optimisa plc
annual report and financial statements
for the year ended 31 december 2007
company no 3860539 optimisa plc
financial statements for the year ended 31 december 2007
company information
company registration 3860539
registered office 2nd floor
209215 blackfriars road
london
se1 8nl
directors r f littleboy chairman
s j dannatt chief executive
d b rankin director
j d h waters director
r c porter nonexecutive director
j humpish nonexecutive director
appointed 26 february 2008
secretary j d h waters
bankers barclays bank plc
1 park row
leeds
ls1 5wu
solicitors hro grant dawe llp
1 hammersmith grove
hammersmith
london
w6 0nb
independent auditors pricewaterhousecoopers llp
chartered accountants and registered auditors
benson house
33 wellington street
leeds
ls1 4jp
nominated adviser and broker noble and company limited
120 old broad street
london
ec2n 1ar
registrars capita registrars plc
northern house
woodsome park
fenay bridge
huddersfield
west yorkshire
hd8 0la optimisa plc 1
financial statements for the year ended 31 december 2007
index
page
highlights 2
chairman’s statement 3
chief executive’s review 4
report of the directors 7
corporate governance statement 13
independent auditors’ report to the members of optimisa plc 15
consolidated income statement 17
consolidated statement of recognised income and expense 18
consolidated balance sheet 19
consolidated cash flow statement 20
notes to the consolidated financial statements 21
independent auditors’ report to the members of optimisa plc 51
parent company balance sheet 53
notes to the parent company financial statements 54
notice of annual general meeting 63 optimisa plc 2
financial statements for the year ended 31 december 2007
highlights
● revenue up from £589m in 2006 to £1142m in 2007 an increase of 94
● gross profit growth from £462m in 2006 to £809m in 2007 an increase of 75
● adjusted profit before tax up from £075m in 2006 to £136m in 2007 an increase of 81 see
note 1
● profit before tax in 2007 increased to £126m from £073m in 2006
● nxtmove corporation nxtmove and andrew irving associates limited aia strongly
earnings per share enhancing in 2007
● adjusted earnings per share up 34 to 1837p 2006 1369p see note 1
● basic earnings per share up 27 to 1665p 2006 1315p
● on 19 october 2007 eq group plc eq was acquired for a total consideration £1313m
including debt of £616m
● a placing of 600000 shares in october 2007 raising £745m net of expenses
● a subdivision of ordinary shares on a six for one basis in october 2007
● total equity shareholders’ funds rose to £1265m at 31 december 2007 2006 £443m
● net debt of £372m at 31 december 2007 2006 nil
● 2007 final dividend 30p total 2007 dividend 467p an increase of 25 2006 375p
● excluding acquisitions headcount increased by 27 to 71 in the year ended 31 december 2007
including acquisitions headcount increased to 200 115 at eq and 14 at report international
limited ril
● integration of eq financial and it back office systems including the launch of a group wide
intranet for knowledge management
● we have strengthened the executive management team with the recruitment of a group business
development director in 2007 and new ceos for quaestor research  marketing strategists
limited quaestor buckingham research associates limited buckingham and kae marketing
intelligence limited kae in 2008
note 1
reconciliation reported profit before tax to adjusted profit after tax
2007 2006
£’000 £’000
reported pbt 1257 728
amortisation of customer contracts and relationships 104 26
adjusted pbt 1361 754
taxation 253 97
adjusted pat 1108 657
adjusted eps pence 1837 1369
basic eps pence 1665 1315 optimisa plc 3
financial statements for the year ended 31 december 2007
chairman’s statement
i am pleased to report that the 2007 results exceeded even our high expectations with adjusted earnings
per share eps up 34 to 1837p in addition we more than doubled the size of your company with
the acquisition of eq group plc eq in october 2007 for a total cost of £1313m including debt of
£616m
eq transforms optimisa’s service offering client base and capacity and thereby underpins the long term
growth prospects of the group we are confident that it will meet our demanding investment criteria in
2008 and beyond
the excellent results for the year ended 31 december 2007 reflect the continuing success of our growth
strategy we invest in our people and infrastructure with the objective of maintaining organic growth in
all our business units of over 10 per annum over the long term this target was well exceeded in 2007
in addition we acquired businesses which are expected to be earnings enhancing in their first full year
with a similar objective of providing longer term organic growth of at least 10 pa i am happy to
report that both nxtmove corporation nxtmove and andrew irving associates limited aia
bought in 2006 were strongly earnings enhancing in 2007 eq and report international limited ril
both acquired in 2007 had little overall impact on earnings last year however we are confident that
they will both be earnings per share enhancing in 2008 and make a significant contribution to the overall
results 
the acquisition of eq in october 2007 was funded from a combination of £745m raised from an
equity placing our cash resources including overdraft of £193m and £375m of bank loans our strong
cash flow enabled us to bring net debt down to £372m by 31 december 2007
our balance sheet remains strong and should benefit from sustained strong cash generation during 2008
with borrowing facilities of £550m we are well placed to continue our buy and build strategy if the
opportunities arise nevertheless the opportunity to raise margins at eq nearer to the kae marketing
intelligence limited kae levels will alone provide a major engine for growth as will the benefits of our
continuing investment in our people throughout the enlarged group
2007 has been an exciting and challenging year and we are extremely pleased with the outcome the
current year poses different challenges which we believe will be as exciting and successful we have
already strengthened the top management team and more senior hires are expected we are looking at
potential opportunities to expand geographically into both north america and the far east at minimal
cost or risk
to date there has been little impact on our businesses from the current financial turmoil or the slow
down in the us economy although we are prepared for some impact we are confident that we are well
placed to continue to show well above average growth even against a markedly less benign overall
economic background it should be appreciated that our high value added marketing consultancy services
are generally a very tiny proportion of our blue chip clients overall marketing spend and tend to be far
more resilient to any cut backs as a result of a slow down in the major economies
your board and management team remain highly focused on shareholder value our excellent record of
growth in sales profit and earnings per share over the last two years and our prospects in 2008 and
beyond has however not made our share price immune from the recent stock market declines
consequently we will continue to monitor the attractions of purchasing our own shares for cancellation
and have shown our confidence in the future by raising the 2007 dividend by 25 to 467p
r f littleboy 
chairman optimisa plc 4
financial statements for the year ended 31 december 2007
chief executive’s review
i am very pleased to report that 2007 was another year of outstanding performance the business has
virtually doubled in size in the year with revenue rising from £589m in 2006 to £1142m in 2007 an
increase of 94 gross profit also increased substantially from £462m in 2006 to £809m in 2007 an
increase of 75 as a consequence of both further organic growth and the full impact of the acquisition
of eq we expect the business to double in size in the coming year
adjusted profit before tax was above target increasing by 81 from £075m in 2006 to £136m in 2007
we started the year with an exceptionally strong core business in the form of kae our marketing
strategy and market analysis consulting operation supported by the highly talented qualitative research
agency aia in the uk and nxtmove specialists in market analysis and strategic decision support in
the us
these businesses once again exceeded our high expectations expanding both the depth of their
relationships with longstanding clients and the breadth of clients served in addition consistent with our
operational integration strategy we made significant advances in developing group wide best practice
business operations this had a positive impact internally but more importantly in improving the range
and quality of services offered to our clients and helping the performance of the group overall
as an example organic growth in revenue for kae alone was over 33 operating margins at kae
before central costs were well in excess of 20 
the results for the year to 31 december 2007 include an eight month contribution from ril which was
acquired on 2 may 2007 and slightly over two months of contribution from the companies within eq
which was acquired on 19 october 2007 
ril is a long established media analysis company with an impressive client base in the uk europe and
north america and a network of analysts in over 40 countries around the world we had known the
management for some time and saw an opportunity to expand the business into digital blog and new
media analysis alongside the more traditional services it has taken longer than planned to restructure the
business and a small loss was made in the eight month period ended 31 december 2007 however ril
is now profitable and making steady positive progress and we expect an earningsenhancing performance
in the full year 2008
the acquisition of eq has transformed the optimisa business on an annualised basis the business had
revenue of £1039m larger than the annualised revenue of the optimisa group pre the eq group
acquisition at acquisition it had a headcount of around 110 people also larger than the 82 in the
optimisa group at that point however margin performance was significantly below that enjoyed by
optimisa at less than 10 the combination of the businesses has provided an opportunity to enhance
the overall performance of optimisa both by improving the profitability of the eq companies and by
cross selling and increasing our spread of overheads in addition we have diversified both our service
range and sector exposure which reduces commercial risk 
eq comprises quaestor research and marketing strategists limited quaestor based in leeds a full
service market research and marketing strategy business buckingham research associates limited
buckingham a specialist quantitative research and analysis company based near maidenhead and
summit studios limited based in ealing west london 
quaestor which employed 86 people when acquired and had a turnover of £670m in 2006 has a strong
base of clients in the financial services consumer and media sectors we believe its integration with the
wider group offer will bring benefits to its existing client base as well as offering opportunities for
further ‘in sourcing’ of work already being done by other group companies
buckingham which employed 22 people when acquired and had a turnover of £335m in 2006
substantially broadens our quantitative analytic capabilities both in the realm of traditional market
research but also in our ability to process information held in client systems – further building our data
analytics capability optimisa plc 5
financial statements for the year ended 31 december 2007
chief executive’s review continued
both quaestor and buckingham were business partners with optimisa companies before the acquisition
and we have made great strides in expanding working and business development relationships across the
group intercompany networking and business was a key objective of the acquisition and has far
exceeded our expectations todate in the short period eq was part of the group before the yearend it
produced results in line with our expectations and delivered over £209m of revenue and £028m of
operating profit
we started the year with 56 employees in the group our total headcount at the end of the year was
200 with an average number of employees of 102 a key component of the rationale of making the eq
acquisition was the opportunity it provides to drive up revenue per employee and consequently margin
performance for 2007 kae produced revenue per employee of £176000 which compares to £73000
per employee for quaestor and £180000 per employee at buckingham we consider operating income
per employee a key indicator of performance and will be looking to drive this up during 2008
investment in high performing individuals continues as a top priority for the group and we have been
delighted to expand our management team with the addition of a group business development director
at the end of 2007 and new ceos at quaestor buckingham and kae in 2008
group wide training and development programmes are also being implemented to ensure we both
enhance and retain the very high calibre people we are fortunate to have in the team following the
successes of previous years we plan to repeat our staff rotation programme to provide internal
development opportunities as well as improving management efficiencies and knowledge sharing
to support best practice business management knowledge sharing and provision of the very best
services to our clients we are investing heavily in it infrastructure and integration across all business
units top priorities are on speed of operation ease of access to critical business information from all
locations and collaboration tools allowing efficient and effective client delivery from teams drawn from
more than one business unit
the overall optimisa business focus remains on delivering high value commercially based market and
marketing advice to help our clients grow their businesses profitably broadly speaking all of the advisory
work conducted by the group falls into one of two areas
● helping our clients protect and improve their existing businesses by advising on customer
retention competitive strategy product portfolio optimisation and margin improvement
● helping our clients build and expand by advising on market opportunity assessment new
productservice development and launch and market entry strategy
as a consequence of our ability to advise on ‘defence’ as well as ‘attack’ we believe we are very well
placed to withstand sector or market downturns and are continuing to win business in sectors already
under pressure from the credit crisis
all businesses in the group share one common business philosophy ‘opinion with evidence’ which
encapsulates our ambition to provide the very best consulting advice supported with evidence drawn
from customers market research the business environment market competitor intelligence and macro
economics and information held by our clients themselves crm sales and channel information
our key client sectors now comprise financial services telecoms media and consumer and we have
made good progress in expanding our work with the public sector operating income grew in all these
sectors in 2007 and we have been particularly pleased with our rapid development in the media sector
an area in which we see substantial opportunity moving forward
once again we have set demanding growth targets for each of our business units in the current year
while there is clearly some uncertainty in how the current financial turbulence will influence the
spending patterns of our clients to date we have seen little impact in our core business perhaps
surprisingly to some our financial services practice has been the best performing area of the business in
the first few months of 2008 optimisa plc 6
financial statements for the year ended 31 december 2007
chief executive’s review continued
having said this we are keeping a very watchful eye on business in general and are keeping tight control
on operating expenses to ensure any sector downturn is spotted and dealt with quickly
consolidation and integration of the businesses that we have within the group is a top strategic priority
for the coming year we continue to focus on maximising the business potential and opportunities
presented by both expanding the range of services we provide to our existing client base as well as
winning business from new clients 
we will continue to invest in people development and infrastructure to support organic business growth
and improve operating efficiency and have already had a good deal of success in sharing expertise across
business units and clients something we see as a key differentiator from our sector competitors and a
capability from which we derive significant commercial advantage
we plan to further expand our operations in north america over the medium term the current
uncertain economic climate in the us may present an investment opportunity and we believe carefully
managed investment and growth will pay dividends in the long term
we also plan to develop our own operation in asia during the year we already outsource a considerable
volume of work to local companies and see a very large opportunity to develop business working for
european and north american companies interested in expanding and improving their operations in
asia we are aggressively pursuing more work in this area and based on current workload we would
expect to have a team of 20 people in place by the end of this year
the group adopted international financial reporting standards ifrs during the year the main impact
for the group of adopting ifrs is the recognition and subsequent amortisation of intangible assets such
as customer lists and customer order books
finally i would like to take this opportunity to thank our team for their hard work commitment and
most importantly the inspiration to do more and better that they provide to both the senior
management team and myself – without them we would not have achieved the success we currently
enjoy
simon dannatt
chief executive optimisa plc 7
financial statements for the year ended 31 december 2007
report of the directors
the directors present their report together with the audited financial statements for the year ended
31 december 2007
principal activities and business review
the principal activity of the group is that of marketing consultancy the group’s operations are located
in the united kingdom and in the united states of america the group is incorporated and domiciled
in the united kingdom
a review of the business and a review of the future developments of the group are included in the
chief executive’s review on pages 4 to 6
results and dividends
the group made a profit after taxation for the year of £1004000 2006 £631000 restated under ifrs
