novar plc
novar house
24 queens road
weybridge
surrey kt13 9ux
england
telephone 44 0 1932 850 850
fax 44 0 1932 823 328
website wwwnovarcom
annual report 
and accounts 2003
novar plc annual report and accounts 2003
969fcbc  18304  348 pm  page 1 

Summary:
 01
• share gains in all sectors with markets down
• reported sales of £1431m grew 2 in constant
currencies and after contribution from acquisitions 
of £21m
1

• adjusted group operating profits
2
of £106m made
progress before increased pension charges of £13m 
and negative currency impact of £4m acquisitions
contributed £3m
• headline earnings per share
3
of 112p grew 16 
before adverse pension and currency impacts of 26p
• a £93m non cash goodwill impairment charge leads 
to reported statutory group operating loss of £30m
and reported statutory loss per share of 179p
• cash inflow from operating activities grew 9 to £131m 
• proposed full year dividend maintained at 95p
notes
1 the stated incremental impact of acquisitions relates to businesses acquired in 2003 and 2002
2 adjusted group operating profit is calculated from statutory group operating loss of £30m 
adjusted for an exceptional goodwill impairment charge of £93m goodwill amortisation of £24m 
and restructuring of £19m
3 headline earnings per share are defined as statutory reported loss per share adjusted for exceptional 
items and goodwill impairment and amortisation 
highlights
novar annual report 2003
highlights
9690105  18304  1252 pm  page 01