annual report 
and accounts
2006
a journey of 
clinical excellence 01 highlights
02 chairman’s statement
04 chief executive’s review
06 therapeutic and geographic focus
08 financial review
10 board of directors
11 report of the directors
17 statement of directors’ responsibilities
18 independent auditors’ report
20 group profit and loss account
21 group balance sheet
22 company balance sheet
23 group cash flow statement
25 notes to the financial statements
43 notice of annual general meeting
45 proxy form
47 group information
48 principal locations
premier research group plc is a major international
contract research organisation cro with offices
covering the whole of europe and the united states
premier research is committed to delivering
excellent service to its customers using the highest
scientific standards intimate local knowledge and
stateoftheart technology all premier research
employees are committed first and foremost to
fulfilling each customer’s requirements in a timely
accurate and costeffective manner
report and accounts 2006  
contents premier research annual report and accounts 2006 01


Summary:
 as chairman of premier 
research group plc i have 
great pleasure in presenting
this year’s results it has been 
a period of significant progress 
for the group and we have
achieved excellent results whilst
continuing to build the foundations
for future growth
02 premier research annual report and accounts 2006 it is with pleasure that i present my
report for premier research group’s
first full year of trading since it was
admitted to aim in december 2004
i can report that it has been a year of
excellent growth both organically
and by way of acquisition with
turnover up by 77 to £165m and
operating profit rising by 143 to
£37m our declared intent when
going to aim was to grow the group
on a buyandbuild strategy which
has been achieved with three
acquisitions in the past twelve
months all with the common thread
of remaining within our core areas of
competence providing balanced
growth between europe and the usa
and giving us the ability to quote for
and handle larger contracts in
addition we now have a
geographical footprint across eastern
europe enabling a wider spread for
our clinical trials
the key to any acquisition strategy is
the ability to integrate fully those
companies being acquired with a
minimum of disruption and as
speedily as possible i am delighted
to report that this has been achieved
and is reflected in the results
announced to the market
i made mention last year of the need
to recognise the major contribution
made by our loyal and supportive
shareholder base particularly as
regards supporting a strategy
balancing capital growth from an
increasing share price and income
from dividends our strategy of buy
andbuild puts demands on our need
to look for both bank and
shareholder support particularly
where there are heavy oneoff cash
demands following acquisitions for
this reason your board believe it is
premature to declare a dividend this
year preferring to retain cash within
the business to fund growth and it is
my hope that our shareholders will
recognise and support this strategy
given the increase in share price over
the last 12 months
the results with which you are now
presented are in line with market
expectation but this achievement
would not have been possible
without the total support hard work
and commitment of our people and i
am delighted on behalf of both the
board and our shareholders to pay
wholesome tribute to each and every
one of them
last year i concluded my report by
saying that the group was in good
shape and poised to take advantage
of growth opportunities the results
have underlined that thinking and i
am confident that 2006 will see us
equipped and ready to build on this
solid foundation continuing to grow
the group on the same buyand
build strategy as we committed to
from the start
our vision is simple it is to build the
group into a major cro expanding
into other therapies as we see the
need and opportunity and to ensure
that our shareholders are suitably
rewarded for their loyal support
geoffrey forster
chairman
premier research annual report and accounts 2006 03
the results for the year to 31 january 2006 show that 
the company is in robust health and benefiting from 
the integration of the three businesses acquired 
during the past year  
chairman’s statement  
geoffrey forster