617
other interest 36 –
unwinding of discount on provisions
2
 146 200
 2109 2188
recycling of fair value loss on cash flow hedges
3
 133 655
total finance charges 2242 2843
net finance charge 1758 2621
adjusted net finance charge before recycled hedge loss 1625 1966
recycling of fair value loss on cash flow hedges
3
 133 655
 
net finance charge 1758 2621
1 finance charges on bank loans and overdrafts include amortisation of issue costs of £28000 2010 £52000
2 the unwinding of discount on provisions note 27 relates to property and deferred consideration provisions
3  the recycling of fair value loss on cash flow hedges arises due to the repayments of the term loan reducing the interest payments causing some of the interest cash flows to be 
classed as no longer probable in accordance with ias 39 an equivalent proportion of the fair value losses under the interest rate swap arrangement previously taken to equity  
are released to profit or loss
7 profitloss for the year
profitloss for the year is stated after charging crediting
 2011 2010 
 £000 £000
depreciation of property plant and equipment 2722 3170
impairment of goodwill – 5092
impairment of acquired intangible assets – 1080
amortisation of intangible software licences 566 683
amortisation of acquired intangibles assets 3582 4231
amortisation of internally generated assets 1230 1940
loss on disposal of property plant and equipment – 31
restructuring costs 244 860
research and development costs excluding amortisation of acquired intangible assets and restructuring costs 10237 11252
cost of inventories recognised as expense 10146 5770
staff costs note 8 34027 32426
foreign exchange gainslosses 327 766
net charge arising from movements in the property provision 341 59
  financial statements 61
7 profitloss for the year continued
during the year the group obtained the following services from the group’s auditors
 2011 2010 
 £000 £000
fees payable to the company’s auditors for the audit of
– the company’s annual accounts 97 97
– the company’s subsidiaries pursuant to legislation 123 115
total fees for audit services provided to all group companies 220 212
fees payable to the group’s auditors and their related audit firms for assurance services  
– other services pursuant to legislation halfyear review 49 49
other assurance services to stakeholders 49 49
– taxation services 1 20
all other services 1 20
total group auditor’s remuneration 270 281
total fees payable to other auditors in relation to the statutory audits of subsidiary companies amount to £19000 2010 £20000 
nonaudit fees payable to other auditors in relation to tax and other services were £26000 2010 £26000
8 staff costs
the average number of persons employed including executive directors was as follows
 2011 2010 
 number number
united kingdom 327 334
emea – excluding united kingdom 55 54
the americas 36 28
rest of the world 35 48
 453 464
the amount charged in arriving at the operating profit for the year in respect of all employees was as follows
 2011 2010 
 t otal total 
 £000 £000
wages and salaries 28745  25525
social security costs 3299	 2508
sharebased payments 126 2446
pension costs 2109	 1947
 34027	 32426
pension arrangements
the group has several defined contribution group personal pension plans the contributions payable by the group in respect of the year  
to these schemes are charged to the profit and loss account on an accruals basis the pension costs for both years are related to defined 
contribution schemes only the group does not operate any defined benefit pension schemes
key management remuneration
key management personnel as disclosed under ias 24 “related party disclosures” have been identified as the board of directors
details of the board of directors’ remuneration for those who served during the year are as follows
 2011 2010 
 £000 £000
shortterm employee benefits 1430 735
sharebased payments 212 454
 1642 1189
  62
notes to the accounts continued
financial statements
9 sharebased payments
equitysettled sharebased payment arrangements
the group operates several share option plans including saye and other sharebased schemes the terms of which are summarised below
contractual life vesting conditions share price at grant date
saye granted over either three or five 
years with six months to exercise 
following maturity after which the 
options expire
savings over the period three or  
five years until maturity date no 
performance conditions
closing midmarket quotation on date 
of grant less 20 discount
approved share 
option plan “asop” 
and long term 
incentive plan 
“ltip”
ordinarily exercisable between 
three and ten years from the date 
of grant following which the 
options expire the option holders 
must be in continued employment 
during this period if the options 
remain unexercised after a period 
of ten years from the date of grant 
the options expire
options vest as soon as one year 
profit performance target is met
closing midmarket quotation on day 
preceding date of grant or average of 
three days preceding date of grant
performance share 
plan “psp”share 
matching plan 
“smp”
both plans – conditional award 
vests on third anniversary subject 
to performance conditions being 
met in part or in full
both plans – conditional award 
vests on third anniversary subject 
to performance conditions being 
met in part or in full award holders 
under the smp must still be 
employed or good leavers these 
award holders must acquire 
“invested shares” which the 
company matches on a two for  
one grossed up basis
both plans – conditional awards of 
“free shares” – effectively nil cost 
options closing midmarket quotation 
on the day preceding date of grant or 
average of three days preceding the 
date of grant is used for calculation 
and tax purposes only
share incentive plan 
“sip”
leavers can keep matching shares 
held for three years or more full 
tax relief available after five years
employees keep shares they have 
purchased “partnership shares” 
shares matched by the company 
“matching shares” on a one for  
one basis may be retained by good 
leavers bad leavers may retain 
matched shares only if held for three 
years or more matched shares vest  
in full for employees after five years 
no performance conditions
shares are market purchased on  
a monthly basis
management 
incentive plan 
“mip”
a conditional award using market 
purchase shares is made over a 
performance period agreed prior  
to the time of grant subject to 
performance conditions being  
met in part or in full
vesting takes place for meeting 
loyalty and performance conditions 
based on achieving predetermined 
divisional financial performance 
measures over a period of between 
one and three years
closing midmarket quotation on day 
preceding date of grant
in accordance with the accounting policy at note 1mii ifrs has been applied to all grants of equity instruments after 7 november 2002 
that were unvested as of 1 january 2005 financial statements 63
9 sharebased payments continued
details of relevant share options outstanding during the year are as follows
 2011	 2011 2010 2010 
 sa ye	 other	shar ebased saye other sharebased
 	 w eighted	 number	 of	 w eighted  weighted  weighted 
 number	 of	 av erage	 shar e		 av erage number of average number of average 
 shar e	 options	 ex er cise	price	 options	 ex er cise	price share options exercise price share options exercise price
outstanding at 1 may 2709523	 23p	 15436852	 6p 33766 46p 18434528 12p
granted during the year –	 –	 13452425		 – 2837946 23p 4575107 –
exercised during the year 29940	 23p		 253081	 35p  6666 23p 690365 3p
lapsed during the year 215929	 23p		 4140105	 2p  155523 25p 6882418 17p
outstanding at 30 april 2463654		 23p		 24496091		 3p  2709523 23p 15436852 6p
exercisable at 30 april –	 		 4387903		 	 22102  4640984 
weighted average fair value 
of optionsshares granted  
in the year –	 	 31p		 10p  26p 
weighted average  
remaining contractual  
life years 24		 	 75		 34  67 
exercise price 225p	 	 00p–595p	 225p–460p  00p–595p 
	 sa ye	 other	shar ebased
	 	 w eighted	 	 	 w eighted	 	
	 outstanding	 av erage	 w eighted	 outstanding	 av erage	 w eighted 	
	 options	at	 r emaining	 av erage	 options	at	 r emaining	 av erage 	
	 30	 april	 contractual	 ex er cise	 30	 april	 contractual	 ex er cise 	
	 2011	 life	 price	 2011	 life	 price
exercise price range
0p 	 –	 –	 –	 22587629		 80		 –
1p–40p 	 2463654		 24		 225p		 1215381		 21		 34p
41p–806p 	 –	 –	 –	 693081		 30		 52p
 2463654		 24		 225p	 24496091		 75		 3p
the fair values for the above options were calculated using the blackscholes and stochastic option pricing models the inputs into these 
models were as follows
 2011 2010
	 	 other	 	 other 
 sa ye	 shar ebased saye sharebased
grant date  31	 jul	2009	 17	 jan	2003	– 31 july 2009 17 jan 2003 – 
  16	 aug	2010  10 dec 2009
model used black  scholes	 stochastic	 blackscholes stochastic
weighted average share price at grant 29p	 36p 29 45
expected volatility 422–485	 00–590 422–485 00–590
expected life 3–5	 y ears	 † 3–5 years †
riskfree rate 24–31	 00–55 24–31 00–55
expected dividend yield 36–36	 00–35 36 0–35
†  expected life for other sharebased payments is 100 of the options that are exercised after three years if a gain of 10 is available if this gain is not available options are held 
until such a gain can be achieved any remaining options are exercised at maturity providing that they are “in the money” for ltip profit element only – 5 pa leavers in the 
first three years was assumed under the psp smp and mip awards the expected life is equal to the vesting period of three years however for mip depending on performance 
annual vesting is possible
expected volatility was determined by calculating the historical volatility of the company’s share price over the following periods expected 
life up to grant date other sharebased schemes – three years and saye – three and five years for three and fiveyear contracts respectively
the expected life used in the model has been adjusted based on management’s best estimate for the effects of nontransferability exercise 
restrictions and behavioural considerations 64
notes to the accounts continued
financial statements
9 sharebased payments continued
cashsettled sharebased payment arrangements
the group does not operate separate cashsettled sharebased payment arrangements however the employer’s nic liability arising on  
the outstanding awards is treated as such an arrangement for accounting purposes
the employer’s nic liability on the outstanding awards at 30 april 2011 was £483000 2010 £304000 which is fully provided for  
in the accounts
the group recognised the following total creditexpense in relation to both equitysettled and cashsettled sharebased payment 
arrangements during the year 
 2011 2010 
 £000 £000
equity settled  305 2446
cash settled 179 10
 126 2436
10 income tax expense
 continuing operations discontinued operations total
 2011 2010 2011 2010 2011 2010 
 £000 £000 £000 £000 £000 £000
current tax
uk corporation tax 922 614 – – 922 614
foreign tax 2495 2015 – – 2495 2015
 3417 2629 – – 3417 2629
adjustments in respect of prior years
uk corporation tax 27 – 484 1000 511 1000
foreign tax 83 42 – – 83 42
 56 42 484 1000 428 1042
total current tax expensecredit 3473 2587 484 1000 2989 1587
deferred tax
uk 700 565 – – 700 565
foreign 903 1586 – – 903 1586
total deferred tax credit note 25 203 2151 – – 203 2151
total income tax expensecredit 3270 436 484 1000 2786 564
the tax charge on the profit on sale of discontinued operations was £nil 2010 £nil
uk corporation tax is calculated at 2784 2010 28 of the estimated assessable profit for the year taxation for other jurisdictions  
is calculated at the rates prevailing in the respective jurisdictions
 2011 2010 
 £000 £000
chargedcredited to equity
deferred tax relating to sharebased payments 785 110
deferred tax relating to amortisation of acquired intangibles 75 206
uk corporation tax relating to discontinued activities – 450
uk corporation tax relating to foreign exchange 484 –
 226 134
  financial statements 65
10 income tax expense continued
factors affecting tax charge for the year
the tax assessed on the profit on ordinary activities for the year is different to the standard rate of corporation tax in the uk the differences 
are explained below
 2011 2010 
 £000 £000
profitloss before tax
continuing operations 12221 3991
tax on group profit at standard uk corporation tax rate of 2784 2010 28 3402 1117
effects of
impairments – 1160
disallowed expenses and nontaxable income net 214 87
change in uk tax rate 129 –
