73888 cover  9108  1219  page 2 contents
financial highlights 1
about silverdell 2
our people 3
review of activities 411
chairman’s statement 12
chief executive’s review 14
directors and advisors 16
directors’ report 18
statement of directors’ responsibilities 20
independent auditors’ report 21
consolidated profit and loss account 22
consolidated statement of total
recognised gains and losses 22
consolidated and company balance sheets 23
consolidated cash flow statement 24
accounting policies 2527
notes to the consolidated financial statements 28
location map 44
73888 cover  9108  1219  page 3 1
year ended 27 weeks ended
30 september 30 september
2007 2006
£m £m
continuing operations
turnover 385 60 
operating profit before goodwill 
amortisation £1391000 
2006 £191000 43 04 
operating margin as defined above 11 6
operating profit 29 02 
profit before tax 22 01 
pence pence
earningsloss per share
adjusted basic 79 16 
basic 24 02
diluted 22 02
 see note 8
financial highlights
73888 pre  9108  1200  page 1 about silverdell plc
the silverdell group provide managed solutions for asbestos industrial remediation and
environmental services working with partners in public private construction and industrial
markets we are committed to creating an improved environment in which to live and work
silverdell plc underpins all national frameworks and contracts managed within the group’s
activities with works undertaken through our operating companies
our depth of technical knowledge local market knowledge and track record in delivering some 
of the largest and most challenging projects around the country are testament to delivering the
right team consistently
2
silverdell uk
asbestos removal
demolition
principal contractor
strip out demolition
rail engineering
waste transfer
key market sectors
public sector
construction
retail and leisure
insurance repair
utilities
rail
social housing
redhill analysts
asbestos consultancy
asbestos management
asbestos surveying
air monitoring ukas
project management
tender documentation
software solutions
taskrisk assessments
training
expert witness
management plans
key market sectors
public sector
construction
retail
insurance repair
utilities
nhs
housing
kitsons environmental
asbestos removal
nuclear decommissioning
scaffoldingaccess
thermal insulation surface
protection and coatings
key market sectors
nuclear industry
industrial sectors
public sector
construction
utilities
retail
defence
power generation
petrochemical
silverdell management
services llp
asbestos surveying
asbestos management
safe
modular training system 
for staff
mobile training solution 
for responsible persons in
response to car 2006
control of 
asbestos regulations
73888 pre  9108  1200  page 2 we see the people in the organisation as our most important asset 
the group’s aim is to create
● a clear and demonstrable culture where people both the group’s staff
and customers internally and externally count
● an environment which encourages teamwork trust respect and honesty
● a culture in which innovation and a passion for excellence are supported
● a backdrop which kindles an atmosphere of energy and dynamism
our solutions are designed to make the complex and the challenging
things simple we work to improve productivity and efficiency reduce the
cost of change through planning apply new technology where best to do
so and deliver best practice to ensure the experience is second to none
first time every time
our specialist management teams
staff engagement
we encourage employees to promote best practice information and two
way consultation ensures that employees’ views are heard and considered
in relation to business issues numerous internal employee groups have
been formulated an example being the health and safety committee
that comprises senior staff managers and staff to promote safe
working practices 
the forum provides an opportunity for representatives from each area of
the business to meet with the aim of sharing information and discussing
business issues and most importantly to submit employees ideas for
improvement the forum works by representatives consulting with
their team to seek views that are then discussed and communicated
to the board
the board is fully committed to ensuring the success of all employees
and trading divisions by encouraging employees to express their views
in the full knowledge that confidentiality is of utmost importance
3
our people
ceomanaging director disciplinemarket sector
long established teams danny spicer
sean nutley
silverdell uk ashley griffiths asbestos removal and management
contractors
redhill analysts dan roebuck asbestos consultancy and management
kitsons andrew watson asbestos removal nuclear decommissioning
contractors industrial services  thermal
insulation and scaffolding
new activities
safe ashley griffithsmarc smith training  silverdell academy for excellence
73888 pre  10108  1557  page 3 silverdell uk limited “silverdell”
a leading contractor providing quality assured solutions 
for asbestos management and removal works nationally
serving the public and private sectors in large and 
smallscale projects
our core values embrace a high commitment to quality
technical excellence and safety a customerdriven 
focus investment in our people to offer an experience
based on consistency competency innovation and 
positive solutions
arca national training award 2007
construction news specialist contractor of the year 
2006 and 2007
contract journal – sme of the year 2007
rospa behavioural safety award 2006 – the only
asbestos removal contractor with this award
rospa – silver awards in 2006 and 2007 for safety
excellence
arca national training award 2007
iso 90012000
iso 14001
ohsas 18001
some showcase projects working in construction
shell tower london
this 27 storey uk headquarters building of the
petrochemical giant is undergoing a full scale
refurbishment which includes a £10 million asbestos
remediation project
we are carrying out asbestos removal throughout each
floor and the me services system whilst the building
remains in partial occupation
borthwick wharf london
a former mill undergoing redevelopment completed in
2007 with a value of over £1 million
silverdell were appointed principal contractor undertaking
asbestos removal works demolition as part of pre
construction works and façade retention to protect other
standing structures in close proximity to demolition areas
working in the public sector
leeds city council almo’s – partnering framework
this substantial social housing framework for 55000
homes removing asbestos products portfolio of buildings 
is run under lean egan and rethinking principles we
have provided service to increase awareness of residents
and provide them with the information they need anxiety 
to the absolute minimum
working in the utilities sector
yorkshire water – asbestos removal framework
silverdell have won a 4 year framework with a value of 
£4 million removing asbestos from this portfolio where
attention to detail is substantial given the constant need
for water by their ongoing our personnel have undertaken
additional specialist training in these areas
working in defence
aspire defence is responsible for the management and
maintenance of mod estates property prime contracting
basis as a specialist partner contractor we have
undertaken the removal defence estates in barracks 
on the m4 corridor with a value of works in excess 
of £07 million
working in rail
silverdell have one of the largest rail divisions in the
country serving the needs of both london and network
rail we are linkup and achilles approved and offer
expertise on the underground environments with all 
staff having undertaken all appropriate trackside safety
certification underground – silverdell rail engineering 
have undertaken works on the london underground 
holder for metronet and tubelines many station
regeneration programmes have been undertaken
paddington moorgate finchley wanstead bond street
and waterloo to name a few
silverdell uk limited
wwwsilverdellcouk
redhill analysts limited “redhill analysts”
our commitment to providing highquality asbestos
consultancy services has sustained redhill analysts
position as a leading and respected national asbestos 
and environmental consultancy
our focus is to improve develop and implement systems
and procedures that provide proportionate asbestos
management solutions our core values of quality
innovation and communication are integral to our culture
and are the foundation on which the growth of the
company has been built this approach provides our
clients with the information they need to make informed
asbestos management decisions delivered by experienced
and committed personnel
our services encompass the writing of asbestos
management plans type 1 2  3 surveys reinspections
recommendations training projectcontract management
4
review of activities
asbestos management 
planning
working in the
nuclear industry
73888 pre  10108  1530  page 4 5
silverdell – removal works undertaken at the cumberland hotel in the city
73888 pre  9108  1200  page 5 expert witness laboratory analysis and samples in both the
air and bulk materials including the four stage clearance
our ukas accreditations cover both our analytical work
and surveys
some examples of our work
working in retail – client asda
redhill analysts has been employed as the asbestos
consultant to asda since 2003 the asda property 
estate consists of over 250 stores regional distribution
centres petrol filling stations and several hundred lettable
retail units
as the partnership with asda has evolved redhill 
analysts has become the favoured consultant for providing
project management and analytical services for asda
refurbishment and remodelling projects we have played 
a pivotal role in the success of many store refurbishments
with values in excess of £1 million utilising staff with retail
experience we have been integrated in to the project
management team such that we can advise to site
working in utilities – client freedom maintenance on
behalf of edf
redhill analysts has been an asbestos consultant to edf
energy property group edf energy networksbranch and
edf energy major projects south since 2000 the edf
seeboard estate consists of over 10000 properties
ranging from office and warehouse properties large indoor
and outdoor substations and smaller indoor and outdoor
distribution sites
for edf energy property group redhill analysts has
undertaken a survey of their property portfolio and
subsequently managed a programme of remediation
having improved the working environment within the 
estate we now operate a management service whereby 
we undertake reactive asbestos sampling surveys and
monitoring as and when required to ensure cost 
effective compliance
for edf energy major projects south we undertake
surveys and management of asbestos remediation
as works are planned this is generally large scale
works to sub stations such as kingston grid and
croydon grid which have both recently undergone
project works
for edf energy networks branch we have undertaken
various work since 2000 which includes surveying the grid
and primary sub stations and all of the indoor distribution
sites some 3000 sites in total we have recently
commenced a programme of surveys for freedom
maintenance on behalf of edf energy on the 5000
outdoor distribution sites within the south east portfolio
working in health client – southampton nhs trust
contract
redhill analysts has been the asbestos consultant to
southampton university hospitals nhs trust since 2002
the southampton nhs trust property portfolio consists 
of the three major hospitals in southampton
following an initial tendering exercise redhill analysts 
was appointed to provide southampton nhs trust with a
type 2 asbestos survey across the entire property portfolio
this role was later expanded to include type 3 asbestos
surveys supervision of remediation  removal works and
annual reinspections of acms asbestos containing
