'32% jump in revenues drive profits up 17.5%' Amor Group, leading international business technology company, has published its final results for the 12 months to 31 December 2011.

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“Amor Group is one of the few companies in the sector today that
is consistently delivering on projects that puts passenger data at the
heart of airport operations. Due to their thorough understanding of
Global market analyst and
industry research experts customer requirements and commitment to technology innovation,
Amor is evidently a preferred supplier for this type of solution for
airport operators in Europe, the Middle East and beyond.”
Diogenis Papiomytis
Principal Consultant, Aerospace & Defence, Frost & Sullivan

3. contents 02
CEO’s Report
04 05
The Last Three Recent Performance
Years and Outlook 06
Financial Review
08
2011 Operational
Performance
11 13 15
Energy Transport Public Services
16 18
Technology Forecast Complete IT Managed
Service Solution
21
Director’s Report
and Financial
Statements
01

4. click to play movie
CEO’s Report
I am pleased to present Amor’s annual report for the financial year ended December
2011. We’re proud to have delivered our fourth consecutive year of strong earnings
Chief Executive Officer
growth in an economic environment that continues to be unpredictable.
We have succeeded I believe, because we have a singular vision, a clear strategy and core
operating strength.
John Innes
In our vision we emphasise “business technology” because that is the essence of what
we do – the focus is on business first, then the underlying technology.
We don’t run IT services, or deliver IT projects here at Amor! Nor do we sell standalone
IT products; rather we run business services and deliver business projects. Our focus is
not on the technology itself, but on how that technology can help run more efficient
John has over 25 years leadership airports, hospitals, schools and offshore operations. Our customers just expect us to “get
experience in the oil and gas and IT” – and we do!
information technology sectors.
During this time he developed expertise Our strategy is to increase our recurring revenues, international presence and intellectual
in corporate strategy, mergers and property (IP). This strategy creates shareholder value, informs how and where we work
acquisitions, P&L management and and how we develop the business. I am delighted to report significant progress in all
sales and marketing. In 2005 John these key metrics over the last year as detailed in the Financial Review.
sold the Aberdeen based oil and
gas information services specialist In 2011 recurring revenues were up with a record all time forward order book -
business, Pragma, to Sword Group more than double this time last year. Product revenues were also up as a consequence of
in a multimillion pound deal. He targeted R&D and M&A.
remained with Sword, overseeing
numerous acquisitions and managed During the year we opened a new office in the Middle East and increased revenues from
the global solutions business which had the US, Scandinavia and mainland Europe. Our export revenues have grown significantly,
a combined turnover of £100m. In May a trend we expect to continue in the years ahead.
2009 he led the management buy out
of Sword’s UK solutions businesses in a
£30m transaction to form Amor Group.
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In our Transport business, the acquisition of the FS Walker In our Public Services sector we have benefitted from a
Hughes (FSWH) Chroma Airport Operational Database Suite Government agenda geared towards increased SME participation
augmented our existing passenger-centric product set and in the technology supply chain. We have seen the abandonment
helped build accelerated international recurring revenues in of national programmes that have proven costly and complex
next generation collaborative airport operations. Following the to implement in favour of correctly specified and more readily
acquisition of Invisys our Public Services business invested in deliverable work scopes. Amor can and will deliver greater value
further development of our clinical portal that provides a single for the public purse.
view of the patient journey.
However, no business exists in a vacuum and we are not immune
We benefit from long term customer relationships, characterised to risk. We are, like every business, impacted by the uncertain
by trust and mutual value, a growing brand value and our unique nature of the global economy, particularly the Eurozone. We
IP. Our investors continue to be supportive and to help facilitate continue to focus rigorously on delivering well, typically against
access to well-priced capital to support our growth. larger and more complex engagements. We systemically focus
on management of our working capital. We have invested
People sometimes ask me why we focus on the Energy, Transport significantly in 2011 in our back office people, processes and
and Public Services markets. The answer is that we have built 20 systems to ensure that we are able to support our strong and
years of domain expertise and track record within those markets, continued top line growth.
and we continue to see very attractive growth opportunities in
each. Our 2012 organic revenues will scale to £55m with earnings
undiluted at c. 15%. Over half of our revenue for 2012 is already
The global demand for energy continues unabated. On the UK contracted and 30% derived from proprietary software product
Continental Shelf demand is perhaps most visible in the forecast sales that in turn increase our forecast exports to £11m.
2012 record level of £11.4bn of CAPEX whilst a strong and
sustained oil price continues to drive international expansion. At Amor we genuinely feel that this is our time. Please enjoy
These trends in turn drive demand for the critical operational reading our annual report. I look forward to catching up with
support services that Amor provides. you soon!
In Transport our main focus is airports where we see tremendous
growth opportunities particularly in the Middle East and Asia
Pac, where there is significant new build and infrastructure
investment. Our Transport business is product focussed. It John Innes, CEO
has benefitted from the group’s focus on R&D and acquisition
investment, and is readily able to scale to address the global
opportunity.
03