ineligible depreciation 111 24
prior year adjustment in relation to deferred tax 232 347
shortterm timing differences 559 112
tax losses carried forward 5 77
utilisation of tax losses 66 54
higher tax rates on overseas earnings 80 233
deferred tax not provided 94 391
adjustments to current tax charge in respect of previous periods 56 42
income tax expense for year 3270 436
tax rate for continuing operations 268 109
the group earns its profits in the uk and overseas the tax rate used in this reconciliation for tax on profit on ordinary activities is 2784 
2010 28 being the standard rate for uk corporation tax as the group’s head office is in the uk
some components of the group’s overseas profits are likely to be taxed at an effective rate that is higher than the uk rate  
other components due to the availability of losses brought forward in certain countries are likely to be taxed at a lower rate 66
notes to the accounts continued
financial statements
11 earnings per share
the calculations of earnings per share are based on the group profit for the year adjusted profit
 
 and weighted average number of shares  
in issue
 basic diluted
 2011 2010 2011 2010
eps summary
basic eps 33p	 12p 31p	 12p
basic eps for continuing operations 31p	 15p 29p	 15p
adjusted eps
2
 40p	 24p 38p  23p
 2011 2010   
 p ence pence 2011 2010 
 per	shar e per share £000 £000
profitloss for the year 33 12 9435 3427
profit from discontinued operations 02 03 484 1000
profitloss for the year on continuing operations 31	 15 8951  4427
reconciliation to adjusted profit
other gains and losses net of tax – 01 14 341
recycled hedge losses
3
 net of tax – 02 96 472
amortisation of acquired intangible assets net of tax 09 10 2650 2947
sharebased payments net of tax 01 06 337 1822
impairment of goodwill and acquired intangible assets net of tax – 20 – 5870
restructuring costs net of tax 01 02 254 619
adjusted profit
1
 40 24 11600 6962
1  profit from continuing businesses before other gains and losses recycled hedge losses amortisation of acquired intangible assets sharebased payments impairments  
and restructuring costs
2 earnings per share on adjusted profit
1
 have been included to give a clearer understanding of the results of the continuing businesses
3 recycled hedge losses relate to the recycling of fair value losses on cash flow hedges reclassified from equity to profit or loss in the year
diluted eps for discontinued operations is 02p 2010 03p
number of shares 000 2011 2010
weighted average number of shares in issue – used to calculate basic earnings per share 289781 292166
effect of dilutive ordinary shares  
– saye and share option schemes 15351 14100
number of shares used to calculate diluted earnings per share  305132 306266
  financial statements 67
12 goodwill
 total 
 £000
cost
at 1 may 2009 64415
exchange movement 1977
at 30 april 2010 62438
exchange movement 1367
at 30 april 2011 63805
accumulated impairment losses
at 1 may 2009 –
impairment charge 5092
exchange movement 23
at 30 april 2010 5115 
exchange movement –
at 30 april 2011 5115
net book value at 30 april 2011 58690
net book value at 30 april 2010 57323
goodwill is subject to annual impairment testing or more frequently if there are indications that goodwill might be impaired 
impairment tests
the cashgenerating unit cgu is typically the combination of a group of assets acquired which cannot be separately identified within each 
primary segment of the group the carrying amounts basis of determination and key assumptions for the goodwill impairment calculations 
are as follows
 wireless  
 networks travel
carrying amount of goodwill £000 52490 6200
basis on which the cgu’s recoverable amount has been determined  value in use value in use
key assumptions   
discount rate  106 100
includes a risk factor of  06 –
longterm growth rate after five years  00 00
period over which cash flows are projected years 5 5
the discount rate is based on the weighted average cost of capital wacc for the group as adjusted for risk the wacc is derived by taking 
the average of the results from calculations using the capital asset pricing model capm and dividend growth model using data from 
leading market data providers the wacc has fluctuated within a 1 band over the last three years with an average rate of 97 in light  
of this management has held the underlying discount rate unchanged at 10 as they believe that small changes to the discount rate for 
temporary movements would not be appropriate
the risk adjustments relate to management’s view of the sensitivity to technology risk within the wireless segment and are based on  
past experience
the longterm growth rate has been set at zero for each cgu management is sensitive to the technology risk within the software industry 
and does not deem it appropriate to forecast growth for products more than five years into the future
the period over which the cash flows are projected is set at five years the cash flow projections are based on the budgets strategic plans 
knowledge of the market performance of the sector and management’s view of the recoverable amount based on observable market prices 
for the cgu
sensitivity to changes in key assumptions
wireless networks – management has based its determination of the unit’s recoverable amount on the key assumptions listed above  
at 30 april 2011 the recoverable amount of wireless networks exceeded its carrying amount by £177m a 1 perpetual reduction in the 
operating margin would reduce its recoverable amount by £09m  68
notes to the accounts continued
financial statements
13 acquisition
on 7 january 2011 anite acquired the network test and measurement product line invex from andrew llc a subsidiary of commscope 
inc which provides mobile network performance monitoring products in north america as a result of the acquisition anite expects the 
invex product line will significantly broaden anite’s existing network testing product range and advance the readiness of its product 
portfolio for the lte networks’ rollout over the next five years the product line has been fully integrated into anite’s existing network 
testing division
no goodwill has been recognised on the acquisition
recognised amounts of assets acquired and liabilities assumed
 book value adjustments fair value 
 £000 £000 £000
intangible assets – acquired ip – 1728 1728
intangible assets – software licences – 49 49
fixed assets 27 10 17
inventory 155 – 155
inventory prepayment – 161 161
liabilities 216 – 216
total 34	 1928	 1894
consideration
 fair value 
 £000
cash 1263
contingent consideration 631
total 1894
the contingent consideration arrangement requires anite to pay the former owner of the invex product line up to 1000000 on 
achievement of a revenuerelated performance criterion the fair value of the contingent consideration has been estimated at 1000000 
being the amount that management believe will be payable under the agreement
the revenue and profit of the product line prior to acquisition has not been disclosed due to the product line not preparing separately 
identifiable accounts in the period prior to acquisition in the period 7 january 2011 to 30 april 2011 the product line has generated revenue  
of £250000 and has broken even following the capitalisation of £500000 of development expenditure
acquisition costs of £281000 have been expensed in the consolidated income statement of anite plc during the period under the heading 
“restructuring costs” these costs have been excluded in the calculation of adjusted profit financial statements 69
14 other intangible assets
    separately    
    identified    
 customer   acquired capitalised   
 lists and   intangible development software  
 relationships technology rd assets costs licences total 
 £000 £000 £000 £000 £000 £000 £000
cost       
at 1 may 2009 23617 7642 2052 33311 12056 3287 48654
additions  – – – – 1319 387 1706
exchange movement 798 262 72 1132 – 18 1150
at 30 april 2010 22819 7380 1980 32179 13375 3656 49210
additions  – – – – 2657 631 3288
acquisition – – 1728 1728 – 49 1777
disposals 221 1680 1040 2941 – 753 3694
exchange movement 582 6 16 592 16 29 637
at 30 april 2011 23180	 5694	 2684	 31558	 16048	 3612	 51218
amortisation
at 1 may 2009 5867 3555 952 10374 9455 2272 22101
amortisation 2345 1488 398 4231 1940 683 6854
impairment losses note 25 81 617 382 1080 403 – 1483
exchange movement 235 125 24 384 – 15 399
at 30 april 2010 8058 5535 1708 15301 11798 2940 30039
amortisation 2211 1089 282 3582 1230 566 5378
disposals 221 1680 1040 2941 – 753 3694
exchange movement 289 2 67 220 – 21 241
at 30 april 2011 10337	 4942	 883	 16162		 13028		 2774		 31964	
net book value  
at 30 april 2011 12843	 752	 1801	 15396	 3020	 838	 19254
net book value  
at 30 april 2010 14761 1845 272 16878 1577 716 19171
 
disposals include the writing off of cost and amortisation of assets no longer in use 70
notes to the accounts continued
financial statements
15 property plant and equipment
 freehold  plant fixtures  
 land and  equipment and   
 buildings computers motor vehicles total 
  £000 £000 £000 £000
cost
at 1 may 2009 5281 17186 4199 26666
additions – 1998 353 2351
disposals – 480 543 1023
exchange movement 2 53 4 51
at 30 april 2010 5283 18757 4005 28045
additions – 2322 324 2646
acquisition – – 17 17
disposals – 644 3 647
written off against provisions – – 1051 1051
exchange movement 1 43 3 47
at 30 april 2011 5282	 20392	 3289	 28963
accumulated depreciation and impairment
at 1 may 2009 332 14841 600 15773
charge for the year 75 2013 1082 3170
disposals – 489 503 992
exchange movement 2 50 4 56
at 30 april 2010 409 16415 1183 18007
charge for the year 74 1794 854 2722
disposals – 644 3 647
written off against provisions – – 305 305
exchange movement – 41 1 40
at 30 april 2011 483	 17524	 1730	 19737
net book value at 30 april 2011 4799	 2868	 1559	 9226
net book value at 30 april 2010 4874 2342 2822 10038
disposals include the writing off of cost and depreciation of assets no longer in use financial statements 71
16 investments
the group’s principal subsidiary undertakings are as follows
  ownership 
   percentage by place of 
  the group at incorporation 
company name principal activity of the company 30 april 2011 registration
held directly by the company
anite holdings international limited holding company 100 england  wales
anite properties plc property holding company 100 england  wales
anite systems holdings limited holding company 100 england  wales
anite telecoms holdings limited holding company 100 england  wales
anite financial management limited investment holding company 100 england  wales
anite travel limited travel software solutions and managed services 100 england  wales
held indirectly by the company
anite travel systems gmbh travel software solutions and managed services 100 germany
anite travel systems pty ltd travel software solutions and managed services 100 australia
anite finland ltd telecoms testing technologies for wireless devices 100 finland
anite telecoms limited  telecoms testing technologies for wireless devices 100 england  wales
anite telecoms india pvt ltd telecoms testing technologies for wireless devices 100 india
anite telecoms inc telecoms testing technologies for wireless devices 100 usa
anite telecoms kk telecoms testing technologies for wireless devices 100 japan
anite telecoms korea limited telecoms testing technologies for wireless devices 100 korea
anite singapore pte ltd telecoms testing technologies for wireless devices 100 singapore
anite wireless trading beijing ltd telecoms testing technologies for wireless devices 100 china
reilrop bv holding company 100 the netherlands
1
1 principal place of business in england
all companies listed above have been included in the consolidated accounts 
unless otherwise stated the country of incorporation is also the country in which each company has its principal place of business
17 inventories
 2011 2010 
 £000 £000
electronic components 4722 4452
inventories are stated at lower of cost and net realisable value
the directors consider that the carrying amount of inventories approximates their fair value 72
notes to the accounts continued
financial statements
18 trade and other receivables
 2011 2010 
 £000 £000
current assets
trade debtors 26590 21353
less provision for impairment of trade receivables 1255 1000
trade debtors net of provision 25335 20353
other receivables 1572 1171
prepayments 2218 1714
amounts due from customers under construction contracts note 23 450 259
accrued income 2364 1021
 31939 24518
the amounts presented in the table above are net of provision for doubtful recoverability and foreseeable losses