materials to maintain the estate and the trust’s procedures
in compliance with best practice and hse guidance
all asbestos data is managed on the micad management
system redhill analysts role includes the input and
maintenance of all data relating to the acms present 
within the property portfolio
as the working partnership with southampton nhs
trust has evolved redhill analysts are now the favoured
consultant providing ongoing solutions to support the
estates management teams in maintaining a safe and
healthy working environment while protecting the integrity
of data that is held
working in housing client  a2 – housing
redhill analysts has been an asbestos consultant to 
a2 housing since 2005 the a2 property portfolio 
consists of 15000 homes spanning a range of tenures
including affordable rent shared ownership key worker
sheltered supported and student accommodation
asbestos containing materials acms have been used
in the construction and refurbishment of many of these
buildings we work in accordance with egan and
rethinking principles as part of the drive to achieve
decent homes standards redhill analysts was the
consultant selected to provide a2 with type 2 asbestos
surveys across the estate after successfully securing the
tender as the working partnership with a2 has evolved
redhill analysts is now a preferred consultant facilitating
the management of the portfolio and enabling planning for
future maintenance and repairs to be conducted on an
informed and safe basis
redhill analysts has worked alongside a2 housing in
compiling a full bespoke asbestos management plan and
6
review of activities continued
silverdell – works at cockfosters
station on the london underground
where silverdell trade as one of the
primary removal companies through
its rail division
silverdell – asbestos removal 
at apsley house london
73888 pre  9108  1200  page 6 7
guildhall london – works undertaken for bovis lend lease
73888 pre  9108  1200  page 7 updated this on a regular basis asbestos awareness
training has also been provided to all a2 employees 
who during their routine activities have the potential to
disturb asbestos
this maintains their portfolio in a safe and healthy
condition while protecting the investment already made
in identifying asbestos
redhill analysts limited
wwwredhillanalystscouk
kitsons environmental europe limited
welcome
kitsons environmental europe limited is a renowned
contractor providing asbestos removal industrial services
and lowlevel nuclear decommissioning solutions our
scaffolding divisions are competent to address the most
challenging projects both large and small our thermal
insulation division is long established in the industry
many markets are served to include nuclear power
generation process engineering petrochemical
defence construction local government retail
finance and property sectors
the company has successfully developed long term
relationships with our wide client base technology
attention to detail and training to improve performance
enables workmanship to be delivered safely to quality
assured standards and in a timely manner
asbestos removal
working under licence for local authorities retail
commercial and industrial clients kitsons undertake large
and small scale projects frameworks and contracts
nuclear decommissioning
kitsons are one of the leading contractors to this highly
specialised market with experience in many of the
country’s primary licensed nuclear installations
industrial services
insulation kitson’s have developed thermal insulation
systems for plant buildings and infrastructure that is high
performance cost efficient to install flexible and durable
the innovative “kalzip” storage tank solution is an
adaptable solution designed to withstand the toughest 
of environments and climatic conditions
scaffolding temporary access to industrial plants 
and commercial buildings for both maintenance and
construction is an area of work that kitsons offer expertise
and cost effective solutions the innovative design
approach and installation will ensure current facilities
remain operational and unaffected for the minimum 
amount of time
sample projects – what we do
nuclear decommissioning hinkley a power station
client – british nuclear group removal of thermal
asbestos and non asbestos products insulation from
steam turbines pipebridges boilers and blower houses
were the primary tasks commissioned as part of this
extensive nuclear decommissioning project
kitsons environmental europe limited performed the
role of a contractor working directly for the client – british
nuclear group principal contractor operating under cdm
regulations kitsons was responsible for all aspects of the
works associated with the asbestos removal programme
in delivering this kitsons supplied a dedicated site team
consisting of a site manager assistant site manager
planner administrator scaffold supervisor and asbestos
supervisors kitsons had full inputintegration with bng in
all aspects of planning the works safety management and
execution of the works the value of work was £10 million
completed over a four year period to march 2007
sample projects – what we do
chevron pembroke equipment preservation project
working at this extensive refining plant in south wales 
the works include plant access scaffolding and access
platforms asbestos removal repairs for maintenance
plant surface preparation and painting installation of
thermal insulation and personal protection heat tracing
repairs fireproofing material concrete mechanical and
electrical repairs
the value of the works is around £10 million over a 
threeyear programme successfully renewed on a cyclical
basis since 2003 planned and emergency shutdowns 
are accommodated on this extensive site
working in the public sector north lanarkshire
council
kitsons provide asbestos remediation works relating to
occupied and void housing major and minor works within
schools and council owned buildings
the works include full consultation and resident liaison 
and working with partner contractors to ensure the efficient
delivery of services the value of the contract is £15 million
has been retained on two consecutive occasions based 
on quality of service and offering best value in accordance
with egan and rethinking principles
8
review of activities continued
silverdell – shell
tower refurbishment
– major removal
works undertaken
throughout this
spectacular building
on the thames 
the home of
petrochemical giant
shell
kitsons at cargills
providing asbestos
and insulation
services
73888 pre  9108  1200  page 8 9
silverdell – shell tower and royal festival hall – 2 adjoining projects on the thames completed
awards won by silverdell uk limited
73888 pre  9108  1200  page 9 10
review of activities continued
atomic weapons establishment awe aldermaston –
maintenance and projects
kitsons are resident contractor providing services to the
awe at aldermaston having been involved at site for in
excess of 16 years kitsons have developed an excellent
knowledge of operating to the highest safety standards in
two of the most regulated industries in the uk working with
asbestos and ionising radiation additionally due to the
nature of the site there is increased security requirements
to vet all of kitsons personnel
the purpose of the contract is to provide service
contracting support to awe in the form of asbestos
removal asbestos surveying scaffolding low level
decommissioning  dismantling thermal insulation painting
and general contracting allowing awe to maintain its
portfolio of facilities and offices
the works comprise the removal and maintenance of 
all types of asbestos containing materials the provision 
of a decommissioning  dismantling service in support 
of mechanical contractors preparation of safe systems 
of work and a site surveying service for asbestos removal
and fire certification work
on call emergency response to any site incident requiring
asbestos remediation thermal insulation and scaffolding
services in support of asbestos removal and other
contractors at site
accreditations
kitsons hold the following accreditations
iso 9001 iso 14001 ohsas 18001 and are members
of arca tica ecia british safety council approved by
chas achilles link up constructionline plus numerous
safety awards from sites british nuclear group chevron
novartis to name but a few
kitsons environmental europe limited
wwwkitsonscouk
safe – trained to be better
safe silverdell academy for excellence was born out of
the idea that the training for asbestos removal operatives
was confined to three days to learn about all aspects of
the industry the cscs construction skills certification
scheme does not accredit asbestos removal training 
and to date the industry has relied on regulatory
guidelines eh247
as we see this our operatives and supervisors needed 
to understand more about the structure of the building
necessary safety aspects how to deal with such a
hazardous waste product compliance with the increasing
regulatory requirement and be in a position to make the
best recommendations about approach to a client on site
to address this we developed a modular skill based
training system which is flexible designed for our industry
needs to meet your needs the training that is much wider
than current regulatory requirements enables our people 
to focus on enhanced levels of efficiency lower levels of
defects full compliance with regulations and at a lower
cost
accreditation
the safe programme has been accredited by arca 
is being assessed under the nvq system to provide 
a standard level of qualification and receiving a warm
welcome from all current regulatory bodies
developing safe to serve you
the requirements of car 2006 control of asbestos
regulations requires employees and the supply chain 
to have appropriate training to ensure they understand
their roles responsibilities and how to approach them 
in accordance with the management plan a regulatory
requirement in response we devised a ‘unique’ mobile
training facility that can deliver training where it is needed
when it is needed and to who needs it most
these facilities are an industry first providing the ability 
for us to tailor your staff training to your needs in the
context of the work you undertake
the benefits
● improved health  safety performance at your facilities
● improve customer satisfaction and better compliance
● improved productivity lower defects
● consistency which is cost effective for the client 
and contractor
73888 pre  9108  1200  page 10 working on frameworks for the bbc
73888 pre  10108  1602  page 11 i am pleased to report the results for the year 
ended 30 september 2007
in a year of highly satisfactory progress the group
recorded a profit before tax of £22m on turnover 
of £385m earnings before interest tax depreciation
amortisation and share based payment charge 
were £51m
basic earnings per ordinary share were 24 pence and
adjusted basic earnings per ordinary share based on
profit after tax adjusted for goodwill amortisation share
based payments and finance charges on deferred
consideration were 79 pence per ordinary share
the directors do not recommend the payment 
of a dividend
following the acquisition of redhill analysts limited
kitsons group limited and swift asbestos holdings
limited the company has achieved its initial strategic
goal the nationwide provision of the full range of
asbestos services under three leading brands
we are indebted to each and every group employee 
all of whom have worked incredibly hard during our first
full year as a listed company the work ethic instilled by
the senior management has been a major factor in our
success aided by our ability to grant share options to
key staff as an additional incentive
we have also strengthened the board during the year
and welcomed chris sims as group finance director
chris was previously finance director of brandon hire
plc and brings valuable experience in group reporting
and integration investor relations and mergers and
acquisitions we are very appreciative of the efforts of