a final dividend relating to 2006 of 250 pence per share and an interim dividend relating to 2007 of
167 pence per share have been paid in the year resulting in the distribution of reserves recognised in the
year of £221000 2006 £135000 the directors recommend a final 2007 dividend payment of 
300 pence per share
directors
the board comprises three executive directors and three nonexecutive directors
ron littleboy 
nonexecutive chairman
a graduate of the london school of economics ron joined williams de broe hill chaplin stockbrokers
as a research analyst in 1972 a partner for eight years he left in 1987 to join nomura international
where he spent 15 years until 2002 his career at nomura progressed from head of european research
to executive director of equities and lastly executive director of the investment bank with responsibility
for a substantial number of the bank’s private equity investments in the tmt and leisure sectors his
expertise in the leisure and media fields has encompassed research advisory services fund raising and
board positions since leaving nomura he has provided consultancy services to a number of leisure and
media companies and has focused his time on progressing the strategy for optimisa where he became
chairman in september 2002
simon dannatt 
chief executive
after graduating from oxford as a physicist simon worked as a consultant with the strategy consultants
lek consulting he then moved to what is now cap gemini ernst  young and developed his
expertise in commercial market analysis and marketing strategy working on a wide range of projects at
senior management level across europe simon joined kae in 1994 and became managing partner in
2000 his strategic marketing responsibility within the organisation means that simon oversees all new
service development crossfunctional teamwork and strategic planning to deliver effective commercial
solutions to clients
david rankin 
finance director
david was invited to join kae in 1991 while he was the finance director of a ftse 250 plc his
previous experience and network from his time at lek consulting were quickly put to use in helping
transform kae into the strategic marketing consultancy it is today with a particular focus on financial
services and telecommunications david has continued to develop a series of innovative approaches to
measure model and calculate the potential of existing operations and future opportunities optimisa plc 8
financial statements for the year ended 31 december 2007
report of the directors continued
jonathan waters 
director 
jonathan joined kae in 2000 bringing extensive hr experience to the management team his role has
grown significantly since 2004 when he joined the board taking responsibility for all operational matters
for the business he developed his people management skills initially at j sainsbury plc reporting to the
board on remuneration strategy for the group and then at computer team group an it recruitment
consultancy during a period of acquisition leading to the successful integration of four distinct cultures
into a united team of over 100 employees which delivered a turnover of over £100m jonathan has a ba
in politics a diploma in personal management and is mcipd qualified
robert porter 
nonexecutive director
appointed to the optimisa board in may 2006 robert began his career with kpmg where he qualified
as a chartered accountant before moving on to price waterhouse houston texas on returning to the
uk he spent 17 years in international investment and private banking working in senior roles with
responsibility for finance and operations with organisations such as samuel montague limited long
term credit bank of japan republic national bank of new york and daiichi kangyo bank robert is
currently the group finance director of hartest holdings plc an aim listed company that supplies and
manufactures instrumentation and medical equipment
john humpish
nonexecutive director
john is currently the chief marketing officer of zurich financial and joined the optimisa board as a
nonexecutive director on 26 february 2008 john’s previous positions include international marketing
leadership roles in the investment management businesses of deutsche bank axa and robert fleming
his early career was spent at mars incorporated in a variety of marketing positions john was previously
a nonexecutive director of eq group plc up to the date of acquisition by optimisa plc
the directors and their interests in the shares of the company
the directors who served the company during the year and up to the date of signing the financial
statements together with their beneficial interests in the 25 pence ordinary shares of the company were
as follows
at at
31 december 31 december
2007 2006
restated following
share subdivision
111111111111111111111111111111111111111
r f littleboy 511998 511998
s j dannatt 861936 861936
d b rankin 861936 861936
j d h waters 59394 59394
r c porter – –
j humpish appointed 26 february 2008 – –
222222222222222222222222222222222222222
rotation of directors 
directors who have held office for the last two annual general meetings will be required to retire from
office and offer themselves for reappointment at the next annual general meeting agm the number
of directors retiring and offering themselves for reappointment must be less than onethird of the
current directors on the board
david rankin and jonathan waters having held office for the last two annual general meetings are
due to retire at the agm and will offer themselves for reelection
john humpish was elected to the board of optimisa plc on 26 february 2008 optimisa plc 9
financial statements for the year ended 31 december 2007
report of the directors continued
directors and officers insurance
the group insures its directors and officers for any loss for claims made against them during the period
they are in office for any wrongful act committed by them in their capacity as directors or officers of
the group this excludes any dishonest or fraudulent act or omission or any wilful violation of law
share options
no share options were granted in the year ended 31 december 2007 
the group has enterprise management incentive emi schemes granted in previous years see note 25
the only director to have an interest in the scheme was j d h waters his interests in the scheme were
as follows restated following share subdivision
at at
1 january granted 31 december exercise
2007 in the year 2007 price
number number number pence option period
111111111111111111111111111111111111111
emi 24000 – 24000 150 march 2007 to
march 2010
emi 24000 – 24000 150 march 2008 to
march 2011
222222222222222222222222222222222222222
share placing and share subdivision
on 19 october 2007 600000 shares were issued at £1300 per share a subsequent six for one share
sub division was approved on 22 october 2007 whereby the existing £150 ordinary shares were sub
divided into six new ordinary shares of 25 pence each
warrants
on 10 july 2007 2864 warrants were exercised over an equivalent number of new ordinary shares of
£150 each for a total nominal value of £4296 there was no premium on these shares
substantial shareholders
according to the register held by the company in addition to the directors’ interests disclosed above
the following have interests of 3 or more of the issued share capital at 31 december 2007
number of percentage of
ordinary shares share capital
111111111111111111111111111111111111111
noble fund managers 789930 8866
close investments 786000 8821
isis equity partners 786000 8821
octopus asset management 468000 5252
dennis john lloyd king 339996 3816
hargreave hale ltd 271200 3044
222222222222222222222222222222222222222
share purchase
a special resolution permitting optimisa to purchase its own ordinary shares to a maximum aggregate of
900000 shares was passed at the agm held on 14 may 2007
optimisa subsequently purchased 27500 of its own shares through its broker in february 2008 for a
value of £41400 these shares will be held as treasury shares in the balance sheet and will be part of
the settlement for the deferred consideration for andrew irving associaties limited the group may
make further purchases of its own shares in the future if the board considers the market conditions to
be favourable optimisa plc 10
financial statements for the year ended 31 december 2007
report of the directors continued
research and development
the main research and development activity in the group is undertaken by report international limited
the expense in the year includes work which is largely carried out by consultants on the development
of online media analysis tools which will provide flexible and tailored online solutions for clients and on
an outlook based timesheet application
employees
the group is committed to its employees and seeks to provide a positive supportive and rewarding
work environment where continuous personal development is core to the business ethos this is
supported by
● weekly business review meetings
● monthly business unit meetings
● biannual employee reviews and
● continuous employee training programmes
the group has a mentoring program whereby all new employees are assigned a mentor when they join
one of the companies within the group these mentors help the new employee to settle in to the
companies day to day activities enable the employee to grasp their role and responsibilities quicker and
ensures the employee adds value to the company at an early stage
the group recognises that employee workloads and responsibilities are changing and devloping all the
time with this in mind the group offers continual training programs to enhance the employee’s skill
base to assist the business with meeting its future challenges many of these training programmes are
performed across the spectrum of the companies within the group exposing individual staff members to
ever wider contacts within the group
policy on the payment of creditors
it is the group’s policy to settle the terms of payment with suppliers when agreeing the terms of the
transaction to ensure that suppliers are aware of these terms and to abide by them such payments are
usually within 30 days of the receipt of an invoice as the company is a holding company it has no
trade creditors accordingly no disclosure can be made of the yearend creditor days
principal risks and uncertainties
the board has overall responsibility for managing the risks across the group in a business that is reliant
on its people and it systems to grow and to deliver its services policies and procedures are in place to
manage and eliminate the risks wherever possible the group’s financial risk management policies are
discussed in more detail in note 4
people 
people are key to the business and the group will need to continue to attract and retain highly skilled
and qualified employees from which to grow the business though it cannot be guaranteed that these
employees will always be available the business seeks to provide a positive work environment to retain
and attract people to the team the group monitors closely the satisfaction of its employees and ensures
that remuneration packages reflect both contribution and the wider employment market the group
offers bonus schemes which are related to the individual and group companies’ performances which
allow employees to participate in the success of the group
information technology
the group’s it systems are the main method that it delivers and stores internal and client project
information the board takes responsibility to ensure that the risks associated with this are reviewed
regularly and fully understood to this extent the board has appointed a group it director to ensure
that security functionality and accessiblility is consistent across the group enabling the continuation and
the support of further cross company activity whilst mitigating the risk of system issues optimisa plc 11
financial statements for the year ended 31 december 2007
report of the directors continued
the finance systems are being upgraded to the very latest versions to ensure that systems are supported
up to date and that the benefits in product improvements assist the analysis that is being provided to
management teams further enhancing the decision making process and the ever smoother running of the
individual companies
all group systems are protected from external intervention by the latest technologies and the group has
also implemented a disaster recovery plan which would enable the group to continue operations in the
light of a catestrophic event
key performance indicators
the directors monitor the business primarily on net revenue gross margin and operating margin both
at operating unit and group level as well as on an individual project basis the ongoing performance of
the business is monitored by reference to pipeline proposals and future commissioned projects on a net
revenue basis overhead costs are monitored continuously through the provision of monthly management
accounts with variances to budget analysed
employee performance is also monitored as an indicator of group performance with specific attention
being paid at operating unit level to revenue per employee and timesheet allocation employees are also
monitored on their achievement of targets in relation to their business development activities to ensure
they are driving the business forward 
as people are a key asset to the business the success of the group in attracting and retaining quality
employees is also monitored on a continuous basis
the environment
as a group we are committed to the development of policies that are friendly to the environment when
carrying out our activities a number of initiatives are already in place with many of the best ideas
coming from the team we are award winning recyclers of waste material print on double sided paper
control where possible office lighting on sensor controls hold records in electronic format and use
public transport for business travel where appropriate
statement of directors’ responsibilities in respect of the annual report and the financial
statements
the directors are responsible for preparing the annual report and the group and the parent company
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 prepared the group financial statements in accordance with international financial
reporting standards ifrs as adopted by the european union and the parent company financial
statements in accordance with applicable law and united kingdom accounting standards united
kingdom generally accepted accounting practice the group and parent company financial statements
are required by law to give a true and fair view of the state of affairs of the company and the group
and of the profit or loss of the group for that period
in preparing those financial statements the directors are required to
● select suitable accounting policies and then apply them consistently
● make judgements and estimates that are reasonable and prudent
● state that the group financial statements comply with ifrs as adopted by the european union
and with regard to the parent company financial statements that applicable uk accounting
standards have been followed subject to any material departures disclosed and explained in the
financial statements
● prepare the group and parent company financial statements on the going concern basis unless it
is inappropriate to presume that the group will continue in business in which case there should
be supporting assumptions or qualifications as necessary  optimisa plc 12
financial statements for the year ended 31 december 2007
report of the directors continued
the directors confirm that they have complied with the above requirements in preparing the financial
statements
the directors are responsible for keeping proper accounting records that disclose with reasonable
accuracy at any time the financial position of the company and the group and to enable them to ensure
that the group financial statements comply with the companies act 1985 and article 4 of the ias
regulation and the parent company financial statements comply with the companies act 1985 they are
also responsible for safeguarding the assets of the company and the group 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 company’s website legislation in
the united kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions
provision of information to auditors
in so far as each of the directors are aware
1 there is no relevant audit information of which the group’s auditors are unaware and
2 each director has taken all steps that he ought to have taken to make himself aware of any
relevant audit information and to establish that the auditors are aware of that information
independent auditors
during 2007 pricewaterhousecoopers llp were appointed as auditors in accordance with section 385 of
the companies act 1985 a resolution to reappoint pricewaterhousecoopers llp who have indicated
their willingness to continue as auditors to the company will be proposed at the annual general
meeting
on behalf of the board
j d h waters
company secretary
21 april 2008 optimisa plc 13
financial statements for the year ended 31 december 2007
corporate governance statement
the directors recognise the value of the principles of good governance and have taken measures to
ensure that the group has adopted measures appropriate for a group of its size as an alternative
investment market aim listed company the group are not required to comply with the combined
code of the financial services authority fsa
directors
the board is responsible for approving group policy and strategy it met 18 times during the financial
year and has a schedule of matters specifically reserved to it for decision management supply the board
with timely information and the board are free to seek any further information they consider necessary
relations with shareholders
the group values the views of its shareholders and recognises their interest in the group’s strategy and
performance the annual general meeting is used to communicate with shareholders and they are
encouraged to participate the directors will be available to answer questions at the annual general
meeting separate resolutions are proposed on each issue in order that they can be given proper
consideration and there is a resolution to approve the annual report and financial statements
internal control
the board is responsible for maintaining a strong system of internal control to safeguard shareholders’
investment and the group’s assets the system of internal control is designed to provide reasonable but
not absolute assurance against material misstatement or loss
the directors are responsible for the group’s system of financial control and for reviewing its
effectiveness 
the key features of the systems of financial control are as follows
● the group is headed by an effective board which leads and controls the group the final
selection of any director is performed by the full board and any appointment is approved by the