the group’s policy is to ensure that all credit trade customers are subject to credit verification procedures and where appropriate parent 
guarantee and letters of credit especially for overseas customers are used so that the group is exposed to a minimum level of bad debts
the credit risk for trade receivables by business segments for 2011 and 2010 is as follows
•	 in travel the top four customers represent 12 2010 10 of the group’s trade receivables
•	 in wireless the top four customers represent 22 2010 25 of the group’s trade receivables
overall the group has no customer that accounted for 7 or more of the accounts receivable at 30 april 2011 2010 8 and therefore 
there is no significant concentration of credit risk since the risk is spread over a large number of unrelated counterparties no transactions 
with a single external customer amounted to in excess of 10 of group revenue 2010 travel segment – £91m 115
the average credit period for trade receivables is 76 days 2010 78 days in the united kingdom trade receivables are typically on 30 days’ 
credit terms whilst in certain cases a schedule of payments or extended payments have been agreed in other geographical areas especially 
europe trade receivables can be based on longer credit terms of up to 90 days before the debt falls due for payment interest may be 
charged on any outstanding balance that is 30 days overdue at 30 april 2011 and 2010 the trade receivables were noninterest bearing
the group has provided for all debts that individually are deemed doubtful at their estimated irrecoverable amount with the exception  
of debts for which the revenue has yet to be recognised or where the monies are received prior to the reporting date the group applies a 
collective assessment of impairment for debts with similar credit risk characteristics these characteristics are determined on the basis of 
the group’s historical loss experience within the industry and provide in varying percentages for debts that are overdue the agreed payment 
terms the reason for the policy is because overdue receivables carry an increased risk of not being recoverable the table below shows the 
movements in the provision for impairment of trade receivables
 trade receivables
 2011 2010 
 £000 £000
at 1 may 1000 383
charge for the year through income statement 457 917
release in the year 55 104
utilised for bad debt written off 147 196
at 30 april 1255 1000
the ageing of the individually impaired trade receivables is as follows
 trade receivables
 2011 2010 
 £000 £000
one to two months overdue – 24
two to three months overdue 523 14
more than three months overdue 732 962
 1255 1000
  financial statements 73
18 trade and other receivables continued
ageing of trade receivables excluding those that have been impaired
 trade receivables
 2011 2010 
 £000 £000
neither past due nor impaired 21294 13920
past due but not impaired
less than one month overdue 1823 1868
one to two months overdue 552 2811
two to three months overdue 547 557
more than three months overdue 1119 1197
 25335 20353
the neither past due nor impaired and those that are past due but not impaired balances are due from customers with good credit ratings 
there is no known reason why these amounts will not be recovered in due course of the debts past due but not impaired revenue has not 
been recognised on nil  2010 3 of those debts greater than three months overdue
the directors consider that the carrying amount of trade and other receivables approximates their fair value
the trade receivables do not include any advances or retentions at 30 april 2011 2010 £nil
19 cash and cash equivalents
 2011 2010 
 £000 £000
cash at bank and in hand 13503 10225
term and overnight deposits 24164 34578
 37667 44803
note €400000 2010 €400000 of the cash at bank and in hand is held as security against forward currency exchange contracts  
these contracts expire within two months 2010 five months of the balance sheet date 
cash at bank and in hand was invested on a floating rate basis and is therefore subject to cash flow interest risk the group has the legal 
right of setoff for certain of its overdraft and cash balances under an offsetting arrangement within its banking facilities
term and overnight deposits comprise money market deposits which attract interest rates based on market rates fixed for periods of  
up to six months the directors consider that the carrying amounts of cash and cash equivalents approximate to their fair values
for the purposes of the consolidated cash flow statement cash and cash equivalents comprise the above amounts
20 trade and other payables
 2011 2010 
 £000 £000
trade creditors 5134 6721
other taxes and social security 1385 1232
deferred income 12349 10490
accruals 11282 6485
other creditors 388 830
 30538 25758
trade and other payables principally comprise trade purchases and nonoperating costs
the directors consider that the carrying amount of trade payables approximates their fair value
the trade and other payables do not include any retentions at 30 april 2011 2010 £nil 74
notes to the accounts continued
financial statements
21 bank borrowings
 2011 2010 
 £000 £000
current
bank loans 9995 4988
noncurrent
bank loans – 9979
 9995 14967
the borrowings are repayable as follows
on demand or within one year 9995 4988
in the second year – 9979
 9995 14967
less amounts due for settlement within 12 months shown under current liabilities 9995 4988
amount due for settlement after 12 months – 9979
the current and noncurrent bank loans comprise a £10m 2010 £15m fixed term loan less £0005m 2010 £0033m of unamortised issue 
costs being amortised over the period of the loan
the loan was taken out on 30 november 2006 under a borrowing facility see note 25j for more details maturing on 30 november 2011 
this loan is secured by a fixed and floating charge on the group’s assets
this loan carries a weighted average floating interest rate of 127 2010 152 and exposes the group to cash flow interest rate risk  
this interest rate risk was fully hedged by the group using derivative financial instruments note 24
the bank loans are initially measured at fair value and net of transaction costs they are subsequently measured at amortised cost using the 
effective interest method with interest expense recognised on an effective yield basis the average effective interest rate for this loan was 
128 2010 156
22 net cash
  2011 2010 
 note £000 £000
cash and cash equivalents 18 37667 44803
bank borrowings – current 20 9995 4988
bank borrowings – noncurrent 20 – 9979
net cash  27672 29836
a reconciliation of the movement in net cashdebt for the year is as detailed below
 2011 2010 
 £000 £000
net cash at 1 may 29836 27262
net decrease in cash and cash equivalents 7020 2204
unamortised issue costs of bank borrowings 28 52
decrease in bank borrowings 5000 5000
exchange movement 116 170
net cash at 30 april 27672 29836
23 construction contracts with customers
  2011 2010 
 note £000 £000
contracts in progress at balance sheet date
amounts due from customers under construction contracts included in trade and other receivables 18 450 259
contract costs incurred plus recognised profits less recognised losses to date  20092 15890
less progress billings  19642 15631
  450 259
revenue recognised within continuing operations during the year for construction contracts was £40m 2010 £53m financial statements 75
24 derivative financial instruments
details of the significant accounting policies and methods adopted the basis of measurement and the basis on which income and expenses 
are recognised in respect of each class of derivative financial instrument are disclosed in note 1 to the financial statements
derivative financial instruments are carried at fair value the fair values are derived from inputs that are observable for the asset or liability 
either directly or indirectly and relevant for the term currency and instrument and are therefore level 2 as described in ifrs 7 the fair 
values of the group’s derivative financial instruments are as follows
 2011	 2011 2010 2010 
 assets	 liabilities assets liabilities 
 £000	 £000 £000 £000
derivative financial assets
foreign currency contracts 433	 – 28 –
foreign currency options 53	 – 828 –
derivative financial liabilities
foreign currency contracts –	 25 – 49
interest rate swaps – in a cash flow hedge relationship –	 474 – 1284
crosscurrency swaps – in a net investment hedge relationship –	 21895 – 22285
 486	 22394 856 23618
analysed as expiring
within one year 486	 22394 856 49
more than one year and within five years –	 – – 23569
 486	 22394 856 23618
foreign currency options
the group has purchased options to sell euro at a rate of £1  €130 on 27 october 2011 the total principal amount paid was £10m and  
the mark to market value at 30 april 2011 is £53000 2010 £828000 a charge of £775000 2010 £172000 has been recognised in the 
income statement and is disclosed as other gains and losses under the heading “change in the fair value of derivative assets outstanding at 
year end options”
cash flow hedges – interest rate swaps
the group uses interest rate swaps to manage its exposure to interest rate movements on its bank borrowings
at 30 april 2011 the interest rate swaps with notional principal amounts totalling £20m 2010 £20m have fixed interest rate payments  
at an average rate of 5535 and have floating interest receipts at libor rate for periods up until 31 october 2011 
the fair value of the interest rate swaps as shown above are based on market values of equivalent instruments at the balance sheet date 
interest rate swaps to the value of £237000 2010 £643000 are designated and effective as cash flow hedges and the fair value thereof 
has been deferred in equity interest rate swaps to the value of £237000 2010 £641000 are designated but are no longer effective under 
ias 39 during the period losses of £133000 2010 £655000 previously held in reserves have been recycled from reserves to the income 
statement and are disclosed as finance charges note 6 under the heading “recycling of fair value loss on cash flow hedges” a gain of 
£404000 2010 £187000 arising due to ineffectiveness has been credited to the income statement and is disclosed as other gains and 
losses under the heading “hedge ineffectiveness on cash flow hedges”
net investment hedges – crosscurrency swaps
the group has overseas subsidiaries which operate mainly in north america northern europe and asia pacific and whose revenues and expenses 
are denominated in their local currencies the group has historically hedged its net investment in overseas subsidiaries through natural hedges 
forward exchange contracts and utilisation of crosscurrency swaps however following the purchase of a forward exchange contract on 27 april 
2010 the group ceased to apply hedge accounting to its net investment in overseas subsidiaries using derivative financial instruments
the group has entered into forward exchange contracts that when combined with the crosscurrency swap have reduced the principal amount 
under the combined instrument to €nil at each purchase of a forward contract the amount of the principal designated as the hedged item 
was reduced by an equal amount so that at the balance sheet date the principal value of the hedged item is also £nil the combined hedging 
instruments of the crosscurrency swap and forward exchange contracts were used to hedge the eurodenominated net investment of wireless 
nemo and at the balance sheet date indicated a mark to market liability of £21877000 2010 £22115000 of which £286000 2010 
£524000 relates to future quarterly interest payments and £21591000 2010 £21591000 relates to the net exchange of principals
the fixed interest rates on the crosscurrency swap elements range from 464 to 519 2010 464 to 519 and the floating interest 
rates are based on libor sterling and euribor euro the group has entered into forward exchange contracts to eliminate the impact  
of exchange rate movements on the net interest payablereceivable at the balance sheet date these forward contracts indicated a mark  
to market liability of £18000 2010 £170000 a credit of £153000 2010 £170000 has been recognised in the income statement and  
is disclosed as other gains and losses under the heading “change in the fair value of derivative liabilities outstanding at year end forwards”
the fair value change on the crosscurrency swap is wholly recognised in the income statement during the year due to the principal amounts 
hedged being £nil a gain of £237000 2010 gain £651000 relating to ineffectiveness was recognised in the income statement during the 