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7. Recent Performance and Outlook
£107.6M
£110M
Financial Performance
£100M
Profit* £M £84.9M
£90M
Revenue £M
£80M
£70M
£65.1M
£60M
£50M £45.1M
£40M £33.9M
£29.9M
£30M
£16.1M
£20M £12.7M
£9.7M
£5.8M £6.6M
£10M £5M
2009 2010 2011 2012 2013 2014
* Earnings before interest, tax, depreciation and amortisation (EBITDA)
Revenue Profile %
Annuity Product International
100% 100% 100%
90% 90% 90%
80% 80% 80%
70% 70% 70%
60%
57%
60% 54% 60% 60%
51%
50% 50% 43% 50%
39%
40% 34% 40% 34% 40% 34%
29%
30% 25% 26%
30% 30%
20%
20% 20% 20%
11% 13%
10% 7% 6% 6%
10% 10%
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
05

8. Amor BBQ
Bake off
Financial Review
The group delivered another strong financial performance in 2011, with revenues growing
by 32% to £45m (2010: £34m). These figures include revenue of £1.8m from six months
Chief Financial Officer
trading of FSWH, which was acquired at the end of June 2011. The remainder of the
revenue growth was organic (up 27% on 2010) with our Energy, Transport and Public
Services sectors all growing their customer base in the year.
David Blyth
Significantly, in line with our strategy, we successfully increased the percentage of recurring
revenues from 39% to 51% in the year. The group now expects to have recurring revenues
of approximately 54% of our annual total revenue in 2012.
Similarly, we continued to grow our international footprint, with £6m (13%) of the
David is a Qualified Chartered group’s revenues generated outside the UK, representing a 150% increase over 2010.
Accountant with more than The strengthening of our product offering via the creation of the Chroma product suite,
20 years post qualification which has aligned our own IP with that acquired from FSWH, underpins much of this
experience. He trained and international growth.
qualified with Grant Thornton
in Glasgow before moving to Product revenues, based on our owned IP, amounted to 25% of our business in 2011 and
Saudi Arabia with Ernst & Young. we plan to grow this to 30% in 2012.
Returning to a role as Group
Accountant for Lilley Construction, EBITDA grew 14% to £6.6m in the year (2010: £5.8m). Excluding £0.4m related to
he then moved to IT solutions
restructuring costs and other non-recurring items, normalised trading EBITDA was £7m,
and services provider Real Time
15.5% of revenue. This compares to normalised EBITDA of £6m in 2010 (17.5%).
Engineering Ltd as Financial
Controller. David was appointed
Movement in the EBITDA margin is in line with the change in the revenue mix, resulting
CFO of Sword’s global solutions
business in UK and Europe in from the increase in the number of large managed services contracts delivered during
2006, and CFO of Amor Group in the year. These include provision of equipment and other third party costs and services
2009. at a high monetary value, but low pass through margin. It is important to our customer
base that we manage provision of these components, as well as providing our IP and
professional service wrap around. This enables customers to benefit from the full Amor
service offering. The gross margin delivered on our own IP and related provision remains
strong at an average of 46%.
06