board and
● the board receives and reviews on a timely basis financial and operating information appropriate
to being able to discharge its duties
the group’s operating procedures include systems for reporting financial and nonfinancial information
to the board including
● preparation and review of annual plans and budget
● preparation and review of monthly management information reports and
● review of the business at each board meeting
the board has considered the need for an internal audit function but has decided that the size of the
group does not justify it at present 
audit committee
the audit committee is responsible for monitoring the integrity of the financial statements including the
annual and interim reports and all announcements in connection with its financial performance the
committee also reviews all significant financial reporting issues significant financial returns to the
regulator and any financial information contained in any document or announcement of a price sensitive
nature the committee meets on a quarterly basis and is comprised of robert porter – chair ron
littleboy and david rankin optimisa plc 14
financial statements for the year ended 31 december 2007
corporate governance statement continued
remuneration committee
the remuneration committee is responsible for determining and agreeing with the board the framework
and broad policy for the remuneration of the chief executive chairman and executive directors the
committee meets twice per year and comprises of ron littleboy – chair robert porter and simon
dannatt
going concern
having reviewed the financial position and after making enquiries the directors have a reasonable
expectation that the group has adequate resources to continue in operational existence for the
foreseeable future optimisa plc 15
financial statements for the year ended 31 december 2007
independent auditors’ report to the members of optimisa plc
we have audited the group financial statements of optimisa plc for the year ended 31 december 2007
which comprise the consolidated income statement the consolidated balance sheet the consolidated
statement of recognised income and expense the consolidated cash flow statement and the related notes
these group financial statements have been prepared under the accounting policies set out therein
we have reported separately on the parent company financial statements of optimisa plc for the year
ended 31 december 2007
respective responsibilities of directors and auditors
the directors’ responsibilities for preparing the group financial statements in accordance with applicable
law and international financial reporting standards ifrs as adopted by the european union are set
out in the statement of directors’ responsibilities
our responsibility is to audit the group financial statements in accordance with relevant legal and
regulatory requirements and international standards on auditing uk and ireland this report including
the opinion has been prepared for and only for the company’s members as a body in accordance with
section 235 of the companies act 1985 and for no other purpose  we do not in giving this opinion
accept or assume responsibility for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed by our prior consent in writing
we report to you our opinion as to whether the group financial statements give a true and fair view
and whether the group financial statements have been properly prepared in accordance with the
companies act 1985 we also report to you whether in our opinion the information given in the report
of the directors is consistent with the group financial statements the information given in the report
of the directors includes that specific information presented in the chief executive’s review that is cross
referred from the principal activities and business review section of the report of the directors 
in addition we report to you if in our opinion we have not received all the information and
explanations we require for our audit or if information specified by law regarding director’s remuneration
and other transactions is not disclosed
we read other information contained in the group financial statements and consider whether it is
consistent with the audited group financial statements the other information comprises only the
highlights the chairman’s statement the chief executive’s review the report of the directors and the
corporate governance statement we consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the group financial statements our
responsibilities do not extend to any other information
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 group financial statements it also includes an assessment of the
significant estimates and judgments made by the directors in the preparation of the group financial
statements and of whether the accounting policies are appropriate to the group’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
group 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 group financial statements optimisa plc 16
financial statements for the year ended 31 december 2007
independent auditors’ report to the members of optimisa plc
continued
opinion
in our opinion
● the group financial statements give a true and fair view in accordance with ifrs as adopted by
the european union of the state of the group’s affairs as at 31 december 2007 and of its profit
and cash flows for the year then ended
● the group financial statements have been properly prepared in accordance with the companies
act 1985 and
● the information given in the report of the directors is consistent with the group financial
statements
pricewaterhousecoopers llp
chartered accountants and registered auditors
leeds
21 april 2008 optimisa plc 17
financial statements for the year ended 31 december 2007
consolidated income statement
2007 2006
note £’000 £’000
revenue 6 11415 5894
cost of sales 3325 1275
111 111
gross profit 8090 4619
administrative expenses excluding depreciation and amortisation 6570 3847
depreciation 94 30
amortisation 125 37
111 111
total administrative expenses 6789 3914
other operating income – 18
111 111
operating profit 1301 723
finance income 7 51 26
finance costs 8 95 21
111 111
profit before income tax 10 1257 728
income tax expense 12 253 97
111 111
profit attributable to equity shareholders 1004 631
222 222
all activities in both the current and previous year relate to continuing operations
earnings per share pence for the earnings attributable to equity shareholders
basic 15 1665 1315
diluted 15 1656 1279
the notes on pages 21 to 50 are an integral part of these consolidated financial statements optimisa plc 18
financial statements for the year ended 31 december 2007
consolidated statement of recognised income and expense
2007 2006
note £’000 £’000
currency translation differences 26 16 99
111 111
net expense recognised directly in equity 16 99
profit for the year 1004 631
111 111
total recognised income for the year 988 532
222 222
the notes on pages 21 to 50 are an integral part of these consolidated financial statements optimisa plc 19
financial statements for the year ended 31 december 2007
consolidated balance sheet
2007 2006
note £’000 £’000
assets
noncurrent assets
property plant and equipment 17 651 105
intangible assets – goodwill 16 14284 2008
intangible assets – other 16 599 76
deferred income tax assets 13 126 86
111 111
total noncurrent assets 15660 2275
222 222
current assets
inventories – work in progress 198 –
current income tax recoverable 114 –
trade and other receivables 19 4555 1647
cash and cash equivalents 1137 1596
111 111
total current assets 6004 3243
222 222
total assets 21664 5518
222 222
current liabilities
trade and other payables 20 3257 938
current income tax liabilities 487 38
borrowings 21 1660 –
deferred consideration 23 101 –
111 111
total current liabilities 5505 976
222 222
noncurrent liabilities
borrowings 21 3197 –
deferred consideration 23 155 101
deferred income tax liabilities 13 154 15
111 111
total noncurrent liabilities 3506 116
111 111
total liabilities 9011 1092
111 111
net assets 12653 4426
222 222
capital and reserves attributable to equity holders of the company
ordinary shares 24 2227 1323
share premium 26 7880 1334
merger reserve 26 914 914
foreign currency translation reserve 26 115 99
retained earnings 26 1747 954
111 111
total equity 26 12653 4426
222 222
the notes on pages 21 to 50 are an integral part of these consolidated financial statements
the financial statements were approved by the board of directors on 21 april 2008 and were signed on
its behalf by
jonathan waters
director optimisa plc 20
financial statements for the year ended 31 december 2007
consolidated cash flow statement
2007 2006
note £’000 £’000
cash flows from operating activities
profit before income tax 1257 728
adjustments for
depreciation 17 94 30
amortisation 16 125 37
share option cost 10 –
finance income 7 51 26
finance costs 8 95 21
111 111
operating cash flow before changes in
working capital and provisions 1530 790
decrease in inventories 99 –
increase in trade and other receivables 787 74
increase in trade and other payables 63 264
111 111
905 980
interest paid 82 21
interest received 51 26
income tax paid 92 66
111 111
net cash generated from operating activities 782 919
222 222
cash flows from investing activities
acquisition of subsidiaries net of cash acquired 7945 990
acquisition of property plant and equipment ppe 103 27
proceeds from sale of ppe 11 –
payments to acquire intangible assets 12 12
proceeds on sales of investments – 103
111 111
net cash used by investing activities 8049 926
222 222
cash flows from financing activities
proceeds from the issue of share capital 7805 1010
cost of share issue 355 8
proceeds from borrowings 3686 –
repayments of borrowings 5074 –
dividends paid to company’s shareholders 221 135
111 111
net cash generated from financing activities 5841 867
222 222
net decreaseincrease in cash and cash equivalents 1426 860
opening cash and cash equivalents 1596 757
exchange gainloss on cash and cash equivalents 2 21
111 111
closing cash and cash equivalents 172 1596
222 222
 cash and cash equivalents at 31 december 2007 comprises cash balances of £1137000 
2006 £1596000 and bank overdraft balances of £965000 2006 £nil
the notes on pages 21 to 50 are an integral part of these consolidated financial statements optimisa plc 21
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements
1 transition to ifrs
for all periods up to and including the year ended 31 december 2006 the group prepared its financial
statements in accordance with united kingdom generally accepted accounting practice uk gaap
these financial statements for the year ended 31 december 2007 are the first the group is required to
prepare in accordance with international financial reporting standards ifrs as adopted by the
european union eu
in preparing these financial statements which comply with ifrs as adopted by the eu the group has
started from an opening balance sheet as at 1 january 2006 the group’s date of transition to ifrs and
made those changes in accounting policies and other restatements required by ifrs 1 for the firsttime
adoption of ifrs
exemptions applied
ifrs 1 allowsrequires firsttime adopters certain exemptions from the general requirement to apply
ifrs retrospectively upon adoption the group has taken the following exemptions
● ifrs 3 ‘business combinations’ has not been applied to acquisitions of subsidiaries that occurred
before 1 january 2006
● cumulative currency translation differences for all foreign operations are deemed to be zero as at
1 january 2006
other exemptions have not had a material impact on the group
2 summary of significant accounting policies
21 basis of preparation
the consolidated financial statements have been prepared in accordance with international financial
reporting standards ifrs and international financial reporting interpretations committee ifric
interpretations as adopted by the european union eu and with those parts of the companies act
1985 applicable to companies reporting under ifrs these consolidated financial statements have been
prepared under the historical cost convention with the exception of derivative financial instruments and
share based payments which are recognised at fair value
the following standards amendments and interpretations to existing standards have been published and
are mandatory for the group’s accounting periods beginning on or after 1 january 2008 or later periods
adoption of these standards is not anticipated to have any material effect on the current financial
position or performance of the group
● ifrs 8 operating segments
● ias 23 revised borrowing costs
● ias 1 revised presentation of financial statements
● ifrs 3 revised business combinations
● amendment to ifrs 2 share based payments
● ifric 11 group and treasury share transactions
● ifric 12 service concession arrangements
● ifric 13 customer loyalty programmes relating to ias 18 revenue
● ifric 14 ias 19 defined benefit assets optimisa plc 22
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
22 basis of consolidation
the consolidated financial statements incorporate the results of the parent company and each of its
subsidiaries for the financial year ended 31 december 2007 subsidiaries’ are entities controlled by the
group control is deemed to exist when the group has the power directly or indirectly to govern the
financial and operating policies of an entity so as to obtain benefits from its activities the results of
subsidiaries are included in the consolidated financial statements from the date the control commences
until the date that control ceases
the purchase method of accounting is used to account for the acquisition of subsidiaries by the group
the cost of an acquisition is measured as the fair value of the assets given equity instruments issued and
liabilities incurred or assumed at the date of exchange plus costs directly attributable to the acquisition
identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date irrespective of the extent of any minority
interest the excess of the cost of acquisition over the fair value of the group’s share of the identifiable
net assets acquired is recorded as goodwill if the cost of acquisition is less than the fair value of the net
assets of the subsidiary acquired the difference is recognised directly in the income statement
consolidation of the individual company accounts within the group is done on a line by line basis the
accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by group intragroup balances and transactions are eliminated on consolidation
23 foreign currency translation
a functional and presentation currency
items included in the financial statement of each of the group’s entities are measured using the currency
of the primary economic environment in which the entity operates “the functional currency” the
consolidated financial statements are presented in uk pounds which is the group’s functional and
presentation currency
b transactions and balances
foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of such transactions foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at yearend exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the income statement
c group companies
the results and financial position of group entities that have a functional currency different from the
presentation currency are translated into the presentation currency as follows
i assets and liabilities are translated at the closing rate at the date of the balance sheet
ii income and expenses are translated at the average exchange rate over the period and
iii all resulting exchange differences are recognised as a separate component of equity
foreign currency translation reserve fctr
24 property plant and equipment
property plant and equipment ppe is stated at cost less accumulated depreciation cost comprises the
purchase price of property plant and equipment together with any incidental costs of acquisition 
subsequent costs are included in the asset’s carrying value or recognised as a separate asset as
appropriate only when it is probable that future economic benefits associated with the item will flow to
the group and the cost of the item can be measured reliably all repairs and maintenance expenditure is
charged to the income statement as incurred optimisa plc 23
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
24 property plant and equipment continued
depreciation on ppe is calculated to write their cost down to their residual values over their remaining
useful economic lives by annual equal instalments as follows
short leasehold property 5 years
fixtures fittings and equipment 3 – 5 years
motor vehicles 4 years
the assets’ residual values and useful lives are reviewed and adjusted if appropriate at each balance sheet
date an asset’s carrying amount is written down immediately to its recoverable amount if the asset’s
carrying amount is greater than its estimated recoverable amount note 26
gains and losses on disposals are determined by comparing the proceeds with the carrying amount and
are recognised within administrative expenses in the income statement
25 intangible assets
a goodwill
goodwill represents the excess of the cost of an acquisition over the fair value of the group’s share of
the net identifiable assets of the acquired subsidiary at the date of acquisition goodwill on acquisitions
of subsidiaries is included in intangible assets goodwill is tested annually for impairment and carried at
cost less accumulated impairment losses impairment losses on goodwill are not reversed
gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the
entity sold
goodwill is allocated to cashgenerating units for the purpose of impairment testing
b computer software
acquired computer software licences are capitalised on the basis of the costs incurred to acquire and
bring to use the specific software these costs are amortised over their estimated useful economic lives
three years
c customer contracts and relationships
in accordance with ifrs 3 “business combinations” an intangible asset acquired in a business
combination is deemed to have a cost to the group of its fair value at the acquisition date the fair
value of the intangible asset reflects a valuation at the acquisition date of the future economic benefits
embodied in the asset that are expected to flow to the group 
intangible assets identified at acquisition date for the nxtmove corporation andrew irving associates
limited report international limited and eq group plc acquisitions related to customer contracts and
relationships customer contracts and relationships acquired through a business combination are deemed
to have a finite life being either the contracted period 1 to 18 months or an estimate of the tenure of
the relationship at acquisition date up to 8 years depending on nature 