year and is disclosed as other gains and losses under the heading “hedge ineffectiveness on net investment hedge” 76
notes to the accounts continued
financial statements
25 financial risk management
a capital risk management
the group manages its capital structure to ensure that the entities in the group will be able to continue as a going concern while maximising 
the returns to the shareholders through the optimization of the net debt and equity balance
the group is currently in a net cash position therefore the capital employed is equivalent to the shareholders’ funds of £817m 2010 £780m
the group has a credit facility agreement under which the group is subject to certain financial covenants relating to leverage cash flow  
and interest cover and also the requirement that the maximum preagreed level of overdrafts and ancillary facilities granted to the group 
companies that are guarantors of the credit facility are not exceeded the group has complied with these covenants and requirements 
b significant accounting policies
details of the significant accounting policies and methods adopted the basis of measurement and the basis on which income and expenses 
are recognised in respect of each class of financial asset liability and equity are disclosed in note 1
c categories of financial instruments
the following assets and liabilities at carrying values meet the definition of financial instruments and are classified according to the 
following categories
  2011 2010 
 note £000 £000
fair value through profit and loss – held for trading
foreign currency contracts 24 433 28
foreign currency options 24 53 828
loans and receivables
cash and cash equivalents 19 37667 44803
trade receivables 18 25335 20353
financial assets  63488 66012
fair value through profit and loss – held for trading
foreign currency contracts 24 25 49
amortised cost
bank borrowings 21 9995 14967
trade creditors 20 5134 6721
deferred consideration in a business combination 27 599 –
derivative financial instruments in designated hedge accounting relationships
interest rate swaps 24 474 1284
crosscurrency swaps 24 21895 22285
financial liabilities  38122 45306
d financial risk management
the group’s financial assets and liabilities mainly comprise bank borrowings cash and liquid resources derivative financial instruments 
deferred consideration for acquisitions and various items such as trade receivables and payables that arise directly from its operations
the main risks arising from the group’s financial instruments are market risk primarily exposure to changes in interest rates and foreign currency 
risks liquidity risk and credit risk the board reviews and agrees policies for managing each of these risks which are summarised below
e market risk – interest rate
the group finances its operations and acquisitions through a mixture of retained reserves and bank borrowings the group seeks to minimise 
overall net interest expense and where there are surplus funds to obtain a fair market rate of return the group operates a cashpooling 
arrangement for all its uk operating companies and endeavours to balance liquidity requirements with achieving a market rate of return on 
cash through the use of shortterm money market deposits or other term deposits appropriate financial instruments are used to mitigate 
the impact of changes in interest payable in respect of significant borrowings financial statements 77
25 financial risk management continued
e market risk – interest rate continued
the financial assets and liabilities that are interestbearing and expose the group to interest rate risk are as follows
i cash and equivalents note 19 the weighted average floating interest rate for these financial assets which were based on sterling 
market rates fixed for periods up to three months was 118 2010 06
ii bank borrowings note 21 the weighted average floating interest rate for bank borrowings was 127 2010 152 this is linked 
to libor plus a margin for bank loans the margin varies between 060 and 105 dependent on the ratio of net debt to ebitda 
reviewed annually during the year the margin remained constant at 060 2010 060
the contractual interest rate on the overdrawn balance is based on 25 per annum over the bank’s base rate for its sterling accounts and 
1 per annum over the bank’s relevant shortterm offered rate for any other currency accounts
iii interest rate swaps these derivatives are used to manage the group’s exposure to interest rate risk on its bank borrowings above 
see note 24 for details of the interest rate
iv cross currency swaps these derivatives were used to hedge the net investment of an overseas subsidiary see note 24 for details  
of the interest rate
interest rate sensitivity analysis
the sensitivity analysis below has been determined based on the exposure to interest rates for both financial assets and liabilities both 
including derivative instruments as listed above at the balance sheet date and adjustments have been made particularly where some of  
the significant derivatives only existed for part of the year
with all other variables held constant the table below demonstrates the sensitivity to a 05 change in interest rates applied to the major 
currencies of net variable rate assetsliabilities 05 is the sensitivity rate that represents management’s assessment of the reasonably 
possible change in interest rates in the next 12 months
 £denominated usdenominated €denominated
 2011 2010 2011 2010 2011 2010 
 £000 £000 £000 £000 £000 £000
cash and cash equivalents 28029 39024 3902 1508 4931 6226
bank borrowings 9995 14967 – – – –
interest rate swaps – floating rate 20000 20000 – – – –
net variable rate assetsliabilities 38034 44057 3902 1508 4931 6226
 £ interest rate us interest rate € interest rate
 2011 2010 2011 2010 2011 2010 
 £000 £000 £000 £000 £000 £000
profit before tax – gainloss
05 change in interest rate 190 220 20 8 25 31
–05 change in interest rate  190 220 20 8 25 31
the fair value of financial assets and liabilities is not materially different from the book value recorded at 30 april 2011 and 2010
f market risk – foreign currency
the group is subject to a crossborder transactional currency exposure in respect of trading outside each operating company’s functional 
currency where possible currency receivables and payables are matched creating a natural hedge a proportion of any surplus crossborder 
transactional exposure is not hedged using appropriate derivative instruments the proportion of forecast cash flows that will be hedged is 
reviewed regularly in the light of experience the policy is that any surplus foreign currency is converted into sterling at the earliest opportunity
the group has overseas subsidiaries which operate mainly in north america northern europe and asia pacific and whose revenues and 
expenses are denominated in their local currencies up until 30 april 2010 the group currently partly hedged its investments in overseas 
subsidiaries through financial instruments and natural hedges in march 2010 the board decided to cease hedging investments in overseas 
subsidiaries using financial instruments as detailed in note 24 the group executed a number of derivatives to manage its foreign exchange 
exposure with a view to providing investor certainty on its crosscurrency swap liability and following the purchase of a forward exchange 
contract on 22 april 2010 the group ceased to apply hedge accounting to its net investment in overseas subsidiaries using derivative 
financial instruments 78
notes to the accounts continued
financial statements
25 financial risk management continued
f market risk – foreign currency continued
foreign currency sensitivity analysis
the group has a eurodenominated investment in wireless nemo that until 27 april 2010 was designated as being in a net investment hedge 
on 27 april 2010 the principal amount designated became £nil 2010 £nil this is due to the principal amount of the hedging instrument  
a combination of a crosscurrency swap and forward exchange contracts also having a designated principal of £nil 2010 £nil as a result  
of reducing these principal amounts to zero any foreign exchange movements will create a gain or loss on the value of the investment  
with all other variables held constant the effect of a 10 depreciation and appreciation of the euro against sterling applied to the 
investment will be either a gain of £72m 2010 £73m or a loss of £88m 2010 £89m in the hedging and translation reserve respectively
in the prior year the group purchased options to sell a total of €80500000 at a rate of €130  £1 exercisable on 27 october 2011  
at the exchange rates ruling on the balance sheet date the effect on these options of a 1 depreciation and appreciation of the euro against 
sterling would have a nil effect on the group’s reported results however should the strike price be achieved prior to 27 october 2011  
a 1 depreciation of the euro against sterling would create a gain to the group of £613000
the sensitivity analysis below is based on a 10 appreciationdepreciation of the euro and us dollar against sterling applied to the net 
monetary assets or liabilities of the group that are not denominated in the functional currency of the operating unit involved
 £denominated usdenominated €denominated
 2011 2010 2011 2010 2011 2010 
 £000 £000 £000 £000 £000 £000
monetary assets 297 122 12309 7716 3225 3925
monetary liabilities  3 17 2560 2024 5240 1441
net monetary assets 294 105 9749 5692 2015 2484
 £ interest rate us interest rate € interest rate
 2011 2010 2011 2010 2011 2010 
 £000 £000 £000 £000 £000 £000
profit before tax – gainloss
10 appreciation 27 12 1083 632 224 276
10 depreciation 33 10 886 517 183 226
in management’s opinion the sensitivity analysis is based on the monetary assets and liabilities at reporting date and therefore does not 
reflect the exposure during the year 
g other price risks
the group has a limited exposure to commodity price risks through its reliance on precious metals used in the manufacture of hardware 
components in management’s opinion this does not represent a material area of risk to the group due to the high gross margins and 
therefore no steps have been taken to hedge the exposure financial statements 79
25 financial risk management continued
h forward foreign exchange contracts
anite’s strategy is to hedge a proportion of the forecast future cash flows for a period of three to five months creating a cash flow 
movement to offset the translational movement the proportion of forecast cash flows that will be hedged is reviewed periodically in the 
light of experience
excluding the forward exchange contracts that form part of the net investment hedge at 30 april 2011 2010 assets £28000 liabilities 
£49000 the group had the following outstanding contracts
   contract fair f air 	
  fixed value value value 	
maturity date note rate £000 us000 £000
forward contracts to sell us dollars and receive sterling
june 2011  16126 9925 16000 300
   contract fair f air 	
  fixed value value value 	
maturity date note rate £000 €000 £000
forward contracts to sell euro and receive sterling
up to june 2011  11407 1754 2000 25
   contract fair f air 	
  fixed value value value 	
maturity date note rate €000 us000 £000
forward contracts to sell us dollars and receive euro
up to sept 2011  14203 3382 4800 133
derivative assets 24    433
derivative liabilities 24    25
i credit risk
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the group
the group’s maximum exposure to credit risk is as follows
  2011 2010 
 note £000 £000
cash and cash equivalents 19 37667 44803
derivative financial instruments 24 486 856
trade receivables 18 25335 20353
  63488 66012
the credit risk on cash and derivative financial instruments is limited because the counterparties to these assets are highly rated financial 
institutions in addition the group has further mitigated this risk by spreading cash deposits over a range of financial institutions with no 
more than £10m being deposited with any one counterparty
the group’s policy to mitigate potential credit risks and the concentration of credit risks of trade receivables are detailed in note 18 – trade 
and other receivables
j liquidity risk
the group’s objective is to maintain a balance and continuity of funding and flexibility through the use of internally generated cash resources 
bank overdrafts and other bank facilities
the group’s uk overdraft facility was renewed during the year at £5m net 2010 £5m net the net amount drawn down under these 
facilities at 30 april 2011 and 2010 was £nil 