simon gunn who had been handling the group finance
function until chris’s appointment simon continues as
finance director of silverdell uk limited
we also appreciate the support shown by our
shareholders who have seen our share price double
since the original acquisition silverdell uk limited 
in july 2006
12
chairman’s statement
73888 pre  9108  1200  page 12 13
outlook
trading in the first two months of the current
financial year has been satisfactory and are
confident of our prospects and see plenty of
potential ahead for the further development
of our company
david williams
nonexecutive chairman
73888 pre  9108  1646  page 13 this is the first full year’s trading of silverdell plc after its
admission to aim as bow lane capital plc in april 2006
and the acquisition of silverdell uk limited in july 2006
it has been a year of substantial development in line
with our stated strategy of providing a nationwide 
“onestopshop” for asbestos services
at 30 september 2006 the group comprised silverdell
uk limited “silverdell uk” one of the largest and
best known asbestos remediation businesses with a
relatively small consulting division based in the south
east but with offices in the midlands yorkshire and
south wales silverdell uk provided the platform for
future expansion
silverdell uk has had another record year in its first
year as part of the quoted group turnover increased 
by 42 to £305m and operating profit by 369 to
£46m before a share of central costs this was an
excellent performance well ahead of expectations and
reflects the professionalism and dynamism of the people
in the business silverdell uk won the construction
news award for asbestos contractor of the year for the
second year running in may 2007 and the contract
journal award for sme contractor of the year in
october 2007 demonstrating the high regard in which
the company is held amongst its customers and peers
silverdell uk continues to develop longterm
relationships with its customer base it has built an
enviable record of professionalism and service that 
is second to none in the industry and continues to 
win business from new customers such as marks 
 spencer and shell
silverdell uk devotes significant time and resource
to health and safety and training the company has
an exemplary record in respect of health  safety
executive “hse” inspections and silverdell uk’s
health  safety director has recently been appointed to
a group role in order to extend best practice to all group
companies during the year we introduced an industry
first – a fully equipped mobile training suite that can be
taken to customers’ sites to provide training with
minimum disruption
redhill analysts limited “redhill analysts” was
acquired by silverdell plc in december 2006 redhill
analysts is an asbestos and environmental consultancy
business whose turnover principally arises from
asbestos surveys onsite air monitoring of remediation
activities and the provision of asbestos management
plans in the nine month period since its acquisition
redhill analysts turnover was £45m and its operating
profit was £07m before a share of central costs this
was slightly behind expectations caused by the market
being somewhat slower in the summer months and the
requirement to add resource in anticipation of growth in
200708 which is underpinned by the very recent client
win of thames water
redhill analysts is a very well known and respected
name in asbestos consultancy and has been a
prominent member of the asbestos removal
contractors association for a number of years 
it has ukas and iso accreditation 
since the acquisition there has been an increasing
trend towards joint tendering and sharing of information
between the group companies redhill analysts is
benefiting from such opportunities and some large
contracts started in the autumn
on 31 july 2007 silverdell plc acquired kitsons group
limited the ultimate owner of kitsons environmental
europe limited “kitsons” kitsons specialises in
asbestos remediation in the nuclear industrial and
petrochemical sectors with a head office in the north
west and branch offices in the midlands the north
east and scotland it complements the group offering
well the group now has branch representation
throughout the uk 
kitsons has some very long standing customer
relationships built on reliable and high quality service
delivery as well as significant visibility of income by
virtue of several longterm preferred supplier
relationships the company has been successful in
recent asbestos remediation related tenders for nuclear
power station decommissioning and has recently
commenced work at chapelcross it is well positioned
to win further tenders due within the next twelve
14
chief executive’s review
extra tower – houses of
parliament surveyed by
redhill analysts
73888 pre  9108  1200  page 14 15
months additionally kitsons carries out
corrosion remediation for large bluechip
clients and has a scaffolding business
principally for inhouse purposes
trading in the two months that kitsons has
been in the group has been very satisfactory
and in line with expectations with turnover
of £37m and operating profit of £03m
before a share of central costs
kitsons has full iso accreditation iso 9001
iso 14001 and iso 18001 and an excellent
track record with the hse
on 1 october 2007 silverdell uk acquired
swift asbestos holdings limited “swift”
in line with our strategy of acquiring
earnings enhancing businesses that
complement our existing offering based 
in southampton where silverdell uk had
no market presence swift specialises in
asbestos remediation in the hotel sector
swift has been rebranded “silverdell” and
has been successfully integrated into
silverdell uk
there are substantial opportunities to
leverage the benefits of the new group
structure over the forthcoming months we
have already submitted tenders for work on
a group basis and this approach has been
well received in the market place work is
underway on cost synergies with some early
gains already in the areas of equipment hire
and insurance
the asbestos services market continues 
to look favourable and the group is uniquely
placed to take advantage of this in terms 
of both organic growth and further
acquisitions if and when the right
opportunities arise
danny t spicer
chief executive officer
73888 pre  9108  1200  page 15 david williams 55
nonexecutive chairman
david has 36 years experience in the
investment market he has served as
chairman in both executive and non
executive capacities for a number of
companies both public and private
he has overseen the development
of these companies through both
organic and acquisitive growth as well
as dealing with turnaround situations
david is currently chairman of
augean plc entertainment one zetar
plc and dury lane capital as well as
marwyn investment group limited
and associated companies
daniel t spicer 45
chief executive officer
son of silverdell’s founder danny
has worked for silverdell for over
26 years initially as a thermal
insulation engineer he took a
management role 12 years ago
since 2000 he has been managing
director and has been responsible
for growth direction and strategy
danny was also a founder partner 
in silverdell llp which was sold 
to silverdell uk limited in
december 2005
chris sims 51
group finance director
chris was appointed group
finance director in april 2007
his responsibilities are group
reporting and financial controls
investor relations mergers and
acquisitions and integration of
group companies
chris qualified with touche ross and
has subsequently worked for several
companies in both private and public
sector including experience in the
construction sector before joining
silverdell chris was the finance
director and company secretary of
brandon hire plc one of the uk’s
largest tool hire companies
he is nonexecutive director of
bakers coaches ltd and chair of
bristol brunel academy trust
16
directors and advisors
directors
david williams chairman
danny t spicer chief executive
sean nutley chief operating officer
mark watts nonexecutive
gordon morrison nonexecutive
secretary
susan fadil fcis and
robert hillhouse fcis
mayer brown rowe  maw llp
11 pilgrim street
london
ec4v 6rw
registered office
20 black friars lane
london
ec4v 6hd
registered number
5755897
auditors
deloitte  touche llp
180 strand
london
wc2r 1bl
legal advisor
dla piper uk llp
101 barbirolli square
bridgewater
manchester
m2 3ol
registrars
capita irg plc
the registry
34 beckenham road
beckenham
kent
br3 4tu
advisors
73888 pre  9108  1200  page 16 sean nutley 36
chief operating officer
sean joined silverdell in 1992 as an
asbestos removal operative and
became part of the management
team 12 years ago as an estimator
he became director for special
contracts in 2000 sean is
responsible for company growth
direction new business opportunities
and client relations as well as
technical input and coordination on
large and difficult contracts sean
was also a founder partner of
silverdell llp 
gordon morrison 56
independent nonexecutive
director
gordon started his career at tarmac
construction then joined morrison
construction a company started by
his father in 1974 as construction
manager during his 27 years with
the company he led a buyback of
morrison shand and biggs wall in
1990 the flotation of morrison on the
london stock exchange in 1995 and
the sale of the total share capital to
anglian water now awg in 2000
gordon is chairman of the chaldean
group a diverse company with
interests in real estate farming and
property along with a wide range
of venture capital investments
and of the richardson group a
building services company based
in south london
additionally gordon is also a
nonexecutive director of enterprise
property group ltd a uk residential
development company and is
honorary president and previously
chairman of clic sargent he is
chairman of the world child cancer
foundation and is governor of the
university of hertfordshire
mark watts 33
nonexecutive director
mark is a director of marwyn
investments group and aldgate
capital plc and a partner in marwyn
capital and marwyn investment
management he holds directorships
in several other of marwyn’s
investments previously mark
was a management consultant
completing strategic development
projects for many bluechip
companies including ford motor
company and barclays bank
17
73888 pre  9108  1200  page 17 the directors present their annual report on the affairs of the company together with the financial statements and
auditors’ report for the year ended 30 september 2007
principal activity
silverdell plc is the parent company of a group of companies providing asbestos surveying and remediation services
the principal subsidiaries are shown in note 11 to the accounts
key performance indicators
earnings before interest tax depreciation amortisation of goodwill and share based payment charge were £5058000
27 weeks to 30 september 2006 £429000 reflecting an operating profit of £2940000 27 weeks to 30 september 2006
£175000 adjusted for the add back of depreciation £556000 27 weeks to 30 september 2006 £30000 goodwill
amortisation of £1391000 27 weeks to 30 september 2006 £191000 and share based payment charge £171000 
27 weeks to 30 september 2006 £28000
review of business
a full commentary on the results for the year and future prospects are set out in the chairman’s and chief executive’s
review on pages 12 to 15
results and dividends
the financial results of the group for the year are set out on page 22 the directors do not recommend the payment 
of a dividend
directors
the directors of the company in office during the period and their beneficial interests in the issued share capital of 10p
ordinary shares were as follows
30 september 30 september 30 september 30 september
2007 2007 2006 2006
options options
david williams 1000000 – 1000000 –
mark watts 40000 – 40000 –
danny spicer 1002129 276000 1002129 226000
sean nutley 320682 276000 320682 226000
gordon morrison 200000 – 200000 –
chris sims 25000 200000 – –