the fair value attributed at acquisition date is amortised on a straight line basis over the finite life to
which the value is attributed
the group has elected not to restate business combinations that occurred prior to 1 january 2006 the
date of transition to ifrs and accordingly no customer contracts and relationships have been recognised
in relation to business combinations prior to transition
d development expenditure
development expenditure on an individual project is recognised as an intangible asset only when the
group can demonstrate the technical feasibility of completing the project so that it will be available for
use or sale its intention to complete and its ability to use or sell the asset how the asset will generate
future economic benefits the availability of resources to complete the project and the ability to measure
reliably the expenditure during development following initial recognition of development expenditure as optimisa plc 24
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
25 intangible assetscontinued
an asset the asset is carried at cost less any accumulated amortisation and accumulated impairment
losses amortisation of the asset begins when development is complete and the asset is available for use
it is amortised over the period of expected future benefit during the period of development the asset is
tested annually for impairment
26 impairment of nonfinancial assets
assets that have an indefinite useful life for example goodwill are not subject to amortisation and are
tested annually for impairment assets that are subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable
an impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount the recoverable amount is the higher of an asset’s fair value less costs to sell and
value in use
27 financial assets
the group only has one category of financial assets loans and receivables loans and receivables are
nonderivative financial assets with fixed or determinable payments that are not quoted in an active
market they are included in current assets except for maturities greater than 12 months after the
balance sheet date these are classified as noncurrent assets the group’s loans and receivables
comprise “trade and other receivables” and “cash and cash equivalents” in the balance sheet notes 210
and 211
loans and receivables are carried at amortised cost using the effective interest rate method
the group assesses at each balance sheet date whether there is objective evidence that a financial asset
or a group of financial assets is impaired
28 derivative financial instruments
the group uses derivative financial instruments such as forward currency contracts and interest rate
swaps to hedge its risks associated with foreign currency and interest rate fluctuations derivatives are
initially measured at fair value on the date the derivative contract is entered into and are subsequently
remeasured at their fair value as the derivative financial instruments used by the group do not qualify
for hedge accounting changes in the fair value of any derivative instruments are recognised immediately
in the income statement within other gainslosses and are shown net
29 inventories
the only category of inventories held by the group is work in progress work in progress is stated at
the lower of cost and net realisable value the cost of work in progress comprises external direct cost of
sales and direct labour costs net realisable value is the estimated selling price in the ordinary course of
business less costs to complete
210 trade receivables
trade receivables are recognised at fair value less provision for impairment a provision for impairment
of trade receivables is established when there is objective evidence that the group will not be able to
collect all amounts due according to the original terms of the receivables significant financial difficulties
of the debtor probability that the debtor will enter bankruptcy or financial reorganisation and default or
delinquency in payments are considered indicators that the trade receivable is impaired
the amount of the provision is the difference between the asset’s carrying amount and the present value
of estimated future cash flows discounted at the original effective interest rate the carrying amount of
the asset is reduced through the use of a doubtful debt provision and the amount of the loss is
recognised in the income statement within administrative expenses when a trade receivable is
uncollectible it is written off against the doubtful debt provision subsequent recoveries of amounts
previously written off are credited against administrative expenses in the income statement optimisa plc 25
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
211 cash and cash equivalents
cash and cash equivalents includes cash in hand deposits on call with banks other short term highly
liquid investments with maturities of three months or less and bank overdrafts bank overdrafts are
shown within borrowings in current liabilities on the balance sheet
212 trade payables
trade payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method
213 borrowings
borrowings are recognised initially at fair value net of transaction costs subsequent measurement is
based on amortised cost and any difference between the proceeds net of transaction of costs and the
redemption value is recognised in the income statement over the period of the borrowings using the
effective interest rate method
borrowings are classified as current liabilities unless the group has an unconditional right to defer
settlement of the liability for at least 12 months after the balance sheet date
214 current and deferred income tax
the current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the countries where the company’s subsidiaries operate and generate taxable
income 
deferred tax is provided in full using the liability method on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements
however deferred income tax is not accounted for if it arises from initial recognition of an asset or
liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit deferred income tax is determined using tax rates and laws that
have been enacted or substantively enacted at the balance sheet date and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled deferred
income tax is not discounted as the effects are not material
deferred income tax assets are recognised to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised
215 provisions
a provision is recognised in the balance sheet when the group has a legal or constructive obligation as a
result of a past event it is probable than an outflow of economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation if the effect is material
provisions are determined by discounting the expected future cash flows at a pretax rate that reflects
current market assessments of the time value of money and where appropriate the risks specific to the
liability 
provisions for deferred consideration on acquisitions have been made based upon management’s current
expectation as to the outcome of the determining factors as deferred consideration is part of the
consideration for the acquisition the amount provided for in the accounts has led to a resultant increase
in the goodwill associated with that acquisition any revisions to the amount of deferred consideration
provided for are similarly reflected by a revision to goodwill
216 share capital
ordinary shares are classified as equity incremental costs directly attributable to the issue of new shares
or options are shown in equity as a deduction net of tax from the proceeds optimisa plc 26
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
216 share capitalcontinued
where any group company purchases the company’s equity share capital treasury shares the
consideration paid including any directly attributable incremental costs net of income taxes is deducted
from equity attributable to the company’s equity holders until the shares are cancelled or reissued
where such shares are subsequently reissued any consideration received net of any directly attributable
incremental transaction costs and the related income tax effects is included in equity attributable to the
company’s equity holders
217 dividend distribution
dividend distribution to the company’s shareholders is recognised as a liability in the group’s financial
statements in the period in which the dividends are approved by the company’s shareholders
218 revenue recognition
revenue comprises the fair value of the consideration received or receivable for the sale of services in
the ordinary course of the group’s activities revenue is shown net of value added tax and discounts
and after eliminating sales within the group
revenue is recognised as follows
a sales of services 
sales of services are recognised in the accounting period in which the services are rendered by reference
to completion of the specific transaction assessed on the basis of the actual service provided as a
proportion of the total services to be provided
b interest income
interest is recognised on an accruals basis
219 exceptional items
exceptional items are those significant items which are separately disclosed by virtue of their size or
incidence to enable a full understanding of the group’s financial performance transactions which may
give rise to exceptional items are principally gains or losses on disposal of investments and subsidiaries
or impairments of fixed assets as well as the reversal of such impairments
220 employee benefits
a pension obligations
group companies operate or contribute to various defined contribution pension schemes a defined
contribution plan is a pension plan under which the group pays fixed contributions into a third party
entity the group has no further payment obligations once the contributions have been paid
contributions payable to these schemes are charged to the period in which the obligation arises
b share option scheme
the group operates equity settled executive and employee share option arrangements and all share based
remuneration is ultimately recognised as an expense in the income statement with a corresponding credit
to shareholders funds upon exercise of the share options fulfilled by the issue of new shares the
proceeds received net of any directly attributable transaction costs up to the nominal value of the shares
are allocated to share capital with any excess being recorded as share premium
all share based payment arrangements granted after 7 november 2002 are recognised in the financial
statements with the exception of those vesting before 1 january 2006
the fair value of the options is measured using a black scholes valuation model of options with non
market performance conditions optimisa plc 27
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
221 leases
a operating leases
leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are
classified as operating leases payments made under operating leases net of any incentives received from
the lessor are charged to the income statement on a straightline basis over the period of the lease
b finance leases
leases are classified as finance leases where the terms of the lease transfer substantially all the risks and
rewards of ownership to the group 
each lease payment is allocated between the liability and finance charges so as to achieve a constant rate
on the finance balance outstanding the corresponding rental obligations net of finance charges are
included in borrowings the interest element of the finance cost is charged to the income statement over
the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period the assets acquired under finance leases are included in property plant and
equipment and are depreciated over the shorter of the useful economic life of the asset and the lease
term
222 net debt
net debt comprises cash and cash equivalents bank and other current loans finance lease liabilities and
derivative financial instruments 
3 critical accounting estimates and judgements
the preparation of financial statements in conformity with ifrs requires the use of certain critical
accounting estimates it also requires management to exercise judgment in the process of applying the
group’s accounting policies the nature of estimation means that actual outcomes could differ from
those estimates the estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities with the next financial year are discussed
below
impairment of nonfinancial assets
the group assesses whether there are any indicators of impairment for all nonfinancial assets at each
reporting date goodwill is tested annually for impairment and at other times when such indicators exist
other nonfinancial assets are tested for impairment when there are indicators that the carrying amounts
may not be recoverable
when value in use calculations are undertaken management must estimate the expected future cash flows
from the asset or cash generating unit and choose a suitable discount rate in order to calculate the
present value of those cash flows
deferred tax assets
management judgement is required to determine the amount of deferred tax assets that can be
recognised based upon the likely timing and level of future taxable profits optimisa plc 28
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
4 financial risk management
the group’s activities expose it to some financial risks the main ones being foreign exchange risk and
interest rate risk the group is also exposed to credit risk and liquidity risk but these are considered to
be of lesser significance risk management is carried out by the board of directors and senior
management the group does not enter into derivative contracts for speculative purposes
a market risk
the group operates internationally and also invoices customers in a number of foreign currencies it is
therefore exposed to foreign exchange risk arising from exchange rate movements primarily between the
us dollar the euro and the uk pound foreign exchange risk arises from future commercial
transactions recognised assets and liabilities and net investments in foreign operations
management reviews the foreign currency exposure on a regular basis and when appropriate enters into
forward contracts to manage the foreign exchange currency risk at 31 december 2007 no forward
contracts were outstanding
b interest rate risk
the group’s interest risk arises from bank borrowings bank borrowings which are at variable rates and
expose the group to cash flow risk management review the interest rate risk on a periodic basis short
term interest rate swaps to fix the interest rate for a period of time are undertaken when considered
appropriate to manage the cash flow risk arising from the interest rate exposure the bank borrowings
interest payable is based on the london inter bank offer rate libor an increase in the libor rate
of 025 would result in an increase in interest payable of approximately £10000 per annum
c credit risk
credit risk is managed by each individual operating unit monitored regularly on a group basis due to
the nature of the group’s business credit risk is assessed on a customer by customer basis prior to
entering into contractual arrangements credit risk is mitigated by the invoicing in advance of 50 of the
agreed project fee
d liquidity risk
the group maintains flexibility in its funding and currently has an unutilised revolving credit facility
which can be employed if required mitigating the liquidity risk
5 capital risk management
the group’s objectives when managing capital are to safeguard the group’s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure to reduce the cost of capital
in order to maintain or adjust the capital structure the group may adjust the amount of dividends paid
to shareholders return capital to shareholders issue new shares or purchase its own shares
in the year ended 31 december 2007 the group went from a 100 equity based capital structure to a
capital structure which includes a moderate amount of debt the gearing was introduced as the group
expanded its operations with the acquisition of eq group plc the board decided to introduce debt
finance into the capital structure at this point in order to increase the expected return to shareholders
whilst maintaining an acceptable level of risk future decisions on capital structure will be similarly made
by the board based on the specific circumstances facing the group and with the objective of
maximising shareholder return whilst maintaining risk at an acceptable level the level of gearing at 
31 december 2007 is 29 net debt  total equity which the board considers appropriate at this time  optimisa plc 29
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
6 segmental information
a primary reporting format – business segments
the directors regard the group as operating in one primary segment that being marketing consultancy 
b secondary reporting format – geographical segments
the group’s businesses are based in the uk with the exception of nxtmove which is based in the
us all of the group’s businesses have customers based around the world but the main areas where
revenue is generated are the uk the rest of europe and the us
2007 2006
£’000 £’000
revenue
united kingdom 6025 2108
rest of europe 1163 415
us 4185 3371
other countries 42 –
111 111
11415 5894
222 222
revenue is allocated based on the country in which the customer is located
2007 2006
£’000 £’000
total assets
united kingdom 20577 4372
rest of europe – –
us 1087 1146
other countries – –
111 111
21664 5518
222 222
total assets are allocated based on where the assets are located
2007 2006
£’000 £’000
capital expenditure
united kingdom 133 29
rest of europe – –
us 1 10
other countries – –
111 111
134 39
222 222
capital expenditure is allocated based on where the assets are located
7 finance income
2007 2006
£’000 £’000
interest receivable on bank deposits 51 26
222 222 optimisa plc 30
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
8 finance costs
2007 2006
£’000 £’000
interest payable on bank borrowings 82 21
interest payable on finance leases 5 –
deferred consideration unwinding of discount note 23 8 –
111 111
total finance costs 95 21
222 222
9 directors and employees
the average monthly number of persons including executive directors employed by the group during
the year was made up as follows
2007 2006
number number
marketing consultants 95 42
central support staff 7 6
111 111
102 48
222 222
staff costs during the year in respect of these persons were as follows
2007 2006
£’000 £’000
wages salaries and benefits in kind 4413 2388 
social security costs 407 240 
other pension costs 216 121
111 111 
5036 2749
222 222
remuneration in respect of executive and nonexecutive directors was as follows
2007 2006
£’000 £’000
emoluments 365 302 
pension contributions 99 47 
111 111
464 349
222 222
directors’ emoluments include base salary bonus and benefits in kind pension contributions include one