9. ist Fergus Ewing
Launch of Ass MSP visits Am
or’s HQ
Profit on ordinary activities after deduction of depreciation,
amortisation and interest charges was £4.9m, with a resultant
tax charge of £1.6m. This effective tax rate of 32.6% compares
with a standard composite rate for the year to December 2011
of 26.5%. The higher effective rate results mainly from the tax
treatment of amortisation of goodwill.
We continued to invest in the growth of the business in 2011.
We further developed our IP for airports and purchased IP in the
Public Services Health sub-vertical. Both of these investments
were made from funds generated from operations. The FSWH
acquisition was funded mostly via term debt, which led to an
increase in our group net debt to £33.4m (2010: £27.4m). We
are pleased with the inflow generated from operating activities
of £5.5m, delivered despite a tough trading environment.
David Blyth, CFO
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10. click to play movie
2011 Operational Performance
I’m delighted that Amor has delivered over 30% revenue growth in the last year, a
significant achievement given the on-going economic crisis in Europe and challenging
Chief Operating Officer
trading environment in many of our markets.
It hasn’t been easy; we have worked relentlessly to ensure we satisfy our customers so we
retain their business against a continued backdrop of UK, European and world economic
Scott Leiper
difficulties. We’ve had to innovate both technically and commercially to drive value for
money and truly create a better business outcome for our customers.
The result has been an increase in our forward order book to £70m having secured a
number of multi-year deals with new blue chip customers, highlighting the value which
customers put on our services to help them run their businesses.
Scott has held a variety of roles
across oil and gas organisations
and multi-national IT corporations For example, Sparrows, the oilfield engineering service provider, has fully outsourced its IT
including programming, services to Amor to ensure the delivery of robust business processes, which will help them
programme management, sales with the delivery of their operations over the next five years.
director and business unit director.
In his role as operations director
Similarly for Dubai Airports, we secured a five year contract to deliver a system that enables
with Sword, he was accountable
for the business plan delivery of a superior understanding of passenger processing at the airport, resulting in improved
several business units across the service levels, enhanced strategic planning and enriched terminal operations.
UK and US amounting to over
£30m in revenue. His core skills Elsewhere, for the Scottish Government we are managing and delivering the flagship
are in business growth planning,
eProcurement Scotland Service (ePS) which is worth £18.5m to the group over the next four
sales and marketing strategy,
years. This project will help drive spend via the ePS system and will generate substantial
business recovery and due
diligence. cost savings through efficient, effective electronic procurement.
08

11. Charity Ceilidh
eProcurement Headquarters
Scotland Cont
ract Signing
As a business technology company our focus is on combining Amor has a fantastic team which is passionate about our
our deep knowledge of the Energy, Transport and Public Services business and our customers. We have a strong product set to
sectors with IT expertise, to create a better business outcome for drive our internationalisation agenda and a range of services to
our customers. Our 2011 customer survey tells us that we are drive an improved business outcome for our customers. We will
continuing to make positive progress; more than 98% of our continue to grow because of these tremendous attributes. I’m
customers believe we understand their business (up from 86%) excited by the challenges and successes 2012 will bring.
and 95% believe we add value (up from 89%) to their business.
Scott Leiper, COO
Our core operating strength is down to our people and our high
performance culture. Not only does this cultural focus provide
more opportunities for career fulfilment but it also reinforces the
link between personal contribution and company performance.
The total number of employees has increased from 441 to 569
over the last year, creating over 100 new jobs. During this period
we made a significant investment in our human capital in order
to deliver on our vision of being the best employer in our market.
Following our initial Denison staff survey in 2010, we established
a number of cross functional teams to analyse the results and
implement improvements. We have invested £500,000 in these
improvements and implemented a state-of-the-art personal
development programme along with a new employee flexible
benefits scheme. Whilst the results of our 2011 Denison staff
survey show improvements in all areas, we are continuing to
focus on the areas of highest impact to drive forward our goal
of creating a single high performing organisation.
09