there have been no changes in directors’ interests between the yearend date and the date of this report and
accounts
in accordance with the articles of association directors who have been elected to the board since the last annual
general meeting “agm” must be reelected at the subsequent agm accordingly chris sims who was appointed 
on 5 april 2007 retires at the forthcoming agm and offers himself for reelection also in accordance with the articles
mark watts and david williams retire at the forthcoming agm and offer themselves for reelection
substantial interests in the share capital at 8 december 2007
in addition to the directors the company had been notified of the following shareholders who held 3 or more of the
ordinary share capital in issue of the company
number of shares 
marwyn neptune fund lp 12899999 317
killik asset management 3055828 75
mf global uk ltd 2703828 66
fc asset management 2551606 63
d j spicer 2227587 55
fidelity international ltd 1855000 46
r blackburn 1724921 42
p dolan 1333333 33
r blackburn is a director of redhill analysts ltd which was acquired by the company on 31 december 2006 as set
out in note 21 to the accounts
charitable donations
during the year the group made charitable donations of £7752 27 weeks ended 30 september 2006 £3490 
there were no political contributions 27 september 2006 £nil
disabled employees
the group makes every reasonable effort to provide opportunities for work training and career development for
disabled applicants and employees who become disabled commensurate with their abilities in the recruitment 
and subsequent career development of employees consideration is given only to individuals’ aptitudes and abilities
irrespective of race gender marital status or disability
18
directors’ report
for the year ended 30 september 2007
73888 pre  9108  1200  page 18 employee involvement
by means of formal announcements and informal discussions the group has a policy of keeping employees informed
of all matters that concern them so that employees’ views can be taken into account when making decisions that
affect their interests
post balance sheet events
full disclosure of post balance sheet events is given in note 24 to the accounts
creditor payment policy
the group’s policy concerning payment of suppliers is either to agree terms of payment at the start of business with
each supplier or to ensure that the supplier is made aware of the group’s standard payment terms and in either case to
pay in accordance with its contractual or other obligations the average number of days credit taken at 30 september
2007 was 52 days 2006 38 days
financial risk management
it is and has been throughout the year the group’s policy that no trading in financial instruments shall be undertaken
the main risks arising from the group’s activities are credit interest rate and liquidity risks the policies for managing
each of these risks are summarised below
credit risk
the group’s principal financial assets are bank balances trade and other receivables and amounts receivable from
clients under contracts
the group’s credit risk is primarily attributable to its trade and contract receivables the amounts presented in the
balance sheet are net of allowances for doubtful receivables an allowance for impairment is made where there is 
an identified loss event which based on previous experience is evidence of a reduction in the recoverability of the
cash flows
the credit risk on liquid funds is limited because the counterparties are banks with high creditratings assigned by
international creditrating agencies
the group has no significant concentration of credit risk with exposure spread over a large number of counterparties
and customers
interest rate risk
the group finances its operations through a mixture of equity and bank borrowings the group borrows only in sterling 
at both fixed and floating rates of interest to meet short term funding requirements and for financing acquisitions
at the year end the group had finance leaseshire purchase agreements at fixed interest rates and a bank overdraft at
floating interest rates the long term bank loans were at both a rate fixed by an interest rate swap and at floating rate
the group’s policy is to review interest rate risks regularly in relation to their materiality compared to other operational risks
liquidity risk
the group only requires borrowings at certain times the short term flexibility required is achieved by overdraft facilities
the group has negotiated additional bank facilities to enable it to expand by acquisition and also to increase its
banking facilities for day to day purposes
foreign currency risk
the group does not have significant exposure to foreign currency risk
auditors
each of the persons who is a director at the date of approval of this report confirms that
● so far as the director is aware there is no relevant information of which the company’s auditors are unaware and
● the director has taken all reasonable 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 confirmation is given and should be interpreted in accordance with the provisions of s234za of the companies
act 1985
the company’s auditors deloitte  touche llp  have expressed their wish to remain in office and a resolution that
they be reappointed will be proposed at the forthcoming annual general meeting
by order of the board
susan fadil fcis
secretary
19
73888 pre  9108  1200  page 19 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
have elected to prepare the financial statements in accordance with united kingdom generally accepted accounting
practice united kingdom accounting standards and applicable law the financial statements are required by law to
give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group 
for that period in preparing these financial statements the directors are required to
● select suitable accounting policies and then apply them consistently
● make judgments and estimates that are reasonable and prudent
● state whether applicable uk accounting standards have been followed subject to any material departures
disclosed and explained in the financial statements
● prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business
the directors are responsible for keeping proper accounting records that 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 1985 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
20
statement of directors’ responsibilities
73888 pre  9108  1200  page 20 21
independent auditors’ report
to the members of silverdell plc
we have audited the group and parent company financial statements the “financial statements’’ of silverdell plc for
company balance sheets the consolidated cash flow statement the consolidated statement of total recognised
gains and losses and the related notes 1 to 25 these financial statements have been prepared under the accounting
policies set out therein
this report is made solely to the company’s members as a body in accordance with section 235 of the companies
act 1985 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
the directors’ responsibilities for preparing the annual report and the financial statements in accordance with
applicable law and united kingdom accounting standards united kingdom generally accepted accounting 
practice are set out in the statement of directors’ responsibilities
our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements 
and international standards on auditing uk and ireland
we report to you our opinion as to whether the financial statements give a true and fair view and are properly 
prepared in accordance with the companies act 1985 we also report to you whether in our opinion the information
given in the directors’ report is consistent with the financial statements 
in addition we report to you if in our opinion the company has not kept proper accounting records if we have not
received all the information and explanations we require for our audit or if information specified by law regarding
directors’ remuneration and other transactions is not disclosed 
we read the other information contained in the annual report as described in the contents section and consider
whether it is consistent with the audited financial statements we consider the implications for our report if we 
become aware of any apparent misstatements or material inconsistencies with the financial statements our
responsibilities do not extend to any further information outside the annual report
basis of audit opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the 
auditing practices board an audit includes examination on a test basis of evidence relevant to the amounts and
disclosures in the financial statements it also includes an assessment of the significant estimates and judgments 
made by the directors in the preparation of the financial statements and of whether the accounting policies are
appropriate to the group’s and company’s circumstances consistently applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements 
are free from material misstatement whether caused by fraud or other irregularity or error in forming our opinion 
we also evaluated the overall adequacy of the presentation of information in the financial statements
opinion
in our opinion
● the financial statements give a true and fair view in accordance with united kingdom generally accepted
accounting practice of the state of the group’s and the parent company’s affairs as at 30 september 2007 
and of the group’s profit for the year then ended
● the financial statements have been properly prepared in accordance with the companies act 1985 and
● the information given in the directors’ report is consistent with the financial statements
deloitte  touche llp
chartered accountants and registered auditors 
london
13 december 2007
73888 pre  10108  1608  page 21
the year ended 30 september 2007 which comprise the consolidated profit and loss account the consolidated and 27 weeks 
ended
year ended 30 september 2007 30 september
existing 2006
operations acquisitions total total
note £000 £000 £000 £000
turnover – continuing operations 1 30198 8300 38498 6046 
cost of sales 19952 4856 24808 4318
gross profit 10246 3444 13690 1728 
administrative expenses 7600 3150 10750 1553
operating profit before goodwill amortisation 3632 699 4331 366 
goodwill amortisation 986 405 1391 191
operating profit – continuing operations 4 2646 294 2940 175 
net interest and finance charges payable 5 774 82
profit on ordinary activities before taxation 2166 93 
tax on profit on ordinary activities 6 1294 133
profitloss for the period 872 40
pence pence
earnings per share 8 
basic earningsloss per share 239 022
diluted earningsloss per share 225 022
there is no difference between the profit on ordinary activities before taxation and the retained profitloss for the
financial periods stated above and their historical equivalents
consolidated statement of total recognised
gains and losses
for the year ended 30 september 2007
there are no recognised gains or losses in the period other than the profitloss for the period
22
consolidated profit and loss account
for the year ended 30 september 2007
73888 pre  9108  1200  page 22 group company
as at as at as at as at
30 september 30 september 30 september 30 september 
2007 2006 2007 2006
note £000 £000 £000 £000
fixed assets
goodwill 9 40523 19539 – –
tangible fixed assets 10 2480 1014 – –
investments 11 – – 42866 16408 
43003 20553 42866 16408 
current assets
stocks and work in progress 12 1278 1445 – –
debtors 13 17135 7336 650 510 
cash at bank and in hand 1418 3300 – 3157 
19831 12081 650 3667 
creditors amounts falling due 
within one year 14 17794 5092 9120 159
net current assetsliabilities 2037 6989 8470 3508 
debtors falling due after more than one year 13 – – 6300 5996 
total assets less current liabilities 45040 27542 40696 25912 
creditors amounts falling due 
after more than one year 14 7379 336 6850 –
provisions for liabilities and charges 16 3680 6268 2590 5198
net assets 33981 20938 31256 20714 