director whose contributions are paid into a defined contribution scheme and two directors whose fixed
contributions are paid into self invested personal pensions sipp
the key management of the group are the same as the directors of the group therefore no additional
disclosure of key management compensation has been provided
amounts set out above include remuneration in respect of the highest paid director as follows
2007 2006
£’000 £’000
emoluments 139 113 
pension contribution 28 20
111 111 
167 133
222 222 optimisa plc 31
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
10 profit before income taxation
2007 2006
£’000 £’000
the following items have been included in arriving at profit before income tax
research and development costs 52 –
amortisation of deferred development costs 7 –
employee benefits expense note 9 5036 2749
depreciation of property plant and equipment
– owned assets 76 30
– under finance leases 18 –
amortisation of intangible assets 125 37
cost of inventories recognised as an expense 607 –
operating lease payments 364 250
222 222
11 services provided by the group’s auditor
during the year the group including the overseas subsidiary obtained the following services from the
group’s auditor as detailed below 
2007 2006
£’000 £’000
fees payable to company auditor for the audit of the parent
company and consolidated financial accounts 12 –
fees payable to company auditor for other services
– audit of company’s subsidiaries pursuant to legislation 42 –
– tax compliance services 11 –
111 111
65 –
222 222
in the prior year £24000 was paid and in the current year £7000 was paid to the group’s former
auditors
12 income tax expense
analysis of charge in year 2007 2006
£’000 £’000
current tax
– current year 293 32
– adjustment in respect of previous years 1 –
111 111
total current tax 294 32
222 222
deferred tax note 13
– origination and reversal of temporary differences 46 5
– utilisation of previously recognised tax losses 8 70
– impact of change in uk tax rate 1 –
– adjustment in respect of previous years 4 –
111 111
total deferred tax 41 65
111 111
total income tax charge 253 97
222 222 optimisa plc 32
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
12 income tax expense continued
tax reconciliation
the tax for the year is lower 2006 lower than the standard rate of corporation tax in the uk 30
the differences are explained below
2007 2006
£’000 £’000
profit before tax 1257 728
111 111
profit on ordinary activities multiplied by rate of corporation tax
in the uk of 30 2006 30 377 218
111 111
effects of 
higher rate of tax payable in foreign countries 8 5
expenses not deductible for tax purposes 7 3
income not subject to tax – 16
adjustments in respect of previous years 3 –
marginal rate relief – 7
utilisationrecognition of previously unrecognised tax losses 136 106
111 111
124 121
111 111
total taxation 253 97
222 222
there is a change in the uk corporation tax rate which will be effective from 1 april 2008 deferred
tax relating to temporary differences which are expected to reverse prior to 1 april 2008 is measured at
30 and deferred tax relating to temporary differences expected to reverse after 1 april 2008 is
measured at 28 as these are the rates that will apply on reversal
13 deferred tax
the deferred tax included in the balance sheet is as follows
2007 2006
£’000 £’000
deferred tax asset
tax losses carried forward 103 86
depreciation in excess of capital allowances 23 –
111 111
126 86
222 222
deferred tax liability
accelerated capital allowances 5 –
acquisition fair value adjustments 149 15
111 111
154 15
222 222 optimisa plc 33
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
13 deferred tax continued
trading losses
the balance for deferred tax losses carried forward at 31 december 2007 relates to trading losses carried
forward in optimisa plc and report international limited the deferred tax asset in each company being
£80000 and £23000 respectively recoverability of this asset is dependent upon there being sufficient
future trading profits in these two companies against which the brought forward tax losses can be offset
in addition report international limited has £79000 unrecognised trading losses that the directors do
not believe it is appropriate to recognise due to the uncertainty that these will be utilised in the
foreseeable future the additional deferred tax asset if these losses were recognised is £22000
capital losses
unrelieved tax losses relating to capital disposals in previous years of approximately £13210000 remain
available to offset against future taxable gains in optimisa plc the potential deferred tax asset of
£3699000 associated with these losses has not been recognised as the directors do not expect them to
be utilised in the future
the movement in the deferred tax asset and the deferred tax liability in the year is as follows
2007 2006
deferred tax asset £’000 £’000
at 1 january 86 159
creditedcharged to the income statement 14 73
on acquisition of subsidiary 26 –
111 111
at 31 december 126 86
222 222
2007 2006
deferred tax liability £’000 £’000
at 1 january 15 –
credited to the income statement 27 8
on acquisition of subsidiary 166 23
111 111
at 31 december 154 15
222 222
14 ordinary dividends
2007 2006
£’000 £’000
equity – ordinary
final 2006 paid 250 pence per share final 2005 167 pence per share 132 70
interim 2007 paid 167 pence per share interim 2006 125 pence per share 89 65
111 111
221 135
222 222
the dividend per share figures prior to the 6 for 1 share subdivision on 22 october 2007 have been
restated to reflect the dividend per share after the share subdivision enabling the dividend per share to
be comparable over the two years
in addition the directors are proposing a final dividend in respect of the financial year ending 
31 december 2007 of 30 pence per share which will absorb an estimated £267000 of shareholders
funds it will be paid on 6 june 2008 to shareholders who are on the register of members on 18 april
2008 optimisa plc 34
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
15 earnings per share
2007 2006
basic earnings per ordinary share pence 1665 1315
diluted earnings per ordinary share pence 1656 1279
adjusted earnings per share pence 1837 1369
222 222
all earnings per share eps information presented above has been calculated based on the number of
shares following the six for one share subdivision
basic eps is calculated by dividing the earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares in issue during the year
for diluted eps the weighted average number of ordinary shares in issue is adjusted to reflect the
assumption of conversion of all dilutive ordinary shares the dilutive ordinary shares represent the share
options granted to employees where the exercise price is less than the average market price of the
company’s ordinary shares during the year
for adjusted eps the reported profit after tax is adjusted for the amortisation charge on customer
contracts and customer relationships
reconciliations of basic eps to diluted eps and adjusted eps are set out below
2007 2006
weighted weighted
average average
earnings number earnings number
£’000 of shares £’000 of shares
basic eps
profit and weighted average number of ordinary 
shares for basic earnings per share 1004 6031243 631 4797458
222 2222 222 222
diluted eps
adjustment for share options – 32168 – 134253
profit and weighted average number of shares
for diluted earnings per share 1004 6063411 631 4931711
222 2222 222 222
basic eps
profit and weighted average number of ordinary
shares for basic earnings per share 1004 6031243 631 4797458
222 2222 222 222
adjusted eps
adjustment for customer contracts and
relationships amortisation 104 – 26 –
profit and weighted average number of shares
for adjusted earnings per share 1108 6031243 657 4797458
222 2222 222 222 optimisa plc 35
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
16 intangibleassets
customer
computer contracts and
goodwill software relationships development total
£’000 £’000 £’000 £’000 £’000
cost
at 1 january 2007 2008 38 76 – 2122
acquisition of subsidiaries 12284 16 583 40 12923
additions 3 9 – – 12
currency movement 11 – – – 11
111 111 111 111 111
at 31 december 2007 14284 63 659 40 15046
111 111 111 111 111
accumulated amortisation
at 1 january 2007 – 12 26 – 38
charge for the year – 14 104 7 125
111 111 111 111 111
at 31 december 2007 – 26 130 7 163
111 111 111 111 111
net book amount at
31 december 2007 14284 37 529 33 14883
222 222 222 222 222
cost
at 1 january 2006 1304 26 – – 1330
acquisition of subsidiaries 774 – 76 – 850
additions –12––12
currency movement 70 – – – 70
111 111 111 111 111
at 31 december 2006 2008 38 76 – 2122
111 111 111 111 111
accumulated amortisation
at 1 january 2006 – 1 – – 1
charge for the year – 11 26 – 37
111 111 111 111 111
at 31 december 2006 –1226 – 38
222 222 222 222 222
net book amount at
31 december 2006 2008 26 50 – 2084
222 222 222 222 222
impairment tests for goodwill
goodwill is allocated to the group’s cash generating units cgu’s currently each entity or group of
entities acquired separately is a cgu a summary of the allocation of goodwill is presented below
2007 2006
£’000 £’000
kae marketing intelligence limited 1304 1304
nxtmove corporation 542 553
andrew irving associates limited 154 151
report international limited 212 –
eq group plc 12072 –
111 111
14284 2008
222 222
the recoverable amount of a cgu is determined based on valueinuse calculations these calculations
use pretax cash flow projections based on the financial budget approved by management for the year
ending 31 december 2008 and steady state assumptions for the following four years the key
assumptions are the projected level of sales gross margin and employee costs the discount rate of 10
used is pretax and is the estimated weighted average cost of capital for the group based on the cost of
debt for the group and assumptions regarding the risks relating to the group and its subsidiaries optimisa plc 36
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
17 property plant and equipment
short fixtures
leasehold fittings and moor
property equipment vehicles total
£’000 £’000 £’000 £’000
cost
at 1 january 2007 37 124 – 161
acquisition of subsidiaries 112 209 210 531
additions – 104 18 122
disposals –21012
currency movement 1 – – 1
111 111 111 111
at 31 december 2007 148 435 218 801
222 222 222 222
accumulated depreciation 
at 1 january 2007 6 50 – 56
charge for the year 17 64 13 94
111 111 111 111
at 31 december 2007 23 114 13 150
222 222 222 222
net book amount at 31 december 2007 125 321 205 651
222 222 222 222
cost 
at 1 january 2006 – 50 – 50
acquisition of subsidiaries 36 54 – 90
additions 4 23 – 27
currency movement 3 3 – 6
111 111 111 111
at 31 december 2006 37 124 – 161
111 111 111 111
accumulated depreciation 
at 1 january 2006 – 26 – 26
charge for the year 6 24 – 30
111 111 111 111
at 31 december 2006 650 – 56
222 222 222 222
net book amount at 31 december 2006 31 74 – 105
222 222 222 222
assets held under finance lease
the net book amount of property plant and equipment held under finance leases at 31 december 2007
was £271000 2006 nil optimisa plc 37
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
18 financial instruments
loans and
receivables
2007 2006
£’000 £’000
at 31 december  assets as per balance sheet
trade and other receivables 4555 1647
cash and cash equivalents 1137 1596
111 111
5692 3243
222 222
other financial
liabilities
2007 2006
£’000 £’000
at 31 december – liabilities as per balance sheet
trade and other payables 3257 938
deferred consideration 256 101
borrowings 4857 –
111 111
8370 1039
222 222
credit quality of financial assets
the directors consider that based on historical information about default rates and the current strength
of customer relationships the majority of which are recurring long term customers the credit quality of
financial assets that are neither past due nor impaired is good this is supported by the very low level of
bad debts over the last two years at less than £10000
19 trade and other receivables – current
2007 2006
£’000 £’000
trade receivables 3571 927
other receivables 128 343
prepayments and accrued income 856 377
111 111
4555 1647
222 222
trade receivables are noninterest bearing and are generally on 3090 days terms at 31 december 2007
trade receivables of £1828000 31 december 2006 £607000 were fully performing
trade receivables that are past due are reviewed individually for impairment at 31 december 2007 trade
receivables of £1743000 31 december 2006 £320000 were past due but none are considered to be
impaired these relate to a number of independent customers for whom there is no history of default
additionally there are no other indications that these receivables are not collectable in full 
the ageing analysis of trade receivables is as follows
past due but not impaired
fully up to 3 36
total performing months months
£’000 £’000 £’000 £’000
31 december 2007 3571 1828 1371 372
31 december 2006 927 607 150 170
222 222 222 222 optimisa plc 38
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
19 trade and other receivables – current continued
the carrying amounts of the group’s trade and other receivables are denominated in the following
currencies
2007 2006
£’000 £’000
pounds 3830 1168
euros 213 73
us dollar 512 406
111 111
4555 1647
222 222
20 trade and other payables – current
2007 2006
£’000 £’000
trade payables 875 317
social security and other taxes 774 173
accruals and deferred income 1608 448
111 111
3257 938
222 222
21 borrowings
2007 2006
£’000 £’000
current
bank overdrafts – unsecured b 965 –
bank borrowings – secured a 590 –
finance lease obligations note 22 105 –
111 111
1660 –
222 222
2007 2006
£’000 £’000
noncurrent
bank borrowings – secured a 3096 –
finance lease obligations note 22 101 –
111 111
3197 –
222 222
a the secured bank loans are secured by a floating charge over the group’s uk based assets the
bank loans are stated net of unamortised issue costs of £64000 the bank loan is due to be fully
repaid by november 2010
b the unsecured borrowings comprise the bank overdraft which is subject to annual renewal optimisa plc 39
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
21 borrowings continued
the group has undrawn committed borrowing facilities available at 31 december 2007 in the form of
secured bank loans of £750000 2006 nil available at 80125 in respect of which all conditions
precedent had been met at that date
all bank borrowings are denominated in uk pounds
the bank overdraft and bank loans are subject to a floating rate of interest of libor plus a margin of
18 on the loans and 10 on the overdraft the finance leases are subject to fixed rates of interest
the effective interest rates at the balance sheet dates of borrowings were as follows
2007 2006
bank overdraft 65 –
bank borrowings 80125 –
finance leases 779 –
the maturity profile of the contractual payments including finance charges of the group’s financial
liabilities as at 31 december 2007 is as follows
less that 1 year 12 years 23 years 35 years total
£’000 £’000 £’000 £’000 £’000
bank overdraft 965––– 965
trade and other payables 3257––– 3257
bank loans 881 1026 2514 – 4421
finance lease obligations 117 87 16 3 223
111 111 111 111 111
total 5220 1113 2530 3 8866
222 222 222 222 222
at 31 december 2006 the group’s only financial liabilities were trade and other payables of £938000
these had no future finance charges and were payable in less than one year
22 obligations under finance leases
future minimum lease payments under finance leases fall due as follows
2007 2006
£’000 £’000
not later than one year 117 –
after one year but not more than five years 106 –
111 111
223
less finance charges allocated to future periods 17 –
111 111
present value of minimum finance lease payments 206 –
222 222
the present value of minimum finance lease payments is analysed as follows
2007 2006
£’000 £’000
not later than one year 105 –
after one year but not more than five years 101 –
111 111
206 –
222 222 optimisa plc 40
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
23 deferred consideration
£’000
at 1 january 2006 –
included in cost of acquisition 101
111
at 31 december 2006 and 1 january 2007 101
included in cost of acquisition 147
charged to income statement – unwinding of discount note 8 8
111
at 31 december 2007 256
222
provisions are analysed between current and noncurrent as follows 
2007 2006
£’000 £’000
current 101 –
noncurrent 155 101
111 111
256 101
222 222
provisions comprise deferred consideration in relation to the acquisitions of andrew irving associates
limited aia and report international limited ril
the deferred consideration in relation to the acquisition of aia on 2 october 2006 is payable following
completion of the financial statements for the year ending 31 december 2008 based upon the gross
profit earned by aia in the 2007 and 2008 financial years a provision for the maximum amount
payable of £101000 has been made at 31 december 2007 31 december 2006 £101000 this has not
been discounted as the effect is not material
the deferred consideration in relation to the acquisition of ril on 2 may 2007 is payable following
completion of the financial statements for the year ending 31 december 2009 based upon the average
profit before tax in the 2008 and 2009 financial years a provision for £155000 has been made at 
31 december 2007 which represents the discounted value of the estimated amount payable a discount
rate of 10 has been applied which is an estimate of the group’s weighted average cost of capital based
on the cost of debt for the group and assumptions regarding the risks relating to the group and its
subsidiaries optimisa plc 41
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
24 ordinary shares
2007 2006
£’000 £’000
authorised
12600000 ordinary shares of 25p each 2006 1600000 ordinary shares
of 150p each 3150 2400
222 222
allotted called up and fully paid
8910090 ordinary shares of 25p each 2006 882151 ordinary shares
of 150p each 2227 1323
222 222
allotments during the year
on 10 july 2007 2864 warrants were exercised over an equivalent number of new ordinary shares of
150p each for a total nominal value of £4296 there was no premium on these shares 
on 19 october 2007 600000 ordinary shares of 150p with a total nominal value of £900000 were
issued at 1300p each for a total consideration of £7800000 expenses of £354000 incurred in issuing
these shares have been deducted from the share premium
share subdivision
on 22 october 2007 a six for one share subdivision was made whereby one ordinary share of 150p
was subdivided into six new ordinary shares of 25p each
25 share options
at 31 december 2007 the group had the following outstanding options over its ordinary shares of 
25 pence each
exercise
price 2007 2006
share option scheme exercise period per share number number