in october 2006 the group entered into a fiveyear syndicated facility which was underwritten in full by lloyds tsb bank plc this facility 
consists of a term loan of £50m repayable at £5m per annum until 30 november 2010 with the balance due on 30 november 2011 and  
a revolving credit facility of £40m on 31 october 2008 the group made a oneoff voluntary repayment under the term loan of £25m 
reducing the amount outstanding under the facility to £20m on the same date the group’s revolving credit facility was reduced to £20m 
the amount of undrawn facilities at 30 april 2011 was £20m 2010 £20m and total undrawn facilities including the overdraft facility  
were £25m 2010 £25m the revolving credit facility incurs commitment fees at market rates
this facility is available to be drawn to support the general corporate purposes for the group including working capital requirements 80
notes to the accounts continued
financial statements
25 financial risk management continued
j liquidity risk continued
maturity profile
the table below summarises the maturity profile of the group’s undiscounted cash flows of the financial liabilities and the earliest date  
on which the group is required to pay
	 	 	 	 effect	 of	 	
	 	 	 	 discount	 	
	 less	 than	 one	 to	 undiscounted	 financing	 	
	 one	 y ear	 two	 y ears	 balance	 rates	 2011 	
2011 	 £000	 £000	 £000	 £000	 £000
bank borrowings – variable rate note 21 10000	 –	 10000	 5	 9995
trade creditors note 20 5134	 –	 5134	 –	 5134
 15134	 –	 15134	 5	 15129
derivative financial instruments
interest rate swaps 493	 –	 493	 19	 474
crosscurrency swaps
1
  21947	 –	 21947	 52	 21895
 37574	 –	 37574	 76	 37498
1
 split of crosscurrency swaps between
£leg assets   68134	 49	 68085
€leg liabilities   90081	 101	 89980
   21947	 52	 21895
    effect of  
    discount  
 less than one to undiscounted financing  
 one year two years balance rates 2010 
2010 £000 £000 £000 £000 £000
bank borrowings – variable rate note 21 5000 10000 15000 33 14967
trade creditors note 20 6721 – 6721 – 6721
 11721 10000 21721 33 21688
derivative financial instruments
interest rate swaps – 1334 1334 50 1284
crosscurrency swaps
2
  – 22639 22639 354 22285
 11721 33973 45694 437 45257
2
 split of crosscurrency swaps between
£leg assets   71570 143 71427
€leg liabilities   94209 497 93712
   22639 354 22285
26 deferred tax assetsliabilities
 accelerated    shortterm  
 tax development intangible share timing  
 depreciation costs assets based differences total 
 £000 £000 £000 £000 £000 £000
at 1 may 2009 1971 728 6181 488 – 4450
chargecredit to income statement  
for the year 313 362 1586 68 448 2151
credit to equity for the year – – 206 110 – 316
at 30 april 2010 1658 366 4389 666 448 1983
creditcharge to income statement  
for the year 184 288 903 211 439 203
credit to equity for the year – – 75 785 – 710
at 30 april 2011 1474	 654	 3561	 1662	 9	 1070
certain deferred tax assets and liabilities have been offset to the extent permitted by ias 12 financial statements 81
26 deferred tax assetsliabilities continued
the following is the analysis of the deferred tax balances after offset for balance sheet purposes
 2011 2010 
 £000 £000
deferred tax assets 2491 2406
deferred tax liabilities 3561 4389
 1070 1983
 2011 2010 
 £000 £000
deferred tax assets not recognised
income losses carried forward 7122 6935
capital losses carried forward 17706 18575
surplus act carried forward 2457 2457
 27285 27967
deferred tax assets in respect of losses carried forward in certain companies have not been recognised because at present it is not envisaged 
that there will be sufficient taxable profits in those companies from which future reversal of these reliefs can be deducted the unutilised 
reliefs may be carried forward for various periods
deferred tax liabilities have not been recognised for the withholding tax and other taxes that would be payable on the unremitted earnings 
of certain overseas subsidiaries no provision is required since the group is in a position to control the timing of the reversal of these 
differences and either it is probable that such differences will not reverse in the foreseeable future or no tax is payable on the reversal
 2011 2010 
 £000 £000
temporary differences in respect of which no deferred tax has been recognised
undistributed earnings of subsidiaries 18428 19952
27 provisions
 deferred  property other group 
 consideration warranties provision provisions total 
 £000 £000 £000 £000 £000
at 1 may 2010 – 3210 6231 272 9713
release of provision against fixed assets note 15 – – 746 – 746
release of provision credited to income statement – – 817 95 912
established during the year 631 – 1121 – 1752
utilised during the year – operating expenses – – 1490 177 1667
unwinding of discount – – 146 – 146
exchange movement 32 – – – 32
at 30 april 2011 599	 3210	 4445	 –	 8254
 2011 2010 
 £000 £000
analysed as
current liabilities 4794 4611
noncurrent liabilities 3460 5102
 8254 9713
the deferred consideration provision represents the cash consideration payable following the acquisition of the invex product line it is 
expected to be utilised within two years
the warranty provision has been made to cover any potential claims made by disposed businesses during the contractual warranty period  
it is expected to be utilised in one to six years
the property provision is in respect of all properties surplus to business requirements and dilapidation provisions for properties currently in use 
the provision is calculated in accordance with ias 37 as disclosed in note 1 to the accounts it is expected to be utilised in one to eleven years 82
notes to the accounts continued
financial statements
28 called up share capital
  deferred 
 ordinary shares redeemable shares 
 of 1125p each of £1 each
 number £000 number £000
authorised
at 30 april 2010 and 2011 355555556	 40000	 50000	 50
allotted issued and fully paid    
at 30 april 2010 298683195 33602 50000 50
issued during the year 253081 28 – –
at 30 april 2011 298936276	 33630	 50000	 50
a redeemable share capital
these deferred shares of £1 each may be redeemed at any time at the option of the company at a price of 1p each they are nonequity 
shares and have no voting rights
b shares issued during the year
253081 ordinary shares were issued at prices between 305p and 485p each in respect of the exercise of options under the approved share 
option scheme and long term incentive plan
c outstanding options
as at 30 april 2011 the following options over the company’s ordinary shares had been granted and were still outstanding
 executive   
 share option saye option  
 grantsawards schemes total
outstanding at 1 may 14276291 2709523 16985814
granted during the year 13289547 – 13289547
exercised during the year 253081 29940 283021
lapsed during the year 4530285 215929 4746214
outstanding at 30 april 22782472	 2463654	 25246126
subscription price 00p – 1020p 225p 
dates exercisable may 2011 –  september 2012 –
 august 2020 august 2017 
weighted average exercise price 50p 225p 
d own shares reserve
the own shares reserve represents the cost of shares in anite plc purchased in the market for the following trusts of the company
i employee share ownership plan esop the company’s esop is used to satisfy some of the psp and smp awards that part of the 
employers’ nic liability of the group’s share options schemes and all of the mip awards all of the shares held at 30 april 2011 will continue 
to be held until the performance conditions of the relevant share plan awards are fulfilled shares sold during the year are to satisfy awards 
that were vested
ii share incentive plan sip the company’s sip is used to satisfy the awards under the terms of the sip scheme these shares will be held 
until the conditions of the sip are fulfilled 
the movements in the number and value of shares held under both the esop and sip schemes are as follows
 esop sip total
 no £000 no £000 no £000
held at 1 may 2010 4471447 2837 2022281 1058 6493728 3895
purchased during the year 8626446 5270 162878 81 8789324 5351
sold during the year 25274 17 – – 25274 17
held at 30 april 2011 13072619	 8090	 2185159	 1139	 15257778	 9229
  financial statements 83
29 dividends
dividends paid during the year are set out below
  2011	 2010  
  pence 2011 pence 2010 
 payment date per	shar e	 £000 per share £000
for the year ended 30 april 2009
final dividend 20 october 2009   065 1912
for the year ended 30 april 2010
interim dividend 20 february 2010   030 883
final dividend 26 october 2010 0650	 1905  
for the year ended 30 april 2011
interim dividend 18 february 2011 0315	 921  
  	 2826  2795
at the agm on 15 september 2011 a final dividend in respect of the year ended 30 april 2011 of 0735p per share is to be proposed
30 commitments
a capital commitments
at 30 april 2011 the group had contracted with various suppliers to deliver electrical components to the value of £880000 all of which 
will be delivered by july 2011 2010 £nil
b operating lease arrangements
 2011 2010 
 £000 £000
lease payments under operating leases recognised as an expense in the year 2383 2600
the group has total outstanding commitments under noncancellable operating leases which fall due as follows
 land and buildings other
 2011	 2010 2011 2010 
 £000	 £000 £000 £000
leases expiring in one year 2429 2515 6 77
leases expiring in two to five years inclusive 3388 4865 20 –
leases expiring after five years 1960 3143 – –
 7777 10523 26 77
31 contingent liabilities
there are contingent liabilities that arise in the normal course of business in respect of indemnities warranties guarantees and legal claims 
however the directors have considered that none of these claims is expected to result in a material loss to the group there has been no 
change in the directors’ assumptions in regard to contingent liabilities since the year ended 30 april 2010
32 related party transactions
a key management personnel
the details of key management remuneration are disclosed in the remuneration report the key management personnel are deemed to be 
the members of the board of directors of the company which has responsibility for planning directing and controlling the activities of the 
company transactions with key management personnel are disclosed in the remuneration report
b the board is not aware of any related party transactions that should be disclosed
i no guarantees have been provided to any related parties 
ii transactions between anite plc and its subsidiaries which are related parties have been eliminated on consolidation 84 financial statements
fiveyear summary
 2011 2010 2009 2008 2007 
 £000 £000 £000 £000 £000
revenue
revenue – continuing operations 93694 78770 90098 91648 90799
revenue – discontinued and disposed operations – – 28810 63535 82378
total revenue 93694 78770 118908 155183 173177
results
adjusted operating profit – continuing operations 17660 11856 20045 18709 22399
operating profitloss – continuing operations 13960 1843 9361 10216 20068
profitloss attributable to equity holders of anite plc 9435 3427 36343 13234 20271
assets employed
noncurrent assets 89661 88938 103592 121170 131368
current assets 75038 74896 74219 86555 89893
current liabilities 75978 42845 42303 82096 97622
noncurrent liabilities 7021 43039 51598 63085 58697
 81700 77950 83910 62544 64942
key statistics
earnings per share
total operations – basic 33p 12p 113p 38p 58p
 – diluted 31p 12p 108p 37p 57p
proposed dividend per share history
dividend per share – interim 0315p 030p 030p 028p 025p
 – final 0735p 065p 065p 060p 055p
total dividend per share 105p 095p 095p 088p 080p financial statements 85
independent auditors’ report to the members of anite plc
we have audited the parent company financial statements of anite plc for the year ended 30 april 2011 which comprise the balance sheet 
the statement of comprehensive income the statement of changes in equity the cash flow statement and the related notes 1 to 17  
the financial reporting framework that has been applied in their preparation is applicable law and international financial reporting 
standards ifrss as adopted by the european union and as applied in accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006  
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 
an auditors’ report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
as explained more fully in the statement of directors’ responsibilities the directors are responsible for the preparation of the parent company 
financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an opinion on the 