capital and reserves
called up share capital 17 4068 3220 4068 3220 
share premium account 18 13649 13649 13649 13649 
equity reserve 18 199 28 199 28 
other reserves 18 15233 4081 15233 4081 
profit and loss account 18 832 40 1893 264
equity shareholders’ funds 19 33981 20938 31256 20714 
the financial statements comprising the consolidated profit and loss account the consolidated statement of total
recognised gains and losses the consolidated and company balance sheets the consolidated cash flow statement and
the related notes were approved by the board of directors on 13 december 2007 and were signed on its behalf by
david williams chris sims
chairman financial director
23
consolidated and company balance sheets
as at 30 september 2007
73888 pre  9108  1200  page 23 year ended 27 weeks ended
30 september 2007 30 september 2006
note £000 £000 £000 £000
operating profit 2940 175 
amortisation of goodwill 1391 191 
depreciation of tangible fixed assets 556 30 
sharebased payment charge 171 28 
profitloss on sale of fixed assets 7 3 
decreaseincrease in stocks and work in progress 1590 880
increase in debtors 4858 1225
increase in creditors 1260 568 
net cash inflowoutflow from operating activities 3043 1110
returns on investments and servicing of finance
interest received 72 27 
interest paid on overdrafts and bank borrowings 324 18
interest element on finance leases and hire 
purchase agreements 79 7
331 2 
taxation
uk corporation tax paid 734 –
capital expenditure and financial investment
purchase of tangible fixed assets 438 42
sale of tangible fixed assets 98 3 
340 39
acquisitions
purchases of subsidiary undertakings 21 12633 7349
net cash acquired with subsidiary undertakings 21 1356 172 
11277 7177
cash outflow before management of liquid 
resources and financing 9639 8324
management of liquid resources and financing
issue of ordinary share capital – 17013 
new bank loans raised 9000 –
repayment of loan notes – 6235
capital element of finance lease payments 357 40
8643 10738 
decreaseincrease in cash in the period 20 996 2414 
reconciliation of net debtcash
decreaseincrease in cash in the period 996 2414 
increase in term loans 9000 –
increase in finance leases 535 476
movement in net debtcash 10531 1938 
opening net cash 1938 –
closing net debtcash at 30 september 20 8593 1938 
24
consolidated cash flow statement
for the year ended 30 september 2007
73888 pre  9108  1200  page 24 accounting convention
the financial statements have been prepared under the historical cost convention and in accordance with 
applicable laws and uk accounting standards a summary of the principal accounting policies which have 
been applied consistently throughout the year and the preceding period is set out below
basis of consolidation
the consolidated financial statements incorporate the financial statements of the company and all its subsidiary
undertakings made up from the date of acquisition to 30 september 2007 subsidiary undertakings are accounted 
for using the acquisition method
goodwill
goodwill arising on acquisition represents the difference between the fair value of net assets acquired and the fair value
of the consideration given goodwill arising on acquisition is recognised within fixed assets in the year in which it arises
and amortised on a straight line basis over its useful economic life which is taken to be 20 years provision is made for
any impairment
taxation
current tax including uk corporation tax and foreign tax is provided at amounts expected to be paid or recovered
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date
deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in
the future have occurred at the balance sheet date timing differences are differences between the group’s taxable
profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax
assessments in periods different from those in which they are recognised in the financial statements
a net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that on the basis of all
available evidence it can be regarded as more likely than not that there will be suitable taxable profits from which the
future reversal of the underlying timing differences can be deducted
deferred tax is not recognised when fixed assets are sold and it is more likely than not that the taxable gain will be
rolled over being charged to tax only if and when the replacement assets are sold
deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing
differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted 
by the balance sheet date deferred tax is measured on a nondiscounted basis
turnover
turnover represents amounts receivable for services excluding value added tax turnover is recognised in the
accounting period in which the related services are provided profit is recognised on longterm contracts if the final
outcome can be assessed with reasonable certainty by including in the profit and loss account turnover and related
costs as contract activity progresses turnover is calculated by reference to the value of work performed to date as 
a proportion of the total contract value
25
accounting policies
73888 notes  9108  1210  page 25 tangible fixed assets
tangible fixed assets are stated at cost net of depreciation and any provision for impairment 
depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life
leasehold property 10 on cost
plant and machinery 10 on cost
office equipment 16625 on cost
motor vehicles 25 on reducing balance
stocks and work in progress 
work in progress is valued at the lower of direct cost plus an estimate of attributable overheads and net realisable
value net realisable value is based on estimated selling price less further costs expected to be incurred in the period 
to completion
long term contracts
long term contract work in progress is stated at cost plus where the outcome can be assessed with reasonable
certainty estimated profits attributable to the stage of completion less provision for any anticipated losses and progress
payments received on account amounts recoverable on longterm 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 provision for contingencies and anticipated future losses on contracts are included as longterm
contract balances in stock
leased assets
assets acquired under finance lease or hire purchase agreements with similar characteristics to owned assets are
capitalised and depreciated over the same period as equivalent owned assets and liabilities are set up for the capital
portions of the instalments the interest portions of the instalments are charged to the profit and loss account in the
periods in which they fall due rentals on operating leases are charged to the profit and loss account in the periods 
to which they relate
investments
investments held as fixed assets are stated at cost being purchase consideration and incidental costs less provision
for any permanent diminution in value
pensions
the group operates an insured money purchase pension scheme the group’s contributions are charged to the profit
and loss account each month and paid over to the scheme’s insurers by the end of the following month
sharebased payment
the group has applied the requirements of frs 20 sharebased payment
the group issues share options to certain employees share options are measured at fair value excluding the effect 
of non marketbased vesting conditions at the date of grant the fair value determined at the grant date of the share
options is expensed on a straightline basis over the vesting period based on the group’s estimate of shares that will
eventually vest and adjusted for the effect of non marketbased vesting conditions
26
accounting policies continued
73888 notes  9108  1210  page 26 fair value is measured by use of the blackscholes pricing model the expected life used in the model has been
adjusted based on management’s best estimate for behavioural considerations the inputs into the blackscholes
model were weighted average share price 950p exercise price 950p vesting period 3 years expected dividend
yield nil risk free interest rate 522 volatility 21 the volatility was determined by calculating the historical 
volatility of the company’s share price since it was admitted to the alternative investment market
equity instruments
equity instruments issued by the company are recorded at the proceeds received net of direct issue costs
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
27
73888 notes  9108  1210  page 27 1 segmental reporting
principally all turnover and profits derive from asbestos remediation and consulting and associated activities 
within the uk and consequently no segmental or geographical analysis is presented
2 directors’ remuneration and transactions
total
27 weeks 
ended
salary performance total pension total 30 september
and fees benefits bonus emoluments contributions 2007 2006
£000 £000 £000 £000 £000 £000 £000
nonexecutive directors
david williams 50 – – 50 – 50 –
gordon morrison 27 – – 27 – 27 5 
mark watts 30 – – 30 – 30 –
executive directors
danny spicer 180 14 158 352 18 370 37 
sean nutley 158 13 141 312 18 330 33 
chris sims 57 1 39 97 10 107 –
total 502 28 338 868 46 914 75 
 payable to marwyn llp
 payable to chaldean management ltd
the pension contributions disclosed above were all in respect of money purchase arrangements
options over ordinary shares
the directors had the following interests in share options during the period ended 30 september 2007
as at granted exercised as at exercise period exercise
1 october 2006 in period in period 1 october 2007 fromto price
danny spicer 226000 – – 226000 20092013 805p
– 50000 – 50000 20102014 1500p
226000 50000 – 276000 
sean nutley 226000 – – 226000 20092013 805p
– 50000 – 50000 20102014 1500p
226000 50000 – 276000 
chris sims – 100000 – 100000 20102014 1570p
–100000 – 100000 20102014 1500p
–200000 – 200000 
452000 300000 – 752000 
the market price of the company’s shares as at 30 september 2007 was 1535p  30 september 2006 1005p
and the range during the year was 990p to 1660p 2006 50p to 1005p
28
notes to the consolidated financial statements
for the year ended 30 september 2007
73888 notes  9108  1210  page 28 3 staff costs
group company
27 weeks 27 weeks 
ended ended
30 september 30 september 
2007 2006 2007 2006
£000 £000 £000 £000
staff costs including executive directors
wages and salaries 14356 1382 651 –
social security costs 1663 167 84 –
other pension costs in respect of defined 
contribution schemes 141 6 46 –
16160 1555 781 –
the average number of employees including executive directors was as follows
group company
27 weeks 27 weeks 
ended ended
30 september 30 september 
2007 2006 2007 2006
£000 £000 £000 £000
operatives and supervisors 251 77 – –
contract management and estimating 38 5 – –
surveyors and analysts 73 – – –
administrative staff 70 22 2 –
432 104 2 –
the group operates an insured money purchase pension scheme for the employees the pension charge for the
period represents the contributions payable by the group to the fund
4 operating profit
operating profit is stated after chargingcrediting
27 weeks
ended
30 september
2007 2006
£000 £000
sharebased payment charge 171 28
depreciation
– owned assets 241 16
– assets held under finance leases 315 14
profitloss on disposal of fixed assets 7 3
amortisation of goodwill 1391 191
hire of plant and machinery 1343 250
operating lease rentals – land and buildings 180 15
auditors’ remuneration for statutory audit services
– group 105 30
– company 25 25
auditors’ remuneration for nonaudit services – corporate finance – 15
auditors’ remuneration for nonaudit services – tax services 28 18
in addition to the above the company paid fees of £308000 2006 £368000 to deloitte  touche llp and
associates in respect of corporate finance fees not charged to the profit and loss account
29
73888 notes  9108  1210  page 29 5 net interest and finance charges payable
27 weeks
ended
30 september
2007 2006
£000 £000
interest and finance charges payable
bank loans and overdraft 324 18 