share option scheme february 2000 to february 2010 25p 14166 31350 
enterprise management march 2007 to march 2010 150p 39000 39000 
incentive scheme march 2008 to march 2011 150p 39000 39000 
1111 1111
92166 109350
2222 2222
the additional disclosures required by ifrs 2 ‘sharebased payment transactions’ have not been given as
the directors do not consider them to be material optimisa plc 42
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
26 statement of changes in shareholders’ equity
foreign 
currency
number of ordinary shares to share merger translation retained
shares shares be issued premium reserve reserve earnings total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
balance at 1 january 2007 882151 1323 – 1334 914 99 954 4426
111 111 111 111 111 111 111 111
shares issued for warrants 2864 4––––– 4
share issue 600000 900 – 6546––– 7446
share options –––––– 10 10
dividends paid –––––– 221 221
6 for 1 share subdivision 7425075–––––––
profit for the year –––––– 1004 1004
foreign exchange translation 
differences ––––– 16 – 16
111 111 111 111 111 111 111 111
balance at 31 december 2007 8910090 2227 – 7880 914 115 1747 12653
222 222 222 222 222 222 222 222
balance at 1 january 2006 690911 1036 243 502 612 – 458 2851
111 111 111 111 111 111 111 111
shares issued for deferred
consideration 60000 90 243 – 153–––
share issue 113539 170 – 832––– 1002
shares issued on acquisition of
subsidiary 17701 27 – – 149 – – 176
dividends paid –––––– 135 135
profit for the year –––––– 631 631
foreign exchange translation 
differences ––––– 99 – 99
111 111 111 111 111 111 111 111
balance at 31 december 2006 882151 1323 – 1334 914 99 954 4426 
222 222 222 222 222 222 222 222
the merger reserve which is nondistributable arose on the acquisition of kae marketing intelligence
limited on 28 april 2005 the premium on the shares issued on acquisition was taken to the merger
reserve in accordance with section 131 of the companies act
27 reconciliation of movement in net debtnet funds
2007 2006
£’000 £’000
decreaseincrease in cash and cash equivalents excluding cash
acquired with acquisitions 464 847
cash flows from increase in debt 1370 –
111 111
decrease in net debt resulting from cash flow 906 847
increasedecrease in net debt on acquisition of subsidiaries 6221 13
effect of exchange rate fluctuations on net debt 1 21
111 111
increasedecrease in net debt in the year 5316 839
net funds at beginning of year 1596 757
111 111
net debtnet funds at end of year 3720 1596
222 222 optimisa plc 43
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
28 operating lease commitments
the total future minimum lease payments under noncancellable operating leases is as follows
2007 2006
land and land and
buildings buildings
£’000 £’000
within one year 482 266
later than one year and less than five years 1109 454
after five years 30 –
111 111
1621 720
222 222
29 relatedparty transactions
the group does not have a controlling party the shares are held by a number of individuals none of
whom hold a majority interest significant shareholders are disclosed in the report of the directors 
directors’ emoluments and key management compensation are disclosed in note 9
transactions between the company and its subsidiaries are eliminated on preparation of the consolidated
financial statements of the group there are no other material related party transactions in the year
ended 31 december 2007 
in the year ended 31 december 2006 mr s dannatt and mr j waters both directors of optimisa plc
were also directors of edengene limited in which optimisa plc held 131 of the ordinary shares at
1 january 2006 on 27 april 2006 optimisa plc sold all its shares in edengene limited at the carrying
value of this investment on the same date ms s dannatt and mr j waters resigned as directors of
edengene limited
30 business combinations
the following acquisitions were made during the year
report international limited
on 2 may 2007 the group acquired 100 of the issued share capital of report international limited
ril a company based in the uk the consideration paid consisted of an initial cash payment based on
a multiple of ril’s management accounts net asset value as at 30 april 2007 further consideration will
be payable on the basis of a multiple of ril’s average profit before tax for the two years ending 
31 december 2009 up to a maximum of £22 million 
ril contributed revenues of £996000 and a net loss of £45000 for the period from 2 may 2007 to 
31 december 2007 as ril’s previous accounting period was from 1 may 2006 to 30 april 2007 and
monthly accounts were not prepared it is not possible to ascertain what the impact on the group’s
revenue and profit would have been if the acquisition had occurred on 1 january 2007 optimisa plc 44
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
30 business combinations continued
the total cost of the acquisition the deferred consideration balance and the cash outflow as at
31 december 2007 was as follows
£’000
paid consideration 49
deferred consideration – noncurrent 147
other professional fees 38
111
total cost of acquisition 234
interest on deferred consideration 8
111
total deferred consideration at 31 december 2007 155
222
£’000
purchase consideration settled in cash in the period 49
professional fees paid 38
bank overdraft in subsidiary acquired 57
111
cash outflow on acquisition 144
222
any adjustments relating to deferred consideration will be made to the acquisition cost and as a result the
goodwill balance as and when the circumstances relating to the deferred consideration payments change
the amounts recognised for each class of the acquiree’s assets and liabilities at the acquisition date and
the resulting goodwill are as follows
acquiree’s fair value
carrying amount adjustments fair value
£’000 £’000 £’000
noncurrent assets
property plant and equipment 40 – 40
intangible assets 35 13 48
deferred income tax asset 23 – 23
111 111 111
total noncurrent assets 98 13 111
current assets
trade and other receivables 235 – 235
cash and cash equivalents 28 – 28
111 111 111
total current assets 263 – 263
111 111 111
total assets 361 13 374
222 222 222
current liabilities
trade and other payables 348 – 348
deferred income tax liability – 4 4
111 111 111
total liabilities 348 4 352
111 111 111
net assets 13 9 22
111 111 111
fair value of consideration 234
111 111 111
goodwill 212
222 222 222
the goodwill that has arisen on the combination can be attributed to the synergies expected to be
derived from the combination and the value of the workforce of ril which cannot be recognised as an
intangible asset under ias 38 “intangible assets” membership of the optimisa group will enhance
ril’s ability to offer added value around data analytics marketing effectiveness modelling and
competitive intelligence optimisa plc 45
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
30 business combinations continued
eq group plc 
on 19 october 2007 the group acquired eq group plc eq a group of companies based in the uk
which includes quaestor research  marketing strategists limited buckingham research associates
limited and summit studios limited 
following the making of a formal offer of £072 per share on 14 september 2007 the group received
valid acceptances of 8775961 eq shares representing 9894 of the issued share capital of eq this
offer went unconditional on 19th october 2007
at 31 december 2007 the purchase of 8813035 shares had been completed the remaining 57134
shares will be purchased in 2008 under the “squeeze out” a liability has been recognised in the accounts
for the cost of acquiring these shares
the total cost of the acquisition and the cash outflow as at 31 december 2007 was as follows
£’000
paid consideration 6346
accrued consideration 41
acquisition costs 580
111
total cost of acquisition 6967
222
£’000
purchase consideration settled in cash in the period 6346
professional fees paid 547
bank overdraft in subsidiary acquired 905
111
cash outflow on acquisition 7798
222
eq contributed revenues of £2092000 and net profit of £151000 excluding intergroup amounts for
the period from 19 october 2007 to 31 december 2007 if the acquisition of eq had occurred on
1 january 2007 eq would have contributed revenues of £10392000 and an estimated net profit of
£708000 which includes the profit on the sale of a subsidiary of £84000 and dividend income from the
sold subsidiary of £173000 the net profit has been estimated from the net profit achieved by eq in
the period adjusted for items that would not have been incurred had the acquisition by optimisa
occurred at the beginning of the period the after tax adjustments made to arrive at the estimated net
profit are as follows
£’000
net profit of eq for the year ending 31 december 2007 380
costs adjusted
fair value adjustments made following acquisition 80
costs incurred as a result of the acquisition 248
111
estimated net profit 708
222 optimisa plc 46
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
30 business combinations continued
the amounts recognised for each class of the acquiree’s assets and liabilities at the acquisition date and
the resulting goodwill are as follows
acquiree’s fair value
carrying amount adjustments fair value
£’000 £’000 £’000
noncurrent assets
property plant and equipment 617 105 512
intangible assets – 569 569
deferred income tax assets 10 7 3
111 111 111
total noncurrent assets 627 457 1084
current assets
inventories 297 – 297
trade and other receivables 1895 9 1886
111 111 111
total current assets 2192 9 2183
111 111 111
total assets 2819 448 3267
222 222 222
current liabilities
trade and other payables 1860 53 1913
current borrowings 6034 – 6034
current income tax liabilities 192 59 133
111 111 111
total current liabilities 8086 6 8080
222 222 222
noncurrent liabilities
noncurrent borrowings 130 – 130
deferred income tax liabilities 2 160 162
111 111 111
total non current liabilities 132 160 292
111 111 111
total liabilities 8218 154 8372
222 222 222
net liabilities 5399 294 5105
111 111 111
fair value of consideration 6967
111 111 111
goodwill 12072
222 222 222
the goodwill that has arisen on the combination is partly attributable to the synergies expected to be
derived from the combination including cost savings associated with only having one listed holding
company going forward additionally there is significant value in the workforce of eq which at
acquisition comprised 110 people which cannot be recognised as an intangible asset under ias 38
“intangible assets”
there is expected to be significant improvements resulting from membership in optimisa group for the
eq companies as a result of their diversification of both service range and sector exposure
andrew irving associates limited
an additional amount of £3000 has been recognised in relation to the acquisition of andrew irving
associates limited during the year ended 31 december 2007 as a result of an additional acquisition cost
being incurred optimisa plc 47
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
31 reconciliation of net assets and profit under uk gaap to ifrs
optimisa plc reported under uk gaap in its previously published financial statements for the year
ended 31 december 2006  
the following analysis shows a reconciliation of net assets and profit as reported under uk gaap as at
31 december 2006 to the revised net assets and profit under ifrs as reported in these financial
statements in addition there is a reconciliation of net assets under uk gaap to ifrs at the transition
date for this company 1 january 2006
explanation of significant reconciling items between uk gaap and ifrs
a under ifrs 3 ‘business combinations’ customer contracts and customer relationships are
recognised as intangible assets on acquisition these were not recognised under uk gaap in
2006 the group acquired nxtmove corporation and andrew irving associates limited the
value of customer contracts and relationships for these business amounted to £77000 the
amortisation of the intangible asset for 2006 is £26000 in addition software costs that were
previously categorised as property plant and equipment have been reclassified as intangible assets
the net book value of such items was £24000 at 1 january 2006 and £25000 at 31 december
2006
b under ias 12 “income taxes” a deferred tax liability of £23000 is recognised during 2006 on
the initial recognition of the customer contracts and relationships intangible asset this was not
recognised under uk gaap this deferred tax liability at 31 december 2006 was £15000
the adjustments described above together with other immaterial adjustments are presented in the
following three reconciliations between uk gaap and ifrs  optimisa plc 48
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
group reconciliation of equity at 1 january 2006
a b
recognition and reclassification
uk reclassification and recognition
gaap of intangibles of deferred tax ifrs
£’000 £’000 £’000 £’000
noncurrent assets
property plant and equipment 47 24 – 23
intangible assets – goodwill 1304 – – 1304
intangible assets – other – 24 – 24
investments 411 – – 411
deferred tax asset – – 159 159
111 111 111 111
1762 – 159 1921
111 111 111 111
current assets
trade and other receivables 766 – 159 607
cash and cash equivalents 757 – – 757
111 111 111 111
1523 – 159 1364
111 111 111 111
total assets 3285 – – 3285
222 222 222 222
current liabilities
trade and other payables 434 – 72 362
current tax liabilities – – 72 72
111 111 111 111
434 – – 434
111 111 111 111
net assets 2851 – 2851
222 222 222 222
capital and reserves
share capital 1036 – – 1036
share premium 502 – – 502
merger reserve 612 – – 612
shares to be issued 243 – – 243
retained earnings 458 – – 458
111 111 111 111
equity shareholders’ funds 2851 – – 2851
222 222 222 222 optimisa plc 49
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
group reconciliation of equity at 31 december 2006
a b
reclassification
uk recognition and recognition
gaap of intangibles of deferred tax other ifrs
£’000 £’000 £’000 £’000 £’000
noncurrent assets
property plant and equipment 144 25 – 14 105
intangible assets – goodwill 2062 77 23 – 2008
intangible assets – other – 76 – – 76
deferred tax asset – – 86 – 86
111 111 111 111 111
2206 26 109 14 2275
222 222 222 222 222
current assets
trade and other receivables 1733 – 86 – 1647
cash and cash equivalents 1596––– 1596
111 111 111 111 111
3329 – 86 – 3243
111 111 111 111 111
total assets 5535 26 23 14 5518
222 222 222 222 222
current liabilities
trade and other payables 976 – 38 – 938
current tax liabilities – – 38 – 38
111 111 111 111 111
976 – – – 976
noncurrent liabilities
deferred consideration 101 – – – 101
deferred tax liabilities – – 15 – 15
111 111 111 111 111
101 – 15 – 116
111 111 111 111 111
total liabilities 1077 – 15 – 1092
222 222 222 222 222
net assets 4458 26 8 14 4426
222 222 222 222 222
capital and reserves
share capital 1323––– 1323
share premium 1334––– 1334
merger reserve 914––– 914
foreign currency translation reserve – – – 99 99
retained earnings 887 26 8 85 954
111 111 111 111 111
equity shareholders’ funds 4458 26 8 14 4426
222 222 222 222 222 optimisa plc 50
financial statements for the year ended 31 december 2007
notes to the consolidated financial statements continued
consolidated income statement reconciliation for the year ended 31 december 2006
a b
uk amortisation deferred tax
gaap of intangibles movements other ifrs
£’000 £’000 £’000 £’000 £’000
revenue 5894––– 5894
cost of sales 1275 – – – 1275
111 111 111 111 111
gross profit 4619––– 4619
administrative expenses 3874 26 – 14 3914
other operating income 18––– 18
111 111 111 111 111
operating profit 763 26 – 14 723
finance income 26––– 26
finance costs 21 – – – 21
111 111 111 111 111
profit before income tax 768 26 – 14 728
income tax expense 105 – 8 – 97
111 111 111 111 111
profit attributable to equity 
shareholders 663 26 8 14 631
222 222 222 222 222
consolidated cash flow statement for the year ended 31 december 2006
the transition from uk gaap to ifrs does not change the reported cash flows of the group an
ifrs cash flow statement is similar to uk gaap but presents various cash flows in a different order
from uk gaap optimisa plc 51
financial statements for the year ended 31 december 2007
independent auditors’ report to the members of optimisa plc
we have audited the parent company financial statements of optimisa plc for the year ended 31 december
2007 which comprise the balance sheet and the related notes these parent company financial statements
have been prepared under the accounting policies set out therein 
we have reported separately on the group financial statements of optimisa plc for the year ended
31 december 2007
respective responsibilities of directors and auditors
the directors’ responsibilities for preparing the group financial statements and the parent company
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 parent company financial statements in accordance with relevant legal
and regulatory requirements and international standards on auditing uk and ireland this report
including the opinion has been prepared for and only for the company’s members as a body in
accordance with section 235 of the companies act 1985 and for no other purpose we do not in giving
this opinion accept or assume responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by our prior consent in
writing
we report to you our opinion as to whether the parent company financial statements give a true and fair
view and whether the parent company financial statements have been properly prepared in accordance
with the companies act 1985 we also report to you whether in our opinion the information given in
the report of the directors is consistent with the parent company financial statements the information
given in the report of the directors includes that specific information presented in the chief executive’s
review that is cross referred from the principal activities and business review section of the report of
the directors
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 other information contained in the financial statements and consider whether it is consistent
with the audited parent company financial statements the other information comprises only the
highlights the chairman’s statement the chief executive’s review the report of the directors and the
corporate governance statement we consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the parent company financial statements our
responsibilities do not extend to any other information
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 parent company financial statements it also includes an assessment
of the significant estimates and judgments made by the directors in the preparation of the parent
company financial statements and of whether the accounting policies are appropriate to the 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