parent company financial statements in accordance with applicable law and international standards on auditing uk and ireland those 
standards require us to comply with the auditing practices board’s ethical standards for auditors
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance 
that the financial statements are free from material misstatement whether caused by fraud or error this includes an assessment of 
whether the accounting policies are appropriate to the parent company’s circumstances and have been consistently applied and adequately 
disclosed the reasonableness of significant accounting estimates made by the directors and the overall presentation of the financial 
statements in addition we read all the financial and nonfinancial information in the annual report to identify material inconsistencies  
with the audited financial statements if we become aware of any apparent material misstatements or inconsistencies we consider the 
implications for our report
opinion on financial statements
in our opinion the parent company financial statements
•	 give a true and fair view of the state of the company’s affairs as at 30 april 2011
•	 have been properly prepared in accordance with ifrss as adopted by the european union and as applied in accordance with the 
provisions of the companies act 2006 and
•	 have been prepared in accordance with the requirements of the companies act 2006
opinion on other matters prescribed by the companies act 2006
in our opinion
•	 the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the companies act 2006 
and
•	 the information given in the report of the directors for the financial year for which the financial statements are prepared is consistent 
with the parent company financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following matters where the companies act 2006 requires us to report to you if in our opinion
•	 adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received from 
branches not visited by us or
•	 the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with  
the accounting records and returns or
•	 certain disclosures of directors’ remuneration specified by law are not made or
•	 we have not received all the information and explanations we require for our audit
other matter
we have reported separately on the group financial statements of anite plc for the year ended 30 april 2011
peter o’donoghue senior statutory auditor
for and on behalf of deloitte llp
chartered accountants and statutory auditors
london uk 
28 june 2011 86 financial statements
company balance sheet
  2011 2010 
 note £000 £000
noncurrent assets
intangible assets 2 39 25
property plant and equipment 3 113 826
investments in subsidiaries 4 141692 141922
deferred tax assets 5 	 1233 739
  143077 143512
current assets
trade and other receivables 6 566 579
amounts owed by group undertakings 7 48339 36736
cash and cash equivalents 8 11751 26564
  60656 63879
total assets  203733 207391
current liabilities
trade and other payables 9 3683 2281
amounts owed to group undertakings 7 58655 53271
current tax payable  2828 2620
  65166 58172
noncurrent liabilities
provisions 10 2749 4801
total liabilities  67915 62973
net assets  135818 144418
equity
issued share capital 11 33680 33652
share premium account  25560 25500
own shares  9229 3895
merger reserve  39029 39029
capital redemption reserve 	 2741 2741
retained earnings 	 44037 47391
total equity  135818 144418
the financial statements of anite plc company no 01798114 were approved by the board on 28 june 2011 and signed on its behalf by
christopher humphrey 
chief executive
richard amos 
group finance director financial statements 87
company statement of comprehensive income
  2011 2010 
 note £000 £000
retained loss for the year  691 686
gain on sale of shares from employee benefit trust  5 3
recognition of equitysettled sharebased payments before tax  75 877
recognition of sharebased payments for subsidiaries  231 1569
tax credit taken directly to other comprehensive income 5 481 110
total comprehensive lossincome  511 1873
 issued share   capital 
 share premium own merger redemption retained 
 capital account shares reserve reserve earnings total 
 £000 £000 £000 £000 £000 £000 £000
balance at 1 may 2009 33644  25485  3657 39029 2741 48284 145526
changes in equity for  
the year to 30 april 2009
total comprehensive income  
for the year – – 29 – – 1902 1873
issue of share capital 8 15 – – – – 23
purchase of own shares  
into employee benefit trust – – 209 – – – 209
dividend paid – – – – – 2795 2795
balance at 30 april 2010 33652 25500 3895 39029 2741 47391 144418
changes in equity for  
the year to 30 april 2011
total comprehensive loss  
for the year – – 17 – – 528 511
issue of share capital 28 60 – – – – 88
purchase of own shares  
into employee benefit trust – – 5351 – – – 5351
dividend paid – – – – – 2826 2826
balance at 30 april 2011 33680	 25560	 9229	 39029	 2741	 44037	 135818
company statement of changes in equity 88 financial statements
company cash flow statement
  2011 2010 
  t otal total 
 note £000 £000
operating activities
loss for the year  691 686
adjustments for
tax credit  3239 426
sharebased payment expense  104 867
finance charges  393 820
amortisation of intangible assets 2 39 35
depreciation of property plant and equipment 3 357 401
impairment of investment 4 – 150
exchange differences arising on translation of amount due to subsidiary undertakings  1403 1769
impairment of amount due from subsidiary undertakings  – 92
reversal of impairment on amounts due from subsidiaries  78 586
decrease in provisions  1738 1358
operating cash flows before movements in working capital  3450 2460
decrease in receivables  30 109
increasedecrease in payables  1216 920
cash used in operations  2204 3271
interest received from subsidiary undertakings 	 505 546
interest received  195 290
interest paid  27 22
net cash used in operating activities  1531 2457
cash flow from investing activities
purchase of property plant and equipment  78 56
purchase of software licences  53 3
net cash used in investing activities 	 131 59
cash flow from financing activities
issue of ordinary share capital  88 23
purchase of own shares into employee benefit trust  5351 209
proceeds from sale of own shares from employee benefit trust 	 5 3
dividend paid to company’s shareholders 	 2826 2795
movement in amount due tofrom group undertakings
1
 	 5067 10255
net cash used in financing activities  13151 13233
net decrease in cash and cash equivalents 	 14813 15749
cash and cash equivalents at 1 may  26564 42313
cash and cash equivalents at 30 april 8 11751 26564
1 movement in amount due tofrom group undertakings is primarily due to cash transfers and group relief receipts from subsidiary undertakings financial statements 89
notes to the company accounts
1 basis of preparation and accounting policies
a basis of preparation
anite plc has presented separate financial statements in accordance with international financial reporting standards ifrs as permitted  
by the companies act 2006
the company has taken the exemption from section 2304 of the companies act 2006 from preparing the income statement and related 
notes when the group’s consolidated income statement has been presented
b accounting policies
the accounting policies as set out in note 1 to the consolidated financial statements have been applied in the preparation of these company 
financial statements
2 intangible assets
 software licences 
 £000
cost
at 1 may 2009 178
additions  3
at 30 april 2010 181
additions  53
at 30 april 2011 234
amortisation
at 1 may 2009 121
amortisation 35
at 30 april 2010 156
amortisation 39
at 30 april 2011 195
net book value at 30 april 2011 39
net book value at 30 april 2010 25
  90
notes to the company accounts continued
financial statements
3 property plant and equipment
  plant fixtures 
  equipment and 
 computers motor vehicles total 
 £000 £000 £000
cost
at 1 may 2009 1035 1653 2688
additions 44 12 56
at 30 april 2010 1079 1665 2744
additions 75 3 78
written off against provisions – 433 433
at 30 april 2011 1154	 1235	 2389
accumulated depreciation and impairment
at 1 may 2009 890 627 1517
charge for the year 93 308 401
at 30 april 2010 983 935 1918
charge for the year 69 289 358
at 30 april 2011 1052	 1224	 2276
net book value at 30 april 2011 102	 11	 113
net book value at 30 april 2010 96 730 826
4 investments in subsidiaries
 2011 2010 
 £000 £000
cost
at 1 may  197001 195432
adjustments under ifric11
1
 230 1569
at 30 april 196771 197001
provisions for impairment
at 1 may  55079 54929
impairment – 150
at 30 april  55079 55079
net book value 141692 141922
1 this relates to capital contributions made by the company to its subsidiaries equal to the sharebased payments recognised by these subsidiaries in their accounts financial statements 91
5 deferred tax assets
 accelerated tax sharebased 
 depreciation payments total 
 £000 £000 £000
at 1 may 2009 141 349 490
credit to income statement for the year 68 71 139
credit to equity for the year – 110 110
at 30 april 2010 209 530 739
credit to income statement for the year 93 106 13
credit to equity for the year – 481 481
at 30 april 2011 116	 1117	 1233
there are no deferred liabilities that have been offset as permitted by ias 12
6 trade and other receivables
 2011 2010 
 £000 £000
amounts falling due within one year
trade receivables 19 34
other receivables 38 25
prepayments 509 520
 566 579
the directors consider that the carrying amount of trade and other receivables approximates their fair value
the trade receivables do not include any advances or retentions at 30 april 2011 and april 2010
7 amounts owed byto group undertakings
the directors consider that the carrying amount of amounts owed by and to group undertakings approximates their fair value the provision 
for impairment of amounts owed by group undertakings was £169m 2010 £170m see note 17h for further details 92
notes to the company accounts continued
financial statements
8 cash and cash equivalents
 2011 2010 
 £000 £000
cash at bank and in hand 2632 –
overdrafts – 2977
term and overnight bank deposits 9119 29541
 11751 26564
cash at bank and in hand was invested on a floating rate basis and was therefore subject to cash flow interest risk the company has the 
legal right of set off for certain of its overdraft and cash balances under a master netting arrangement within its banking facilities
term and overnight bank deposits comprise money market deposits which attract interest rates based on market rates fixed for periods  
of up to six months the directors consider that the carrying amounts of cash and cash equivalents approximate to their fair values
for the purposes of the cash flow statement cash and cash equivalents comprise the above amounts
the carrying value of the company’s cash and cash equivalents and overdrafts are denominated in the following currencies
 2011 2010 
 £000 £000
euro 61 20
sterling 11812 26584
 11751 26564
9 trade and other payables
 2011 2010 
 £000 £000
trade creditors 383 417
other taxes and social security 134 42
other creditors 126 333
accruals 3040 1489
 3683 2281
trade and other payables principally comprise trade purchases and other operating costs
the directors consider that the carrying amount of trade payables approximates to their fair value
10 provisions
 property provision 
 £000
at 1 may 2010 4801
release of provision against fixed assets 433
release of provision credited to income statement 461
utilised during the year 1277
unwinding of discount 119
at 30 april 2011 2749
the provision is held in relation to the empty space within the group’s corporate office in slough resulting from the disposal of anite public 
sector in october 2008 and in respect of dilapidation obligations under an operating property lease it is disclosed under “noncurrent 
liabilities” in the balance sheet financial statements 93
11 share capital
the movements on share capital are disclosed in note 28 to the consolidated financial statements
12 sharebased payments
the company operates several share option plans including saye and other sharebased schemes the terms are disclosed in note 9 to the 
consolidated financial statements
details of the share options outstanding during the year are as follows
 2011	 2011 2010 2010 
 sa ye	 other	shar ebased saye other sharebased
  w eighted	 	 w eighted  weighted  weighted 
 	 av erage	 	 av erage  average  average 
 number	 ex er cise	 number	 ex er cise number exercise number exercise 
 of	shar e	 price	 of	shar e	 price of share price of share price 
 options	 pence	 options	 pence options pence options pence
outstanding at 1 may 379111	 23	 10032095	 5 18744 46 12126340 11