interest on finance leases and hire purchase agreements 79 7 
finance charges on deferred consideration 443 84 
846 109 
interest receivable
interest receivable on bank deposits 72 27
774 82 
6 tax on profit on ordinary activities
analysis of charge in period
27 weeks
ended
30 september
2007 2006
£000 £000
current tax
uk corporation tax on profits for the year 1357 120 
deferred tax note 16
origination and reversal of timing differences 63 21 
tax on profit on ordinary activities 1294 141 
reconciliation of current tax charge
profit on ordinary activities before tax 2166 93 
tax on profit on ordinary activities at standard rate of tax 30 650 28 
effects of
– difference between capital allowances and depreciation 7 20 
– goodwill amortisation 417 57 
– finance charges on deferred consideration 133 25 
– other 99 22 
656 84 
sharebased payment charge 51 8 
current tax charge 1357 120
the tax charge in future periods may be affected by changes in the uk tax legislation
the group earns its profits primarily in the uk therefore the tax rate used for tax on profit on ordinary activities
is the standard rate for uk corporation tax currently 30 per cent
the group’s planned level of capital investment is expected to remain at similar levels of investment therefore
it expects to be able to claim allowances in excess of depreciation in future years at a similar level to the
current year
30
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 30 7 profit of parent company
as permitted by section 230 of the companies act 1985 the profit and loss account of the parent company
is not presented as part of these accounts the parent company’s loss for the year was £1629000
27 week period to 30 september 2006 loss £244000
8 earnings per share
basic earningsloss per share is calculated by dividing the earnings attributable to ordinary shareholders by the
weighted average number of ordinary shares in existence during the period
diluted earningsloss per share is calculated as basic earnings per share adjusted to include dilutive potential
ordinary shares where fair value price exceeds option price relating firstly to shares allotted under employee share
schemes and secondly to a warrant to marwyn neptune fund lp 
adjusted earnings per share is based on the earnings attributable to ordinary shareholders the share based
payment charge amortisation of intangible assets and finance charges on deferred consideration
reconciliations of the earnings and weighted average number of shares used in the calculations are set out below
earnings
2007 27 weeks ended 30 september 2006
earnings per share earningsloss per share
basic diluted basic diluted
£000 pence pence £000 pence pence
earningsloss attributable to
ordinary shareholders 872 24 22 40 02 02
share based payment charge 171 05 04 28 02 02
goodwill amortisation 1391 38 36 191 11 11 
finance charges on deferred 
consideration 443 12 12 84 05 05 
profit for adjusted earnings per share 2877 79 74 263 16 16 
the adjusted numbers have been reported in order that the impact of the above charges against reported profit
can be fully appreciated
number of shares
27 weeks
ended
30 september
2007 2006
weighted average number of ordinary shares used in 
calculation of basic earnings per share 36479265 17805000 
effect of dilutive potential ordinary shares
share options and warrant 2361897 –
weighted average number of ordinary shares used in 
calculation of diluted earnings per share 38841162 17805000 
31
73888 notes  9108  1210  page 31 9 intangible assets
goodwill
£000
group
cost
at 1 october 2006 19730 
additions note 21 22375 
at 30 september 2007 42105 
amortisation
at 1 october 2006 191 
charge for period 1391 
at 30 september 2007 1582 
net book value
at 30 september 2007 40523 
at 30 september 2006 19539 
10 tangible fixed assets
short
leasehold plant and office motor
property machinery equipment vehicles total
£000 £000 £000 £000 £000
group
cost
at 1 october 2006 3 467 98 475 1043 
acquisitions 143 1249 551 857 2800 
additions 69 234 85 633 1021 
disposals – – – 173 173
at 30 september 2007 215 1950 734 1792 4691 
depreciation
at 1 october 2006 1 10 5 13 29 
acquisitions 54 935 334 385 1708 
charge for the year 7 121 86 342 556 
disposals – – – 82 82
at 30 september 2007 62 1066 425 658 2211 
net book value
at 30 september 2007 153 884 309 1134 2480 
at 30 september 2006 2 457 93 462 1014 
assets held under finance leases 
included above
net book value
at 30 september 2007 – 257 – 1027 1284 
at 30 september 2006 – 96 – 390 486 
all of the above assets are held by subsidiary companies
32
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 32 11 investments
company
2007
£000
at 1 october 2006 16408 
shares in group undertakings 24560 
acquisition costs 1898 
at 30 september 2007 42866 
the company acquired redhill analysts ltd on 31 december 2006 and kitsons  ltd and subsidiary
companies on 31 july 2007
details of the principal subsidiary undertakings are as follows
proportion
country of of ordinary
company incorporation shares held principal activity
silverdell uk ltd england and wales 100 asbestos remediation services
silverdell management services llp england and wales – asbestos surveying services
redhill analysts ltd england and wales 100 asbestos consulting services
kitsons group ltd england and wales 100 asbestos remediation services
silverdell management services llp is a limited liability partnership acquired on 21 december 2005 by 
silverdell uk limited which is entitled to 100 of the share of the profits of silverdell management services llp 
the partners in silverdell management services llp are silverdell uk limited and silverdell plc
12 stocks
group
2007 2006
£000 £000
raw materials and consumables 203 43 
work in progress 1075 1402 
1278 1445 
33
73888 notes  9108  1210  page 33
group 13 debtors
2007 2006
group company group company
£000 £000 £000 £000
amounts falling due within one year
trade debtors 15468 – 5909 –
other debtors and prepayments 1667 124 1427 270 
amounts due from group undertakings – 526 – 240 
17135 650 7336 510 
amounts recoverable under long term contracts included in trade debtors above
2007 2006
group group
£000 £000
longterm contract balances
net cost less foreseeable losses 8646 6998 
less applicable payments on account 7408 6107
1238 891 
amounts falling due after more than one year
2007 2006
company company
£000 £000
amounts due from group undertakings 6300 5996
the above amount is due from silverdell uk limited and the company has given an undertaking to give at least
12 months’ notice before requesting repayment of all or part of it
14 creditors – within one year
2007 2006
group company group company
£000 £000 £000 £000
bank overdraft – 741 886 –
bank loans 2150 2150 – –
hire purchase  finance lease 483 – 140 –
trade creditors 3822 – 2008 159 
corporation tax 1932 – 232 –
other taxation and social security 2208 – 822 –
other creditors and accruals 2374 404 1004 –
deferred consideration 3000 3000 – –
amounts due in respect of acquisitions 1825 1825 – –
amounts due to subsidiary undertakings – 1000 – –
17794 9120 5092 159 
34
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 34 14 creditors – after more than one year
2007 2006
group company group company
£000 £000 £000 £000
hire purchase  finance lease 529 – 336 –
bank loans 6850 6850 ––
7379 6850 336 –
15 financial instruments
the group’s policies and strategies relating to risk and financial instruments are set out on page 19 accounting
policies in respect of financial instruments are set out on page 27
financial liabilities
the maturity profile of the group’s financial liabilities at 30 september 2007 was as follows
2007 2006
group company group company
£000 £000 £000 £000
in one year or less or on demand
deferred consideration 3000 3000 ––
bank loans and overdrafts 2150 2891 886 –
finance lease liabilities 483 – 140 –
5633 5891 1026 –
in more than one year but not more than two years
bank loans 1900 1900 ––
finance lease liabilities 417 – 148 –
2317 1900 148 –
in more than two years but not more than five years
bank loans 4950 4950 ––
deferred consideration –– 2603 –
finance lease liabilities 112 – 188 –
5062 4950 2791 –
total 13012 12741 6568 –
financial assets
cash at bank and in hand 1418 – 3300 3157
short term debtors and creditors have been omitted from all disclosures
35
73888 notes  9108  1210  page 35 15 financial instruments continued
borrowing facilities
as at 30 september 2007 the group had an undrawn committed revolving credit facility of £6000000 and 
an overdraft facility of £2000000 all of which expires within one year
the group’s bank overdraft and loan facilities are secured by debentures over the assets of the group the
debenture agreement includes a fixed and floating charges over the assets of the group finance lease 
liabilities are secured on the assets to which the contracts relate
the bank loan is at both fixed and variable rates of interest £5000000 is subject to an interest rate swap the
amount amortises by £250000 per quarter and the rate on the amortised amount is fixed at 58 the remainder
of the loan is at a variable rate over libor the overdraft is at variable rate over bank base rate the debentures
agreement includes a fixed and floating charges over the assets of the group the finance leases are at variable
rates of interest the weighted average interest rate on the fixed rate facilities is 58 for a weighted average
period of 4 years no interest is payable on the deferred consideration
fair values of financial assets and liabilities
the following table provides a comparison by category of the carrying amounts and the fair values of the group’s
financial assets and financial liabilities at 30 september 2006 and 2007 fair value is the amount at which a
financial instrument could be exchanged in an arm’s length transaction between informed and willing parties 
other that a forced or liquidation sale and excludes accrued interest where available market values have been
used to determine fair values set out below the table is a summary of the methods and assumption used for 
each category of financial instrument
2007 2006
book value fair value book value fair value
£000 £000 £000 £000
primary financial instruments held
short term borrowings 2633 2633 1026 1026
long term borrowings 7379 7379 336 336
cash at bank and in hand 1418 1418 3300 3300 
derivative financial instruments held to manage the interest rate profile
interest rate swap
changes in the value of the swap as a result of changes in interest rates are not included in the book value of the
relevant asset or liability
36
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 36 15 financial instruments continued
summary of methods and assumptions
short term deposits and borrowings the fair value of short term deposits loans and overdrafts
approximates to the carrying amount because of the short
maturity of these instruments
interest rate swap fair value is based on market price of comparable
instruments at the balance sheet date
as explained on page 19 the group’s policy is to hedge interest rate risk using interest swaps
the table below shows the extent to which the company has offbalance sheet unrecognised losses in respect
of financial instruments used as hedges at the beginning and end of the year it also shows the amount of such
gains and losses which have been included in the profit and loss account for the year and those gains and losses
which are expected to be included in the profit and loss account of subsequent years the company has no
onbalance sheet deferred gains or losses
all the gains and losses on the hedging instruments are expected to be matched by losses and gains on the
hedged transactions or positions
hedges
2007 2006
total net total net
gainslosses gainslosses
gains losses gains losses
£000 £000 £000 £000 £000 £000
gains and losses on hedges 
at 1 october 2006 – – – –––
arising in previous years included in
2007 income ––– –––
gains and losses not included in 
2007 income 86 – 86 –––
gains  losses arising before 