parent company 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 parent company financial statements optimisa plc 52
financial statements for the year ended 31 december 2007
independent auditors’ report to the members of optimisa plc
continued
opinion
in our opinion
● the parent company financial statements give a true and fair view in accordance with united
kingdom generally accepted accounting practice of the state of the company’s affairs as at 
31 december 2007
● the parent company financial statements have been properly prepared in accordance with the
companies act 1985 and
● the information given in the report of the directors is consistent with the parent company
financial statements
pricewaterhousecoopers llp
chartered accountants and registered auditors
leeds
21 april 2008 optimisa plc 53
financial statements for the year ended 31 december 2007
parent company balance sheet
2007 2006
notes £’000 £’000
fixed assets
tangible assets f 9 11
investments in subsidiary undertakings g 9920 2716
111 111
9929 2727
111 111
current assets
debtors i 6573 1767
cash at bank and in hand 428 356
111 111
7001 2123
111 111
creditors – amounts falling due within one year k 902 50
111 111
net current assets 6099 2073
111 111
total assets less current liabilities 16028 4800
222 222
creditors – amounts falling due after more than one year l 3097 –
provision for liabilities n 256 101
111 111
net assets 12675 4699
222 222
capital and reserves
called up share capital o 2227 1323
share premium account p 7880 1334
merger reserve r 914 914
profit and loss reserve q 1654 1128
111 111
total shareholders’ funds 12675 4699
222 222
the financial statements were approved by the board of directors on 21 april 2008 and were signed on its
behalf by
jonathan waters
director
the notes on pages 54 to 62 are an integral part of these parent company financial statements optimisa plc 54
financial statements for the year ended 31 december 2007
notes to the parent company financial statements
a basis of preparation
the parent company financial statements have been prepared under the historical cost convention in
accordance with the companies act 1985 and with applicable accounting standards in the united
kingdom 
the financial statements contain information about optimisa plc as an individual company and do not
contain consolidated financial information as the parent of a group the company has prepared
consolidated financial statements under international financial reporting standards ifrs and is
therefore not required to prepare consolidated financial statements under uk generally accepted
accounting practice uk gaap
b accounting policies
i foreign currency translation
foreign currency transactions are translated into uk pounds using the exchange rates prevailing at the
dates of such transactions foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at yearend exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the profit and loss account
ii tangible fixed assets
tangible fixed assets are stated at cost less accumulated depreciation cost comprises the purchase price
together with any incidental costs of acquisition 
depreciation on tangible fixed assets is calculated to write off their cost down to their residual values
over their remaining useful economic lives by annual equal instalments as follows
fixtures fittings and equipment 3 – 5 years
an asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount
iii investments
investments are shown at cost including acquisition costs less provision for impairment 
iv cash at bank and in hand
cash at bank and in hand includes cash deposits on call with banks and cash in hand bank overdrafts
are shown within creditors due within one year on the balance sheet
v borrowings
borrowings are recognised initially at fair value net of transaction costs subsequent measurement is
based on amortised cost and any difference between the proceeds net of transaction of costs and the
redemption value is recognised in the profit or loss over the period of the borrowings using the effective
interest rate method
borrowings are classified as creditors due within one year unless the company has an unconditional right
to defer settlement of the liability for at least 12 months after the balance sheet date
vi current and deferred corporation taxation
the current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the uk 
deferred tax is recognised on an undiscounted basis 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 company’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 optimisa plc 55
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
deferred tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised 
vii provisions
a provision is recognised in the balance sheet when the company has a legal or constructive obligation
as a result of a past event it is probable than an outflow of economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation if the effect is
material provisions are determined by discounting the expected future cash flows at a pretax rate that
reflects current market assessments of the time value of money and where appropriate the risks specific
to the liability 
provisions for deferred consideration on acquisitions of subsidiaries have been made based upon
management’s current expectation as to the outcome of the determining factors as deferred
consideration is part of the consideration for the acquisition the amount provided for in the accounts
has led to a resultant increase in the investment value associated with that acquisition 
any revisions to the amount of deferred consideration provided for are similarly reflected by a revision
to the investment value
viii cash flow statement
the results and cash flows of the company are included in the consolidated financial statements of that
company consequently the company has taken advantage of the exemption from preparing a cash flow
statement under the terms of frs 1 revised 1996
ix turnover
turnover comprises the fair value of the consideration received or receivable for the sale of services in
the ordinary course of the company’s activities turnover is shown net of value added tax and discounts
sales of services are recognised in the accounting period in which the services are rendered by reference
to completion of the specific transaction assessed on the basis of the actual service provided as a
proportion of the total services to be provided
x employee benefits
pension obligations
the company operates a defined contribution pension scheme a defined contribution plan is a
pension plan under which the company pays fixed contributions into a third party entity the
company has no further payment obligations once the contributions have been paid
contributions payable to these schemes are charged to the period in which the obligation arises
share option scheme
the company operates equity settled executive and employee share option arrangements and all
share based remuneration is ultimately recognised as an expense in the profit and loss account
with a corresponding credit to shareholders’ funds upon exercise of the share options fulfilled by
the issue of new shares the proceeds received net of any directly attributable transaction costs up
to the nominal value of the shares are allocated to share capital with any excess being recorded as
share premium
the fair value of the options is measured using a black scholes valuation model of options as they have
nonmarket performance conditions optimisa plc 56
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
c profit and loss account
the directors have taken advantage of the exemption available under section 230 of the companies act
1985 and not presented a profit and loss account for the company the profit for the financial year for
the parent company was £737000 2006 £517000
d dividends
2007 2006
£’000 £’000
equity – ordinary
final 2006 paid 250 pence per share final 2005 167 pence per share 132 70
interim 2007 paid 167 pence per share interim 2006 125 pence per share 89 65
111 111
221 135
222 222
the dividend per share figures prior to the six for one share subdivision on 22 october 2007 have been
restated to reflect the dividend per share after the share subdivision enabling the dividend per share to
be comparable over the two years
in addition the directors are proposing a final dividend in respect of the financial period ending 
31 december 2007 of 30 pence per share which will absorb an estimated £267000 of shareholders
funds it will be paid on 6 june 2008 to shareholders who are on the register of members on 18 april
2008
e services provided by the company’s auditor
during the year the company obtained the following services from the company’s auditor
2007 2006
£’000 £’000
fees payable to the company auditor for the audit of the
parent company and consolidated accounts 12 –
tax services 4 –
111 111
16 –
222 222
f tangible fixed assets
fixtures fittings
and equipment
£’000
cost
at 1 january 2007 17
additions 4
111
at 31 december 2007 21
222
accumulated depreciation 
at 1 january 2007 6
charge for the year 6
111
at 31 december 2007 12
222
net book amount at 31 december 2007 9
222
net book amount at 31 december 2006 11
111 optimisa plc 57
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
g investments in subsidiary undertakings
2007 2006
£’000 £’000
at 1 january 2716 2017
additions in the year see note 30 in consolidated financial statements 7204 699
111 111
at 31 december 9920 2716
222 222
investments in subsidiary undertakings are stated at cost which is the fair value of the consideration paid
the company’s trading subsidiaries all of which are included in the consolidated financial statements are
as follows
 of ordinary
name of country of shares held 
subsidiary undertaking incorporation nature of business by optimisa plc
111111111111111111111111111111111111111
kae marketing intelligence limited england  wales marketing consultancy 100
andrew irving associates limited england  wales marketing consultancy 100
report international limited england  wales analysis consultancy 100
nxtmove corporation united states of america marketing consultancy 100
eq group plc england  wales holding company 99
222222222222222222222222222222222222222
the following are 100 subsidiaries of eq group plc
name of country of 
subsidiary undertaking incorporation nature of business
111111111111111111111111111111111111111
quaestor research  england  wales market research
marketing strategists limited
buckingham research associates england  wales market research
summit studios limited england  wales market research
222222222222222222222222222222222222222
h financial instruments
loans and receivables
2007 2006
£’000 £’000
assets at 31 december
debtors 6492 1678
cash at bank and in hand 428 356
111 111
6920 2034
222 222
other financial
liabilities
2007 2006
£’000 £’000
liabilities at 31 december
trade and other creditors 311 50
provisions – deferred consideration 256 101
bank loans and overdrafts note m 3688 –
111 111
4255 151
222 222
the company’s policy is not to trade in derivatives or financial instruments but to hedge against
perceived risk where appropriate to manage interest rate and currency risks arising from its and its
subsidiaries operations and from its sources of finance at 31 december 2007 and 31 december 2006
the company had no derivative financial instruments optimisa plc 58
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
i debtors
2007 2006
£’000 £’000
amounts falling due within one year
amounts owed by group undertakings 801 858
deferred tax note j 81 89
other debtors 73 308
prepayments and accrued income 12 9
111 111
967 1264
222 222
amounts falling due after one year
amounts owed by group undertakings 5606 503
111 111
6573 1767
222 222
the carrying amount of debtors is a reasonable approximation to fair value
all debtors due within one year are unsecured do not attract interest and are denominated in uk
pounds
debtors due after more than one year comprises the following balances owed by group undertakings
● £497000 is the outstanding balance on a loan that was made to nxtmove corporation the loan
is unsecured and is repayable on demand interest is charged on a monthly basis at a rate of
835 the loan is denominated in us dollars
● £5109000 is the outstanding balance on a loan that was made to eq group plc the loan is
unsecured and is repayable on demand interest is charged on a monthly basis at libor plus
18 the loan is denominated in uk pounds
j deferred tax
2007 2006
£’000 £’000
unrelieved tax losses 81 89
222 222
trading losses
the company has excess management charges carried forward of £282000 which give rise to the
deferred tax asset of £81000 at 31 december 2007 the directors have reviewed the expected future
performance of the company and have recognised these losses as they are expected to be utilised in the
next two years
capital losses
unrelieved tax losses relating to capital disposals of approximately £13210000 remain available to offset
against future taxable gains the potential deferred tax asset of £3699000 associated with these losses
has not been recognised as the directors do not expect them to be utilised in the future
there is a change in the uk corporation tax rate which will be effective from 1 april 2008 deferred
tax relating to temporary differences which are expected to reverse prior to 1 april 2008 is measured at
30 and deferred tax relating to temporary differences expected to reverse after 1 april 2008 is
measured at 28 as these are the rates that will apply on reversal optimisa plc 59
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
k creditors – amounts falling due within one year
2007 2006
£’000 £’000
bank overdraft and borrowings note m 591 –
trade creditors 30 18
other tax and social security payable 26 19
accruals and deferred income 255 13
111 111
902 50
222 222
l creditors – amounts falling due after more than one year
2007 2006
£’000 £’000
borrowings note m 3097 –
222 222
m borrowings
2007 2006
£’000 £’000
due within one year or on demand
bank loans and overdrafts
secured a 590 –
unsecured b 1 –
111 111
591 –
222 222
due after more than one year
bank loans
secured a 3097 –
111 111
total borrowings 3688 –
222 222
a the secured bank loans are secured by a floating charge over the company’s and its subsidiary’s
uk based assets the bank loans are stated net of unamortised issue costs of £64000 the bank
loan matures in november 2010
b the unsecured borrowings comprise the bank overdraft which is subject to annual renewal
the company in association with its subsidiary undertakings has undrawn committed borrowing
facilities available at 31 december 2007 in the form of secured bank loans of £750000 2006 £nil
available at 80125 in respect of which all conditions precedent had been met at that date
all bank borrowings are denominated in uk pounds optimisa plc 60
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
m borrowings continued
the maturity profile of the carrying amounts of the company’s borrowings is as follows
2007 2006
£’000 £’000
less than one year 591 –
in more than one year but not more than two years 787 –
in more than two years but not more than five years 2310 –
111 111
3688 –
222 222
all of the company’s borrowings are subject to a floating rate of interest interest is payable at a rate of
libor plus 18 on the bank loans and libor plus 1 on the bank overdraft the company is
therefore exposed to the effects of fluctuations in the prevailing levels of market interest rates on its
cash flows interest costs may increase or decrease as a result of such changes
n provisions for liabilities
deferred consideration
£’000
at 1 january 2006 –
included in investments 101
111
at 31 december 2006 and 1 january 2007 101
included in investments 147
charged to profit and loss account  unwinding of discount 8
111
at 31 december 2007 256
222
provisions are analysed as follows 
2007 2006
£’000 £’000
within one year 101 –
due after one year 155 101
111 111
256 101
222 222
further details of deferred consideration are provided in note 23 of the consolidated financial statements
o called up share capital
2007 2006
£’000 £’000
authorised
12600000 ordinary shares of 25p each
2006 1600000 ordinary shares of 150p each 3150 2400
222 222
allotted called up and fully paid
8910090 ordinary shares of 25p each
2006 882151 ordinary shares of 150p each 2227 1323
222 222
further details of the movements in share capital in the year are provided in note 24 of the consolidated
financial statements optimisa plc 61
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
p share premium account
2007 2006
£’000 £’000
at 1 january 1334 502
premium on shares issued during the year 6546 832
111 111
at 31 december 7880 1334
222 222
q profit and loss reserve
2007 2006
£’000 £’000
at 1 january 1128 746
profit for the year 737 517
share options 10 –
dividends paid note d 221 135
111 111
at 31 december 1654 1128
222 222
r merger reserve
merger reserve
£’000
at 31 december 2006 and 31 december 2007 914
222
s reconciliation of movements in shareholders’ funds
2007 2006
£’000 £’000
profit for the year 737 517
dividends payable 221 135
111 111
516 382
222 222
share options 10 –
new share capital subscribed 7446 1000
shares issued for warrants 4 2
shares issued on acquisition of subsidiary – 176
111 111
net increase in shareholders’ funds 7976 1560
opening equity shareholders’ funds 4699 3139
111 111
closing equity shareholders’ funds 12675 4699
222 222 optimisa plc 62
financial statements for the year ended 31 december 2007
notes to the parent company financial statements continued
t employees and directors
2007 2006
number number
the average monthly number of persons including executive directors
employed by the company during the year was 9 7
222 222
staff costs during the year in respect of these persons were as follows
2007 2006
£’000 £’000
wages and salaries 556 467
social security costs 55 55
other pension costs 100 55
111 111
711 577
222 222
the aggregate remuneration of the directors of the company for the year was £464000 2006
£349000 details of directors’ remuneration are set out in note 9 of the consolidated financial
statements
u related party transactions
transactions between the company and its subsidiaries which are related parties are not disclosed in
this note as the company has taken advantage of the exemption under frs8 not to disclose transactions
between fellow group companies optimisa plc 63
financial statements for the year ended 31 december 2007
notice of annual general meeting
notice is hereby given that the annual general meeting of optimisa plc will be held at
optimisa plc 2nd floor 209215 blackfriars road london se1 8nl at 200 pm on 23 may 2008 for
the following purposes
ordinary business
1 to receive the directors’ report and accounts for the year ended 31 december 2007 and the
auditors’ report thereon
2 to reappoint j humpish as a director
3 to reappoint db rankin as a director
4 to reappoint jdh waters as a director 