granted during the year –	 –	 6496925	 – 379111 23 1690107 –
exercised during the year 13348	 23	 86956	 35 – – 102564 –
lapsed during the year 47635	 23	 3209869	 – 18744 46 3681788 20
outstanding at 30 april 318128	 23	 13232195	 4 379111 23 10032095 5
exercisable at 30 april –	 	 1299367	 –  1386323 
weighted average fair value  
of awards granted during year –	 	 29	 10  25 
weighted average remaining  
contractual life years 27	 	 67	 45  70 
exercise price 225p	 	 00p–595p  225p–460p  00p–595p 
	 sa ye	 other	shar ebased
	 	 w eighted	 	 	 w eighted 	
	 outstanding	 av erage	 w eighted	 outstanding	 av erage	 w eighted 	
	 options	 r emaining	 av erage	 options	 r emaining	 av erage 	
	 at	30	 april	 contractual	 ex er cise	 at	30	 april	 contractual	 ex er cise 	
	 2011	 life	 price	 2011	 life	 price
exercise price range
0p –	 –	 –	 11949357		 72		 –
1p–40p 318128		 27		 23		 895426		 21		 34 
41p–806p –	 –	 –	 387412		 31		 52
 
 318128		 27		 23		 13232195		 67		 4
 
the fair values for the above options were calculated using the blackscholes and stochastic option pricing models the inputs into these 
models are disclosed in note 9 to the consolidated financial statements
cashsettled sharebased payment arrangements
the company does not operate separate cashsettled sharebased payment arrangements however the employer’s nic liability arising  
on the outstanding awards is treated as such an arrangement for accounting purposes
the employer’s nic liability on the outstanding awards for the group at 30 april 2011 was £483000 2010 £304000 which is fully 
provided for in the company’s accounts
the company recognised the following total creditexpense in relation to both equitysettled and cashsettled sharebased payment 
arrangements during the year 
 2011 2010 
 £000 £000
equity settled  75 877
cash settled 179 10
 104 867
  94
notes to the company accounts continued
financial statements
13 commitments
a capital commitments
there were no capital commitments at 30 april 2011 and 2010
b operating lease arrangements
 2011 2010 
 £000 £000
lease payments under operating leases recognised as an expense in the year 905 891
the company has total outstanding commitments under noncancellable operating leases which fall due as follows
 land and buildings
 2011 2010 
 £000 £000
leases expiring in one year 905 905
leases expiring in two to five years inclusive 462 1367
 1367 2272
14 contingent liabilities
the company has contingent liabilities which have not been provided for in the accounts in respect of performance guarantees given by the 
company in respect of subsidiary contracts with third parties the nature of these performance guarantees is such that they would only come 
into effect in the case of a major default of a subsidiary in performing these contracts it is not practical to estimate the amount of the liability
anite plc is a guarantor of the overdraft and syndicated facilities of the group totalling £35m 2010 £40m of which £10m 2010 £15m 
was drawn down at 30 april 2011 details of the borrowings are set out in note 21 of the consolidated financial statements
15 related party transactions
a subsidiaries
the company has outstanding balances with its whollyowned subsidiaries the amounts owed by and owed to subsidiaries are disclosed  
in the balance sheet these loans are unsecured and interest is calculated based on market rates
during the year the company entered into the following transactions with its subsidiaries
 2011 2010 
 £000 £000
management fees receivable 1621 1606
interest payable 211 587
other costs recharged to subsidiaries 6303 3454
net cash transfersintercompany settlement to subsidiaries 244 3866
b key management personnel
the key management personnel are deemed to be the members of the board of directors of the company which has responsibility for planning 
directing and controlling the activities of the company transactions with key management personnel are disclosed in the directors’ report financial statements 95
16 staff costs
the average number of persons employed including executive directors was as follows
 2011 2010 
 number number
europe – united kingdom 19 25
the amount charged in arriving at the operating profit for the year in respect of all employees was as follows
 2011 2010 
 £000 £000
wages and salaries 2594 1949
social security costs  499 215
sharebased payments 104 867
other pension costs 114 126
 3311 3157
17 financial risk management
a capital risk management
the company manages its capital structure to ensure it is operating as a going concern and maximising the returns of the shareholders 
through the optimisation of its equity balance
the company’s capital structure is as follows
 2011 2010 
 £000 £000
cash and cash equivalents 11751 26564
amounts owed to group undertakings 58655 53271
total equity 135818 144418
capital employed 182722 171125
b significant accounting policies
details of the significant accounting policies and methods adopted the basis of measurement and the basis on which income and expenses 
are recognised in respect of each class of financial asset liability and equity are disclosed in note 1 to the consolidated financial statements
c categories of financial instruments
the following assets and liabilities at carrying values meet the definition of financial instruments and are classified according to the 
following categories
   2011 2010 
 note £000 £000
loans and receivables
cash and cash equivalents 8 11751 26564
trade receivables 6 19 34
amounts owed by group undertakings  48339 36736
financial assets  60109 63334
amortised cost
trade payables 9 383 417
amounts owed to group undertakings  58655 53271
financial liabilities  59038 53688
  96
notes to the company accounts continued
financial statements
17 financial risk management continued
d financial risk management
the company’s financial assets and liabilities mainly comprise cash and liquid resources and various items such as trade receivables and 
payables that arise directly from its operations
the main risks arising from the company’s financial instruments are market risk primarily exposure to changes in the interest rate and 
foreign currency risks liquidity risk and credit risk the board reviews and agrees policies for managing each of these risks which are 
summarised below
e market risk – interest rate
the group finances its operations and acquisitions through a mixture of reserves bank borrowings and new equity and this policy is 
reviewed from time to time the group borrows in the desired currencies at floating rates of interest and manages the interest rate risk  
by selectively using interest rate swaps any surplus cash is converted into sterling and is invested in shortterm money market and bank 
deposits at the prevailing rates of interest in order to achieve the market rate of return 
the financial assets and liabilities that are interestbearing and expose the company to interest rate risk are as follows
i cash and cash equivalents note 8 the weighted average floating interest rate for these financial assets which were based  
on sterling market rates fixed for periods up to three months was 105 2010 06
ii interestbearing intercompany debtors and creditors the weighted average of these interest rates net is 183  
2010 177 these rates are linked to libor plus margin the margin is 085 as stipulated in the loan agreement
interest rate sensitivity analysis
the sensitivity analyses below have been determined based on the exposure to interest rates for both financial assets and liabilities  
both including derivative instruments as listed above at balance sheet date
the table below demonstrates the sensitivity to a 05 change in interest rates with all other variables held constant applied to the major 
currencies of net variable rate assetsliabilities 05 is the sensitivity rate that represents management’s assessment of the reasonably 
possible change in interest rates in the next 12 months
 £denominated €denominated
 2011	 2010 2011 2010 
 £000	 £000 £000 £000
cash and cash equivalents 11812 26584 61 20
amount due tofrom group undertakings 42055 33851 52371 50386
net variable rate assetsliabilities 53867 60435 52432 50406
 £ interest rate € interest rate
 2011	 2010 2011 2010 
 £000	 £000 £000 £000
profit before tax – gainloss
05 change in interest rate 269 302 262 252
–05 change in interest rate 269 302 262 252
the fair value of financial assets and liabilities is not materially different from the book value recorded at 30 april 2011 and 2010 financial statements 97
17 financial risk management continued
f market risk – foreign currency
foreign currency sensitivity analysis
the table below shows the company’s currency exposures in the profit and loss account arising from the monetary assets and monetary 
liabilities of the company that are not denominated in sterling its functional currency the sensitivity analyses below are based on a 10 
appreciationdepreciation of euro against sterling applied to the net monetary assets or liabilities denominated in this currency at reporting 
date the sensitivity analysis includes amounts owed by the group undertakings
 €denominated
 2011 2010 
 £000 £000
monetary assets 61 20
monetary liabilities 52371 50386
net monetary liabilities 52432 50406
 € currency
 2011 2010 
 £000 £000
profit before tax – gainloss
10 depreciation 4755 4572
10 appreciation 5808 5584
in management’s opinion the sensitivity analysis is based on the monetary assets and liabilities at the reporting date and it therefore does 
not fully reflect the exposure during the year
g other price risks
the company is not exposed to other price risks apart from interest rate and foreign exchange risk
h credit risk
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the company
the company’s maximum exposure to credit risk is as follows
   2011 2010 
 note £000 £000
cash and cash equivalents 8 11751 26564
trade receivables 6 19 34
amounts owed by group undertakings  48339 36736
  60109 63334
the credit risk on cash and cash equivalents is limited because the counterparties to these assets are highly rated financial institutions  
in addition the company has further mitigated this risk by spreading cash deposits over a range of financial institutions with no more than 
£10m being deposited with any one counterparty
the amounts presented in the table above are net of allowances for doubtful recoverability and foreseeable losses 98
notes to the company accounts continued
financial statements
17 financial risk management continued
h credit risk continued
the table below shows the movements in the provision for impairment of amounts owed by group undertakings
 amounts owed  
 by group undertakings
 2011 2010 
 £000 £000
at 1 may 17017 17511
charge for the year 107 92
release in the year 185 586
at 30 april 16939 17017
the ageing of the individually impaired amounts owed by group undertakings is as follows
 amounts owed  
 by group undertakings
 2011 2010 
 £000 £000
more than 12 months overdue 16939 17017
the ageing of the trade receivables and amounts owed by group undertakings excluding those that have been impaired is as follows
  amounts owed by 
 trade receivables group undertakings
 2011	 2010 2011 2010 
 £000	 £000 £000 £000
not past due 3 26 193 551
past due    
less than one month overdue – – 868 912
one to two months overdue 16 8 33 326
two to three months overdue – – 11 7
more than three months overdue – – 47234 34940
 16 8 48146 36185
balance at 30 april  19 34 48339 36736
the credit quality of those debts owed by group undertakings that are past due but not impaired has been assessed at the reporting date 
and has not significantly changed there is no reason why these amounts will not be recovered in due course
i liquidity risk
the company’s objective is to maintain a balance and continuity of funding and flexibility through the use of bank overdrafts and bank 
syndicated facilities working capital requirements are mainly funded through dividend income from its subsidiary undertakings
the group’s uk overdraft facility was renewed during the year at £5m net 2010 £5m net the amount drawn down under these 
facilities at 30 april 2011 and 2010 was £nil
the company is a guarantor of the group’s overdraft and syndicated revolving credit facilities of £35m 2010 £40m of which £25m 2010 
£25m was undrawn at 30 april 2011 the company is also a party to an unlimited omnibus setoff arrangement to secure the liability of the 
company and certain group companies with lloyds tsb bank plc
maturity profile
the table below summarises the maturity profile of the group’s undiscounted cash flows of the financial liabilities which approximates their 