1 october 2006 ––– –––
arising in 2007 not recognised in 2007 – – – –––
unrecognised gains and losses on 
hedges at 30 september 2007 86 – 86 –––
of which
gains and losses expected to be included 
in 2008 income 21 – 21 –––
gains and losses expected to be included 
in 2009 income or later 65 – 65 –––
37
73888 notes  9108  1210  page 37 16 provisions for liabilities and charges
deferred deferred
taxation consideration other total
£000 £000 £000 £000
group
at 1 october 2006 61 5206 1001 6268 
credited to profit and loss account 63 – – 63
acquisition of subsidiary undertakings 32 – – 32 
reclassification to creditors – 3000 – 3000
unwinding of discount – 443 – 443 
at 30 september 2007 30 2649 1001 3680 
deferred deferred
taxation consideration other total
£000 £000 £000 £000
company
at 1 october 2006 8 5206 – 5198 
credited to profit and loss account 51 – – 51
reclassification to creditors – 3000 – 3000
unwinding of discount – 443 – 443 
at 30 september 2007 59 2649 – 2590 
under the terms of the acquisition agreements in respect of silverdell uk limited and of redhill analysts limited
there is provision for the payments of deferred consideration
the acquisition in agreement of silverdell uk limited provides for a payment of up to £6m in two equal tranches
depending on certain performance criteria of silverdell uk limited in the years ended 30 september 2007 
and 2008 the amount due of £3m in respect of year ended 30 september 2007 has been included in 
current liabilities the deferred consideration may be satisfied by the issue of loan notes and ordinary shares 
in equal proportions
in accordance with the requirements of frs 25 this has been discounted back to its present value at the date of
acquisition the discount is treated as a finance charge as time elapses until the date the consideration is paid
the discount rate chosen is 85
the vendors of redhill analysts limited may be paid up to £15m to be satisfied by £1125m in cash and
£375000 in issue of ordinary shares based on certain performance criteria in the year to 31 december 2007
the directors consider that the performance criteria will not be met and consequently no provision or liability
has been recognised
the provision for deferred taxation in both years is entirely in respect of accelerated capital allowances and
sharebased payment charge this is not discounted
in 2006 the group recorded a provision of £10m in respect of a contingent liability arising on the acquisition 
of silverdell uk limited as required by uk accounting standards the company has a corresponding asset
relating to the indemnities from the vendors of silverdell uk limited in respect of this provision
38
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 38 17 called up share capital
2007 2006
number £000 number £000
authorised ordinary shares of 10p each 100000000 10000000 100000000 10000000 
allotted called up and fully paid ordinary shares 
of 10p each
at 1 october 32201055 3220 ––
share placing 5333333 533 27400000 2740 
issued to vendors as partial consideration in 
respect of acquisitions 3149039 315 4801055 480 
at 30 september 40683427 4068 32201055 3220 
equitysettled share option scheme
the company has a share option scheme for certain employees of the group options are exercisable at a price
equal to the average quoted market price of the company’s shares on the date of grant the vesting period is 
three years if the options remain unexercised after a period of five years from the date of grant the options expire
options are forfeited if the employee leaves the group before the options vest
details of the share options outstanding during the year are as follows
2007 2006
weighted weighted
number average number average
of share exercise price of share exercise price
options £ options £
outstanding at beginning of period 2762592 0805 ––
granted during the period 915000 1388 2805216 0805 
forfeited during the period 71040 0805 42624 0805 
exercised during the period –– ––
outstanding at the end of the period 3606552 0953 2762592 0805 
exercisable at the end of the period 3606552 0953 
the options outstanding at 30 september 2007 had a weighted average remaining contractual life of 601 years
in 2007 options over 415000 shares were granted on 4 january 2007 over 150000 shares on 12 june 2007
and over 350000 shares on 25 september 2007 the aggregate of the estimated fair values of the options
granted on those dates is £127m in 2006 options were granted on 19 july 2006 the aggregate of the
estimated fair values of the options granted on those dates is £226m
the inputs into the blackscholes option pricing model are as follows
2007 2006
weighted average share price 95p 805p
weighted average exercise price 95p 805p
expected volatility 2104 21
expected life 3 years 3 years
riskfree rate 522 519
expected dividend yield 0 0
expected volatility was determined by calculating the historical volatility of the group’s share price over the 
previous 15 years 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
39
73888 notes  9108  1210  page 39 18 share premium account and reserves
share profit and 
premium equity other loss
account reserve reserves account total
£000 £000 £000 £000 £000
group
at 1 october 2006 13649 28 4081 40 17718 
premium arising on shares issued
in the year – – 11152 – 11152 
sharebased payment charge in the year – 171 – – 171 
retained profit for the year – – – 872 872 
at 30 september 2007 13649 199 15233 832 29913 
share profit and 
premium equity other loss
account reserve reserves account total
£000 £000 £000 £000 £000
company
at 1 october 2006 13649 28 4081 264 17494 
premium arising on shares issued 
in the year – – 11152 – 11152 
sharebased payment charge in the year – 171 – – 171 
retained loss for the year – – – 1629 1629
at 30 september 2007 13649 199 15233 1893 27188 
other reserves are not distributable and relate to the premium arising on
i shares issued as consideration for the acquisition of subsidiary companies and
ii warrants issued to marwyn neptune fund lp in consideration for their participation in the placing of shares 
on 19 july 2006
19 reconciliation of movement in shareholders’ funds
2007 2006
£000 £000
profitloss for the financial period 872 40
sharebased payment charge credited to equity reserve 171 28 
proceeds on issue of shares 12000 21637 
costs of issue of shares – 687
13043 20938 
opening equity shareholders’ funds 20938 –
closing equity shareholders’ funds 33981 20938 
40
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 40 20 analysis of net debt
leasing 
cash hire purchase
in hand overdraft subtotal bank loans agreements total
£000 £000 £000 £000 £000 £000
at 1 october 2006 3300 886 2414 – 476 1938 
cash flow 1882 886 996 – 357 639
acquisition – – – – 309 309
new agreements – – – 9000 583 9583
at 30 september 2007 1418 – 1418 9000 1011 8593
during the year the group entered into finance lease arrangements in respect of assets with a total capital value 
at the inception of the leases of £583000 2006 £220000 a certain proportion of the consideration for the
acquisition and disposal of subsidiary undertakings during the year comprised shares further details are given 
in notes 17 and 21
21 acquisitions
on 31 december 2006 the company acquired 100 of the issued share capital of redhill analysts limited for
consideration comprising the issue of 1815706 ordinary shares of 10p each in the company £621m in cash
plus acquisition expenses of £049m the fair value of the total consideration was £870m
on 31 july 2007 the company acquired 100 of the issued share capital of kitsons group limited for
consideration comprising the issue of 1333333 ordinary shares of 10p each in the company and £1435m in 
cash plus acquisition expenses of £141m of which £155m was expended after the yearend the fair value
of the total consideration was £1776m
in accordance with sections 131 and 133 of the companies act 1985 the company has taken no account
of any premium on the shares issued and has recorded the cost of the investment at the nominal value of the
shares issued plus the fair value of the other consideration the resulting difference arising on consolidation
has been credited to other reserves
the following table sets out the book values of the identifiable assets and liabilities acquired and their fair value
to the group
redhill kitsons total
book value kitsons kitsons other kitsons fair value
 fair value book value revaluation items fair value to group
£000 £000 £000 £000 £000 £000
fixed assets
intangible – 176 176 – – –
tangible 659 432 – – 432 1091 
current assets
stocks 891 532 – – 532 1423 
debtors 1136 3805 – – 3805 4941 
cash 6 1614 – – 1614 1620 
total assets 2692 6559 176 – 6383 9075
creditors
credit factoring agreement 264 – – – – 264 
hire purchase 290 19 – – 19 309 
trade creditors 71 1404 – – 1404 1475 
accruals 639 980 – 216 1196 1835 
provisions 15 7 – 10 17 32 
taxation 215 902 – 40 862 1077 
total liabilities 1494 3312 – 186 3498 4992
net assets 1198 3247 176 186 2885 4083 
41
73888 notes  9108  1210  page 41 21 acquisitions continued
redhill kitson total
£000 £000 £000
goodwill 7502 14873 22375 
consideration 8700 17758 26458 
satisfied by
shares issued to vendors 2000 2000 4000 
share placing – 8000 8000 
cash – expended during year 6700 5933 12633 
– expended after yearend – 1825 1825 
8700 17758 26458 
net cash outflows in respect of the acquisition comprised £000
cash consideration expended during the year 6700 5933 12633
cash at bank and in hand acquired 6 1041 1047 
short term investments acquired – 573 573 
credit factoring agreement acquired – 264 264
6694 4583 11277
redhill analysts limited earned a profit after taxation and minority interests of £466000 in the year ended 
31 december 2006 £577000 in the year ended 31 december 2005 the summarised profit and loss account 
for the period from 1 january 2006 to 31 december 2006 shown on the basis of the accounting policies of 
redhill analysts limited prior to the acquisition is set out below
the trading subsidiary of kitsons group limited is kitsons environmental europe limited keel keel earned 
a profit after taxation and minority interests and before an exceptional item of £680000 relating to writing off of
dormant intercompany balances of £978000 in the nine months ended 30 september 2007 £1051000 in the
year ended 31 december 2006 of which £765000 arose in the period from 1 january 2007 to 31 july 2007 
the summarised profit and loss account for the period from 1 january 2006 to 31 december 2006 shown 
on the basis of the accounting policies of keel prior to the acquisition is set out below
kitsons
redhill environmental
analysts limited europe limited
year to year to 
31 december 31 december
2006 2006
£000 £000
profit and loss account
turnover 6068 18680 
cost of sales 2460 14089
gross profit 3608 4591 
other operating income – 42 
other operating expenses net 2905 3162
operating profit 703 1471 
interest receivable 1 65 
finance charges net 30 6
profit on ordinary activities before taxation 674 1530 
tax on profit on ordinary activities 208 479
profit on ordinary activities after taxation 466 1051 
dividends 150 –
retained profit for the period 316 1051 
neither company had recognised gains or losses other than the retained profit for the period
42
notes to the consolidated financial statements continued
for the year ended 30 september 2007
73888 notes  9108  1210  page 42 22 contingent liabilities and financial commitments
i capital commitments
capital expenditure authorised and contracted for at 30 september 2007 for which no provision has been made
in these accounts amounted to £25000 2006 £25000
the capital commitments for the company were £nil 2006 £nil
ii the group has the following annual commitments under noncancellable operating leases
land  and buildings other
2007 2006 2007 2006 
£000 £000 £000 £000
rentals due in next year on operating leases which expire
within one year 50 – 42 –
between one and five years 74 41 257 –
after five years 31 38 122 –
155 79 421 –