5 to reappoint pricewaterhousecoopers llp as auditors of the company to hold office from the
conclusion of this annual general meeting until the conclusion of the next annual general
meeting and to authorise the directors to agree their remuneration
6 to declare a final dividend for the year ended 31 december 2007 of 3 pence per ordinary share
special resolution
7 to consider and if thought fit pass the following resolution as a special resolution
that subject to and in accordance with article 24 of the company’s articles of association the
company is hereby generally and unconditionally authorised to make market purchases for the
purpose of section 166 of the companies act 1985 as defined in section 163 of that act of
ordinary shares of 25 pence in the capital of the company provided that
a the maximum aggregate number of ordinary shares which may be purchased is 900000
b the minimum price which may be paid for each ordinary share is 25 pence
c the maximum price which may be paid for an ordinary share is an amount equal to 105
of the average of the closing middle market quotations of an ordinary share as shown by
the daily official list of the london stock exchange for each of the five business days
immediately preceding the day on which such ordinary share is contracted to be purchased
and 
d the authority shall expire at the conclusion of the annual general meeting in 2009 or if
earlier on 1 august 2009 except in relation to the purchase of ordinary shares the
contract for which was concluded before the expiry of such authority and which might be
executed wholly or partly after such expiry unless such authority is renewed prior to such
time
21 april 2008
by order of the board
optimisa plc
company secretary
registered office
2nd floor 
209215 blackfriars road
london
se1 8nl optimisa plc 64
financial statements for the year ended 31 december 2007
notice of annual general meeting continued
notes
1 a member entitled to attend and vote at the meeting convened by the notice set out above is entitled to appoint a proxy or
proxies to attend and on a poll to vote in his place a proxy need not be a member of the company
2 a form of proxy is enclosed to be effective it must arrive not later than 48 hours before the time set for the annual general
meeting at the capita registrars proxies po box 25 beckenham kent br3 4br you may also deliver by hand the proxy
to the registry 34 beckenham road beckenham kent br3 4tu during normal business hours also to be received not later
than 48 hours before the time appointed for holding the annual general meeting completion of the proxy does not preclude
a member from subsequently attending and voting at the meeting in person if he or she so wishes
3 in accordance with regulation 41 of the uncertificated securities regulations 2001 only those members entered on the
company’s register of members not later than 600 pm on 21 may 2008 or if the meeting is adjourned shareholders entered
on the company’s register of members not later than 48 hours before the time fixed for the adjourned meeting shall be
entitled to attend and vote at the meeting
4 a shareholder may appoint more than one proxy in relation to the annual general meeting provided that each proxy is
appointed to exercise the rights attached to a different share or shares held by him to appoint more than one proxy you
may photocopy this form please indicate the proxy holder’s name and the number of shares in relation to which they are
authorised to act as your proxy which in aggregate should not exceed the number of shares held by you please also
indicate if the proxy instruction is one of multiple instructions being given all forms must be signed and should be returned
together in the same envelope a failure to specify the number of shares each proxy appointment relates to or specifying a
number in excess of those held by you may result in the appointment being invalid
5 in order to facilitate voting by corporate representatives at the annual general meeting arrangements will be put in place at
the annual general meeting so that
a if a corporate member has appointed the chairman of the annual general meeting as its corporate representative with
instructions to vote on a poll in accordance with the directions of all the other corporate representatives for that
member at the annual general meeting then on a poll those corporate representatives will give voting directions to the
chairman and the chairman will vote or withhold a vote as corporate representative in accordance with those directions
and
b if more than one corporate representative for the same corporate member attends the annual general meeting but the
corporate member has not appointed the chairman of the annual general meeting as its corporate representative a
designated corporate representative will be nominated from those corporate representatives who attend who will vote
on a poll and the other corporate representatives will give voting directions to that designated corporate representative
corporate members are referred to the guidance issued by the institute of chartered secretaries and administrators on proxies
and corporate representatives  wwwicsaorguk  for further details of this procedure the guidance includes a sample form
of representation letter to appoint the chairman as a corporate representative as described in a above the institute of
chartered secretaries and administrators recommends the use of multiple proxies wherever possible in favour of
corporate representatives 
6 crest members who wish to appoint a proxy or proxies through the crest electronic proxy appointment service may do
so by using the procedures described in the crest manual crest personal members or other crest sponsored members
and those crest members who have appointed voting service providers should refer to their crest sponsor or voting
service providers who will be able to take the appropriate action on their behalf
in order for a proxy appointment or instruction made using the crest service to be valid the appropriate crest message
a “crest proxy instruction” must be properly authenticated in accordance with euroclear uk  ireland limited’s
formerly crestco’s specifications and must contain the information required for such instructions as described in the
crest manual the message regardless of whether it constitutes the appointment of a proxy or an amendment to the
instruction given to a previously appointed proxy must in order to be valid be transmitted so as to be received by capita
registrars id ra10 by no later than 200 pm on 21 may 2008 no such message received through the crest network
after this time will be accepted for this purpose the time of receipt will be taken to be the time as determined by the
timestamp applied to the message by the crest applications host from which the registrars are able to retrieve the
message by enquiry to crest in the manner prescribed by crest after this time any change of instructions to proxies
appointed through crest should be communicated to the appointee through other means 
crest members and where applicable their crest sponsors or voting service providers should note that euroclear uk
 ireland limited does not make available special procedures in crest for any particular message normal system timings
and limitations will therefore apply in relation to the input of crest proxy instructions is it the responsibility of the
crest member concerned to take or if the crest member is a crest personal member or sponsored member or has
appointed a voting service providers to procure that his crest sponsor or voting service providers takes such action as
shall be necessary to ensure that a message is transmitted by means of the crest system by any particular time in this
connection crest members and where applicable their crest sponsors or voting service providers are referred in
particular to those sections of the crest manual concerning practical limitations of the crest system and timings
the company may treat as invalid a crest proxy instruction in the circumstances set out in regulation 355a of the
uncertificated securities regulations 2001   


Summary:
 optimisa plc 4
financial statements for the year ended 31 december 2007
chief executive’s review
i am very pleased to report that 2007 was another year of outstanding performance the business has
virtually doubled in size in the year with revenue rising from £589m in 2006 to £1142m in 2007 an
increase of 94 gross profit also increased substantially from £462m in 2006 to £809m in 2007 an
increase of 75 as a consequence of both further organic growth and the full impact of the acquisition
of eq we expect the business to double in size in the coming year
adjusted profit before tax was above target increasing by 81 from £075m in 2006 to £136m in 2007
we started the year with an exceptionally strong core business in the form of kae our marketing
strategy and market analysis consulting operation supported by the highly talented qualitative research
agency aia in the uk and nxtmove specialists in market analysis and strategic decision support in
the us
these businesses once again exceeded our high expectations expanding both the depth of their
relationships with longstanding clients and the breadth of clients served in addition consistent with our
operational integration strategy we made significant advances in developing group wide best practice
business operations this had a positive impact internally but more importantly in improving the range
and quality of services offered to our clients and helping the performance of the group overall
as an example organic growth in revenue for kae alone was over 33 operating margins at kae
before central costs were well in excess of 20 
the results for the year to 31 december 2007 include an eight month contribution from ril which was
acquired on 2 may 2007 and slightly over two months of contribution from the companies within eq
which was acquired on 19 october 2007 
ril is a long established media analysis company with an impressive client base in the uk europe and
north america and a network of analysts in over 40 countries around the world we had known the
management for some time and saw an opportunity to expand the business into digital blog and new
media analysis alongside the more traditional services it has taken longer than planned to restructure the
business and a small loss was made in the eight month period ended 31 december 2007 however ril
is now profitable and making steady positive progress and we expect an earningsenhancing performance
in the full year 2008
the acquisition of eq has transformed the optimisa business on an annualised basis the business had
revenue of £1039m larger than the annualised revenue of the optimisa group pre the eq group
acquisition at acquisition it had a headcount of around 110 people also larger than the 82 in the
optimisa group at that point however margin performance was significantly below that enjoyed by
optimisa at less than 10 the combination of the businesses has provided an opportunity to enhance
the overall performance of optimisa both by improving the profitability of the eq companies and by
cross selling and increasing our spread of overheads in addition we have diversified both our service
range and sector exposure which reduces commercial risk 
eq comprises quaestor research and marketing strategists limited quaestor based in leeds a full
service market research and marketing strategy business buckingham research associates limited
buckingham a specialist quantitative research and analysis company based near maidenhead and
summit studios limited based in ealing west london 
quaestor which employed 86 people when acquired and had a turnover of £670m in 2006 has a strong
base of clients in the financial services consumer and media sectors we believe its integration with the
wider group offer will bring benefits to its existing client base as well as offering opportunities for
further ‘in sourcing’ of work already being done by other group companies
buckingham which employed 22 people when acquired and had a turnover of £335m in 2006
substantially broadens our quantitative analytic capabilities both in the realm of traditional market
research but also in our ability to process information held in client systems – further building our data
analytics capability optimisa plc 5
financial statements for the year ended 31 december 2007
chief executive’s review continued
both quaestor and buckingham were business partners with optimisa companies before the acquisition
and we have made great strides in expanding working and business development relationships across the
group intercompany networking and business was a key objective of the acquisition and has far
exceeded our expectations todate in the short period eq was part of the group before the yearend it
produced results in line with our expectations and delivered over £209m of revenue and £028m of
operating profit
we started the year with 56 employees in the group our total headcount at the end of the year was
200 with an average number of employees of 102 a key component of the rationale of making the eq
acquisition was the opportunity it provides to drive up revenue per employee and consequently margin
performance for 2007 kae produced revenue per employee of £176000 which compares to £73000
per employee for quaestor and £180000 per employee at buckingham we consider operating income
per employee a key indicator of performance and will be looking to drive this up during 2008
investment in high performing individuals continues as a top priority for the group and we have been
delighted to expand our management team with the addition of a group business development director
at the end of 2007 and new ceos at quaestor buckingham and kae in 2008
group wide training and development programmes are also being implemented to ensure we both
enhance and retain the very high calibre people we are fortunate to have in the team following the
successes of previous years we plan to repeat our staff rotation programme to provide internal
development opportunities as well as improving management efficiencies and knowledge sharing
to support best practice business management knowledge sharing and provision of the very best
services to our clients we are investing heavily in it infrastructure and integration across all business
units top priorities are on speed of operation ease of access to critical business information from all
locations and collaboration tools allowing efficient and effective client delivery from teams drawn from
more than one business unit
the overall optimisa business focus remains on delivering high value commercially based market and
marketing advice to help our clients grow their businesses profitably broadly speaking all of the advisory
work conducted by the group falls into one of two areas
● helping our clients protect and improve their existing businesses by advising on customer
retention competitive strategy product portfolio optimisation and margin improvement
● helping our clients build and expand by advising on market opportunity assessment new
productservice development and launch and market entry strategy
as a consequence of our ability to advise on ‘defence’ as well as ‘attack’ we believe we are very well
placed to withstand sector or market downturns and are continuing to win business in sectors already
under pressure from the credit crisis
all businesses in the group share one common business philosophy ‘opinion with evidence’ which
encapsulates our ambition to provide the very best consulting advice supported with evidence drawn
from customers market research the business environment market competitor intelligence and macro
economics and information held by our clients themselves crm sales and channel information
our key client sectors now comprise financial services telecoms media and consumer and we have
made good progress in expanding our work with the public sector operating income grew in all these
sectors in 2007 and we have been particularly pleased with our rapid development in the media sector
an area in which we see substantial opportunity moving forward
once again we have set demanding growth targets for each of our business units in the current year
while there is clearly some uncertainty in how the current financial turbulence will influence the
spending patterns of our clients to date we have seen little impact in our core business perhaps
surprisingly to some our financial services practice has been the best performing area of the business in
the first few months of 2008 optimisa plc 6
financial statements for the year ended 31 december 2007
chief executive’s review continued
having said this we are keeping a very watchful eye on business in general and are keeping tight control
on operating expenses to ensure any sector downturn is spotted and dealt with quickly
consolidation and integration of the businesses that we have within the group is a top strategic priority
for the coming year we continue to focus on maximising the business potential and opportunities
presented by both expanding the range of services we provide to our existing client base as well as
winning business from new clients 
we will continue to invest in people development and infrastructure to support organic business growth
and improve operating efficiency and have already had a good deal of success in sharing expertise across
business units and clients something we see as a key differentiator from our sector competitors and a
capability from which we derive significant commercial advantage
we plan to further expand our operations in north america over the medium term the current
uncertain economic climate in the us may present an investment opportunity and we believe carefully
managed investment and growth will pay dividends in the long term
we also plan to develop our own operation in asia during the year we already outsource a considerable
volume of work to local companies and see a very large opportunity to develop business working for
european and north american companies interested in expanding and improving their operations in
asia we are aggressively pursuing more work in this area and based on current workload we would
expect to have a team of 20 people in place by the end of this year
the group adopted international financial reporting standards ifrs during the year the main impact
for the group of adopting ifrs is the recognition and subsequent amortisation of intangible assets such
as customer lists and customer order books
finally i would like to take this opportunity to thank our team for their hard work commitment and
most importantly the inspiration to do more and better that they provide to both the senior
management team and myself – without them we would not have achieved the success we currently
enjoy
simon dannatt
chief executive