fair value and the earliest date on which the group is required to pay
 less than one year
 2011 2010 
 £000 £000
trade payables 383 417
amounts owed to group undertakings 58655 53271
  59038 53688 99 other information
shareholder information
shareholder enquiries
equiniti limited maintains the company’s register of members if any of your details change or if you have any queries regarding your 
shareholding please contact the registrars at
equiniti limited 
aspect house  
spencer road 
lancing 
west sussex bn99 6da 
united kingdom
t 0871 384 2181 international 44 121 415 7047
calls to this number cost 8p per minute from a bt landline other providers’ costs may vary lines open 830am to 530pm monday to friday
textphone for shareholders with hearing difficulties 0871 384 2255 international 44 121 415 7028 
equiniti also offers a range of shareholder information online at wwwshareviewcouk
share dealing service
shareview dealing a telephone and internet share dealing service is provided through equiniti and is a convenient way to sell your anite plc 
shares or add to your holding commission is 15 of the value of the transaction on the first £50000 with a minimum charge of £30 and 
02 thereafter for telephone dealing and 125 with a minimum of £25 for internet dealing for telephone dealing call 08456 037 037 
between 800am and 430pm monday to friday and for internet dealing log on to wwwshareviewcoukdealing you will need your 
shareholder reference number as shown on your share certificate if you wish to sell or your debit card number if you wish to buy
anite corporate individual savings account isa
a stocks and shares isa is now available to anite plc shareholders through equiniti financial services limited for further details please go to 
wwwshareviewcoukdealing or contact customer services on 0845 300 0430 international 44 121 415 0105
multiple accounts on the shareholder register
if you have received two or more copies of this document it may be because there is more than one account in your name on the 
shareholder register this may be caused by either your name or address appearing on each account in a slightly different way for security 
reasons the registrars will not amalgamate the accounts without your written consent so if you would like any multiple accounts combined 
into one account please write to equiniti at the above address
sharegift
sharegift is a charity share donation scheme for shareholders administered by the orr mackintosh foundation it is especially for those who 
may wish to dispose of a small parcel of shares the value of which makes it uneconomic to sell on a commission basis further information 
can be obtained at wwwsharegiftorg or from equiniti
financial calendar
annual general meeting 15 september 2011 
halfyear end 31 october 2011 
preliminary announcement of halfyear 201112 results december 2011 
financial year end 30 april 2012 
preliminary announcement of 201112 results july 2012
dividend payment timetable
exdividend date 14 september 2011 
declared at annual general meeting 15 september 2011 
record date 16 september 2011 
payment date 25 october 2011 100 other information
glossary of terms
2g  second generation of mobile phone technologies including 
gsm and cdma introduced data services for mobiles eg sms 
text messaging
3g  third generation of mobile phone technologies enabled 
highspeed downlinkuplink packet access hsdpahsupa
3gpp  third generation partnership project – collaboration of 
groups of telecommunications associations to make globally 
applicable mobile phone system specifications
4g  fourth generation system expected to provide a 
comprehensive and secure all ipbased solution where facilities 
such as ip telephony ultrabroadband internet access gaming 
services and streamed multimedia may be provided to users
atop  legacy tour operator reservation system
capital expenditure  includes the aggregate of capitalised 
property plant and equipment additions and capitalised  
software licences
cdma  code division multiple access technology
conformance testing  tests the individual protocol stack 
layers in a wireless device to ensure compliance with the latest 
industry standards
development testing  supports all phases of wireless device 
development from presilicon protocol module development 
through to systems integration and verification
drive test  a typical means of collecting information on cellular 
networks’ coverage and quality a car containing cellular network 
measurement tools is driven a predefined route
ebitda  earnings before interest tax depreciation and amortisation
emea  europe middle east and africa
erp  enterprise resource planning – a computerbased system 
used for managing internal and external resources
fsr1  a modular digital scanning receiver that provides high
speed rf measurements of wireless networks across multiple 
bands and technologies
gcf  global certification forum – a regulatory body to give 
operators confidence in the interworking of new mobile terminals
gsm  global system for mobile communications – the dominant 
global 2g wireless telephony standard
hosted  serviced computer facility within which companies  
can house their servers so that they do not need to construct  
their own secure airconditioned computer room within their  
own premises
hspa  high speed packet access plus – 3g evolution enabling 
mobile broadband
interoperability testing iot  phase associated with 
testing to ensure suitable interworking between specific wireless 
devices and mobile networks
lte  long term evolution is the latest standard in mobile air 
interface technology it is a project of the third generation 
partnership project 3gpp
lte advanced  long term evolution advanced – lte evolution 
enabling even higher data rates
mno  mobile network operator
net cash  cash and cash equivalents less bank borrowings
postprocessing tools  tools for analysing collected network 
measurement data offline typically involves simultaneous analysis 
of several files and calculation of statistics from measurement files
smartphone  mobile phone which incorporates advanced 
capabilities including email and internet access
spectrum  governmentcontrolled airwaves that companies 
license to transmit wireless signals on certain frequency allocations
tdlte  time division duplexing lte – variant that will be 
adopted in china
tdscdma  time divisionsynchronous cdma a cdma 
variant developed by chinese vendors which is claimed to offer 
high data rates and greater coverage
test script  a defined procedure used to verify device functionality
wcdma  wideband code division multiple access – the 
dominant global 3g wireless telephony standard
wimax  worldwide interoperability for microwave access –  
a telecommunications protocol that provides fixed and fully 
mobile internet access 101 other information
advisers
financial advisers
rbs hoare govett
250 bishopsgate 
london ec2m 4aa
financial pr advisers
mhp communications
60 great portland street 
london w1w 7rt
auditors
deloitte llp
chartered accountants  
london
stockbrokers
rbs hoare govett
250 bishopsgate 
london ec2m 4aa
canaccord genuity limited
cardinal place 
7th floor 
80 victoria street 
london sw1e 5jl
bankers
lloyds bank
25 gresham street 
london ec2v 7hn
registrars
equiniti limited
aspect house 
spencer road 
lancing 
west sussex bn99 6da 
solicitors
simmons  simmons
city point 
one ropemaker street 
london ec2y 9ss
registered office
anite plc
353 buckingham avenue 
slough 
berkshire 
sl1 4pf 
united kingdom
t 44 0 1753 804000 
f 44 0 1753 804497
company number
1798114 
handset testing
anite telecoms ltd
ancells business park 
harvest crescent 
fleet 
hampshire 
gu51 2uz 
united kingdom
t 44 0 1252 775200 
f 44 0 1252 775299
network testing
anite finland ltd
kiviharjunlenkki 1 d 
90220 oulu 
finland
t 358 50 395 7700  
t 358 8 551 6182
travel
anite travel ltd
353 buckingham avenue 
slough 
berkshire 
sl1 4pf 
united kingdom
e travelanitecom 
t 44 0 1753 804000
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this report is printed on hello silk paper this paper is made from 100 virgin wood fibre from wellmanaged forests  
independently certified according to the rules of the forest stewardship council fsc it is manufactured at a mill that is  
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some pulp is bleached using an elemental chlorine free ecf process the inks in printing this report are all vegetablebased
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offices anite plc annual report and accounts 2011
anite plc 
353 buckingham avenue 
slough 
berkshire 
sl1 4pf 
united kingdom
t 44 0 1753 804000 
f 44 0 1753 804497
wwwanitecom


Summary:
 2 overview
travel
divisional structure
wireless
at a glance
travel
anite supplies systems to help leisure  
travel companies run their businesses 
efficiently as a result of market 
consolidation fewer companies are now 
managing an everlarger volume of travellers 
but are finding it difficult to increase profits 
our technology helps them to achieve  
that by taking out cost and improving 
productivity while at the same time 
offering a greater range of products and 
improving customer service
network testing 
anite helps network operators and 
manufacturers manage their businesses 
effectively our range of tools enables the 
network operators to collect and analyse 
data on coverage and performance to  
check that networks are strong enough  
to minimise dropped calls and to handle 
the increasing amount of data that is 
downloaded by users of smart devices  
and that devices will work on different 
operators networks
handset testing
anite helps manufacturers design efficient 
chipsets and mobile devices and bring them 
to market quickly and costeffectively at a time 
when an everincreasing number of functions 
are being demanded of devices development 
and testing are critically important our 
systems enable manufacturers to ensure that 
their products not only conform to industry 
standards but also meet endcustomers 
expectations and are able to communicate 
with other devices on all networks
operating highlights
wireless 
•	 wireless revenue as a whole contributed 79 of group revenues 
2010 71 
•	 handset testing 
 – outperformance during the year with strong final quarter
 – order intake £596m 2010 £322m booktobill ratio  
12 2010 09
 – lte 4g revenue growing and represented 34 of revenue 
2010 12 
 – good demand for 3g products
•	 network testing
 – outperformance during the year with particularly strong h1
 – order intake £230m 2010 £211m booktobill ratio  
10 2010 11
 – invex acquisition broadened network testing’s product 
portfolio and customer base 
travel
•	 challenging year but tangible progress made
•	 multiyear contract with tui travel plc to implement  
comres in uk and ireland
•	 closing order book £632m 2010 £492m booktobill  
ratio 17 2010 13
financial highlights adjusted¹
•	 order intake up 42 to £1166m 2010 £823m booktobill 
ratio 12 2010 10
•	 revenue up 19 to £937m 2010 £788m
•	 ebitda up 25 to £222m 2010 £177m
•	 operating profit up 48 to £176m 2010 £119m
•	 operating margin of 19 2010 15
•	 profit before tax up 62 to £160m 2010 £99m
•	 adjusted basic earnings per share up 67 to 40p 2010 24p
•	 proposed final dividend up 13 to 0735p 2010 065p
 – total 105p 2010 095p
•	 net cash of £277m apr 2010 £298m stated before  
swap liability capped at £216m 
statutory results
•	 revenue from continuing operations up 19 to £937m  
2010 £788m
•	 profit for the year of £94m 2010 loss of £34m
•	 statutory basic earnings per share 33p 2010 loss per share 
12p diluted earnings per share 31p 2010 loss per share 12p
highlights
1  adjusted results are for continuing operations before sharebased payments 
impairment of goodwill impairment and amortisation of acquired intangible assets 
restructuring costs other gains and losses and recycled hedge losses
this annual report contains forwardlooking statements these forwardlooking statements are not guarantees of future performance rather they are based on 
current views and assumptions and involve known and unknown risks uncertainties and other factors that may cause actual results to differ from any future results 
or developments expressed or implied from the forwardlooking statements each forwardlooking statement refers only to the date of the particular statement and 
save to the extent required by the applicable law or regulation we do not undertake any obligation to update or renew any forwardlooking statement
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