23 related party transactions
the company has taken advantage of the exemption under frs 8 related party transactions not to disclose
details of transactions between wholly owned group companies
during the year to 30 september 2007 the company paid £641000 to marwyn capital llp for corporate finance
services and directors fees 27 weeks ended 30 september £351000 and £6000 to marwyn partners limited
for office services 27 weeks ended 30 september 2006 £28000
david williams and mark watts are partners in marwyn capital llp and marwyn investment management llp
and shareholders in marwyn investments group limited which owns 100 of marwyn partners limited 
marwyn neptune fund lp is managed by marwyn investment management llp and beneficially owns shares 
and warrants in the company
during the year to 30 september 2007 kalistar llp  a partnership of certain of the executive directors 
of silverdell uk ltd charged £36000 27 weeks ended 30 september 2006 £12000 for the provision 
of cars used by some of the directors of silverdell uk ltd at the end of the year £nil remained outstanding
2006 £12000
one property occupied by silverdell uk limited is owned by the pension fund in which danny spicer and 
sean nutley have an interest the property is subject to a market rent of £18000 paid during the year 
27 weeks ended 30 september 2006 £nil
24 post balance sheet events
on 1 october 2007 silverdell uk limited acquired the entire issued share capital of swift asbestos 
holdings ltd for a consideration of approximately £16m in cash
25 controlling party
the company’s shares are traded on the alternative investment market of the london stock exchange and
there is no party owning more than 50 of the company’s shares
43
73888 notes  9108  1210  page 43 44
location map
silverdell uk ltd
1 barking head office
2 bradford
3 cardiff
4 exeter
5 leicester
6 shepherd’s bush
7 southampton
redhill analysts ltd
1 birmingham
2 cardiff
3 leeds
4 newdigate head office
kitsons environmental europe ltd
1 aldermaston
2 billingham
3 glasgow
4 pembroke
5 warrington head office
6 birmingham
1
2
5
7
6
4
3
5
6
1
2
1
3
2
4
3
4
73888 notes  9108  1210  page 44 by the very nature of our work improving the quality of the environment in
which we live is significant we assist clients in making informed decisions 
in relation to the wider environmental impacts and responsibilities client
benefits include reducing wasted resources consumed in management
design production and the costs of change a critical aspect of planning
we comply with all relevant legal obligations and regulations concerning the
environment successfully adopting an approach of continuous improvement to
environmental protection measures iso 14001 and ohsas 18001 accreditations
have been achieved throughout the group detailed environmental assessments
and environmental method statements are undertaken as part of the planning
process
silverdell seek to minimise energy costs throughout and keep waste materials to 
a minimum we are passionate about recycling embracing wrap principles where
possible and dispose of waste by the safest  most responsible means available
so as to reduce the environmental impact we are committed to working
considerately and sensitively at all site destinations
planning produced effective asbestos management plans for many corporate
bodies within the public private and industrial sectors on existing buildings
infrastructure and on brownfield sites
energy water savers hippos and percussion taps have been installed at main
offices time delayed lighting at main offices reduces energy consumption
vehicles our modern vehicles are pooled we have a journey policy and vehicle
management and maintenance is stringent vehicles are changed at 3 years or
100000 miles responsible driving is actively encouraged corporately
plant an extensive portfolio of plant is maintained both inhouse and through
approved suppliers the need for the hiring of inefficient plant upon which our
operators may be unfamiliar is reduced current and historic maintenance records
are retained to confirm compliance with manufacturers instructions
recycling metal frames for enclosures are used in preference to traditional
wooden frames that have to be discarded at the end of every job paper is
conserved utilising the reverse side for all uses where there is no presentation 
to an external client
technology silverdell have developed innovative audiovisual technologies new 
to the industry designed to reduce potential exposure to asbestos and reduce
potential spread of fibres resulting from people entering a contaminated area
partnering where longer term frameworks can be established we achieve
reductions in cost time accidents and defects whilst increasing the predictability
of cost and time productivity and profitability for clients through better
understanding of partnerclient wants and needs
reducing carbon emissions
silverdell are committed to reducing our carbon footprint and have invested 
in green belt land in keeston kent where 7000 native sapling trees have been
planted the project provided the opportunity for local primary schools to plant
trees and learn about the natural environment – an initiative supported by the
forestry commission and rspb
silverdell are committed to investing in new sustainable plantations with the number
of saplings planted proportionate to volume of trade projects working with clients
have also born fruit designed to reduce the effects of carbon emissions
environment
73888 cover  9108  1219  page 4 report and accounts
this report has been printed and mailed at source in england
all inks are vegetable based and the paper is environmentally friendly 
elemental chlorine free material with a high element of recycled contents processed 
from a sustainable forest the mill is fully fsc forestry stewardship council certified 
the paper is also completely bio degradable and recyclable the cover laminate is 
biodegradable
emas  verified environmental
management produced at an
emas registered mill
iso 14001
produced at a mill that holds
iso 14001 certification
fully recyclable and biodegradable
elemental chlorine free
silverdell plc
1 buckingham 4 st london wc2n 6df tel 020 7004 2744
wwwsilverdellplcuk
registered office 20 blackfriars lane london ec4v 6hd
73888 cover  9108  1219  page 1


Summary:
 this is the first full year’s trading of silverdell plc after its
admission to aim as bow lane capital plc in april 2006
and the acquisition of silverdell uk limited in july 2006
it has been a year of substantial development in line
with our stated strategy of providing a nationwide 
“onestopshop” for asbestos services
at 30 september 2006 the group comprised silverdell
uk limited “silverdell uk” one of the largest and
best known asbestos remediation businesses with a
relatively small consulting division based in the south
east but with offices in the midlands yorkshire and
south wales silverdell uk provided the platform for
future expansion
silverdell uk has had another record year in its first
year as part of the quoted group turnover increased 
by 42 to £305m and operating profit by 369 to
£46m before a share of central costs this was an
excellent performance well ahead of expectations and
reflects the professionalism and dynamism of the people
in the business silverdell uk won the construction
news award for asbestos contractor of the year for the
second year running in may 2007 and the contract
journal award for sme contractor of the year in
october 2007 demonstrating the high regard in which
the company is held amongst its customers and peers
silverdell uk continues to develop longterm
relationships with its customer base it has built an
enviable record of professionalism and service that 
is second to none in the industry and continues to 
win business from new customers such as marks 
 spencer and shell
silverdell uk devotes significant time and resource
to health and safety and training the company has
an exemplary record in respect of health  safety
executive “hse” inspections and silverdell uk’s
health  safety director has recently been appointed to
a group role in order to extend best practice to all group
companies during the year we introduced an industry
first – a fully equipped mobile training suite that can be
taken to customers’ sites to provide training with
minimum disruption
redhill analysts limited “redhill analysts” was
acquired by silverdell plc in december 2006 redhill
analysts is an asbestos and environmental consultancy
business whose turnover principally arises from
asbestos surveys onsite air monitoring of remediation
activities and the provision of asbestos management
plans in the nine month period since its acquisition
redhill analysts turnover was £45m and its operating
profit was £07m before a share of central costs this
was slightly behind expectations caused by the market
being somewhat slower in the summer months and the
requirement to add resource in anticipation of growth in
200708 which is underpinned by the very recent client
win of thames water
redhill analysts is a very well known and respected
name in asbestos consultancy and has been a
prominent member of the asbestos removal
contractors association for a number of years 
it has ukas and iso accreditation 
since the acquisition there has been an increasing
trend towards joint tendering and sharing of information
between the group companies redhill analysts is
benefiting from such opportunities and some large
contracts started in the autumn
on 31 july 2007 silverdell plc acquired kitsons group
limited the ultimate owner of kitsons environmental
europe limited “kitsons” kitsons specialises in
asbestos remediation in the nuclear industrial and
petrochemical sectors with a head office in the north
west and branch offices in the midlands the north
east and scotland it complements the group offering
well the group now has branch representation
throughout the uk 
kitsons has some very long standing customer
relationships built on reliable and high quality service
delivery as well as significant visibility of income by
virtue of several longterm preferred supplier
relationships the company has been successful in
recent asbestos remediation related tenders for nuclear
power station decommissioning and has recently
commenced work at chapelcross it is well positioned
to win further tenders due within the next twelve
14
chief executive’s review
extra tower – houses of
parliament surveyed by
redhill analysts
73888 pre  9108  1200  page 14 15
months additionally kitsons carries out
corrosion remediation for large bluechip
clients and has a scaffolding business
principally for inhouse purposes
trading in the two months that kitsons has
been in the group has been very satisfactory
and in line with expectations with turnover
of £37m and operating profit of £03m
before a share of central costs
kitsons has full iso accreditation iso 9001
iso 14001 and iso 18001 and an excellent
track record with the hse
on 1 october 2007 silverdell uk acquired
swift asbestos holdings limited “swift”
in line with our strategy of acquiring
earnings enhancing businesses that
complement our existing offering based 
in southampton where silverdell uk had
no market presence swift specialises in
asbestos remediation in the hotel sector
swift has been rebranded “silverdell” and
has been successfully integrated into
silverdell uk
there are substantial opportunities to
leverage the benefits of the new group
structure over the forthcoming months we
have already submitted tenders for work on
a group basis and this approach has been
well received in the market place work is
underway on cost synergies with some early
gains already in the areas of equipment hire
and insurance
the asbestos services market continues 
to look favourable and the group is uniquely
placed to take advantage of this in terms 
of both organic growth and further
acquisitions if and when the right
opportunities arise
danny t spicer
chief executive officer
73888 pre  9108  1200  page 15