annual report and accounts 2005
inspiring your products and manufacturing 
spi lasers plc
3 wellington park 
tollbar way 
hedge end 
southampton 
so30 2qu 
tel 44 01489 779696  
fax 44 01489 779698 
email investorsspilaserscom
web wwwspilaserscom
spi lasers plc  annual report and accounts 2005 our strategy 
our goal is to be a leader in the optical
ﬁ brebased laser market 
quarter 1quarter 2


Summary:
 wwwspilaserscom 
chairman’s statement 
4
spi lasers plc 
annual report and accounts 2005
summary 
●  successful flotation 
●  turnover doubles
●  strong growth in product sales 
●  board established and functioning 
introduction
i am pleased to present my ﬁ rst report as chairman of spi lasers plc 
for the year ended 31 december 2005 the company achieved 
a successful ﬂ otation on the aim market on 26 october 2005 
raising £105 million net of expenses to help ﬁ nance the 
company’s development signiﬁ cantly all the private equity 
investors who ﬁ nanced the early years of spi have retained 
their investment and have been joined by a broad spread of 
institutional and individual shareholders
the ﬂ otation has also marked the end of the transitional period 
for the business in which it refocused away from communications 
towards the fast growing ﬁ bre laser arena having released its 
ﬁ rst products and achieved sales the company is using the capital 
raised to expand its product portfolio and channels to market
performance during 2005
the company achieved a number of signiﬁ cant milestones during 
2005 turnover doubled over the previous year’s outcome with 
both product sales and contract revenues growing strongly 
the company currently derives a considerable amount though 
minor proportion of its revenues from contract development 
and bespoke products though this proportion will decline as 
the range and market penetration of spi’s standard products 
grow customer evaluations of spi products increased over thirty 
accounts were opened and increasingly our revenues are being 
generated from repeat business from established purchasers
the board
during the second half of 2005 we have established a board 
appropriate for the needs of an aim listed company amongst 
the nonexecutive directors there is a blend of continuity and new 
faces dave cheesman and dave shrigley have been joined by 
dr peter schultz and me as chairman the board is developing 
quickly into an effective team responding well to the challenges 
demanded of a quoted company a good start has been made in 
addressing the issues arising in today’s corporate governance 
environment further progress will be made in this area in 2006
employees
on behalf of the board i would like to thank all our employees 
for their contribution and support during the past year my thanks 
also go to my fellow board members and the senior management 
for all their efforts
“ spi lasers is a young company 
in 2005 we demonstrated that 
we could achieve traction in the 
rapidly growing fibre laser arena 
the exciting challenge for 2006 
and beyond is to sustain that 
momentum with a broader range 
of products and across a wider 
range of applications” wwwspilaserscom 
strategy
the overall strategy for the company has developed further 
during the year in the near term we will continue to broaden our 
addressed sectors in the micro market aided by the introduction 
of the 200w laser and the release of our ﬁ rst product for the 
fast growing laser marking market in the medium term we 
continue to investigate entry strategies into the macro market
spi lasers is a young company in 2005 we demonstrated that 
we could achieve traction in the rapidly growing ﬁ bre laser 
arena the exciting challenge for 2006 and beyond is to sustain 
that momentum with a broader range of products and across a 
wider range of applications
graham meek
nonexecutive chairman
23 march 2006
5
spi lasers plc 
annual report and accounts 2005
cutting
with a strong ethos of product innovation technology 
leadership and customer focus spi lasers is enabling 
the resolution of some of today’s most challenging and 
commercially sensitive manufacturing issues 
where existing technology has previously limited the 
precision cutting of miniature parts the ﬁ bre laser has 
enabled manufacturers to produce ground breaking 
microscopic cut detail in some of the world’s smallest 
coronary stents
the highly competitive electronics sector continues to 
leverage the enormous beneﬁ ts of spi’s technology for 
example superior cut quality of solder mask stencils for 
circuit boards