12. “At Sparrows we focus on setting, and raising, global standards in
everything we do. This requires a structured global presence underpinned
by reliable technology. Amor Group is integral to developing and
delivering our long term IT strategy, involving a phased approach to
Global leading oil service
project work while ensuring our day-to-day operations run smoothly with
provider
services such as their 24/7 support line.”
Doug Sedge
CEO, Sparrows Offshore Group Limited
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Energy
The energy industry, particularly with respect to independent oil and gas operators and
service companies, is an exciting market to be in right now. Worldwide the industry is
booming and the opportunities on our doorstep are huge, with 12 – 24 billion barrel of oil
Energy Sector Director
equivalent (BOE) remaining for extraction from the UK Continental Shelf (UKCS) alone. This
growth is triggering demand for technology services that deliver value through practical
solutions across our customers’ operations.
Dave Bruce
Our core business is delivering managed services that add value in a strategic way to energy
companies, by freeing them of the burden of running their IT infrastructure and allowing
them to focus on their core business.
In 2011 we continued to focus our attention on broadening and deepening our market
proposition, particularly in those areas where we can add the most value to the customer
With 20 years in the oil and relationship.
gas and IT industries, Dave has
worked as a consultant for a Specifically, this meant focusing on developing our managed services, information
number of operators including, management and process control security offerings for the oil and gas sector. We invested
Shell Expro, Mobil and Amoco in our front line services and enhancing the strength of our delivery team to ensure that we
on technical delivery, operations continue to provide a compelling and market-leading level of customer service.
and project management. Since
joining Pragma in 2003, and We have also sought to fully leverage the benefits of the acquisition of DW Technology
then Amor in 2009, Dave has in 2010, bringing on a number of new customers as a direct result of the acquisition and
worked closely with our strategic generating incremental revenues through cross selling across the enlarged customer base.
customers and secured a number
of new long term contracts. We are developing our international reach to meet our customers rapidly expanding global
demands and will continue to invest throughout 2012 and beyond, in order to ensure that
we further broaden our capabilities.
Dave Bruce, Energy Sector Director
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14. “Dubai Airports has a strategy to be the world’s number one
airport for service. Working with Amor allows us to deliver
on that aspiration.”
One of the world’s busiest and
Caroline Peters
fastest growing airports
Operational Research Manager, Dubai Airports
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Transport
This year was an outstanding year for the Transport team and we are confident that our
strong sector focus and market presence will continue to deliver success in 2012 and beyond.
Transport Sector Director
The key highlight was successfully cementing our position as the world’s leading expert in
airport service level monitoring systems as a result of securing new customer deployments at
Martin Bowman
leading airports such as Geneva, Barcelona and Dublin, not to mention winning the world’s
largest real-time service delivery measurement project at Dubai Airports.
2011 also saw the Transport sector significantly enhance its airport portfolio through the
acquisition of FSWH and its Chroma Airport Suite. Already utilised corporately by Manachester
Airport Group (MAG), Chroma cemented its position as the UK’s leading airport operating
system with its deployment across BAA Airports division, including Edinburgh, Glasgow and
Manchester. I’m delighted to report that we have already made significant progress with
A specialist in providing IT consolidating our product offerings into a unified Chroma Next Generation Airport Suite and
solutions to the aviation we look forward to releasing further new Chroma products in 2012.
sector, Martin has a wealth of
experience in business growth Looking forward, we will continue to pursue our ruthless focus on delivering innovative
in the international aviation technology solutions that both enhance the efficiency and effectiveness of airports, whilst at
market. Prior to joining Amor the same time delivering a premier experience for the passenger.
in November 2009, Martin was
Sales Director at Gael where We will do this in two ways; firstly we will deliver product solutions against our Next
he established and oversaw an Generation Airport vision – a vision that sees airport operators (and their stakeholders) put
international aviation customer the passenger process at the heart of decision-making, enabling real-time collaboration,
base of over 200 organisations, landside and airside alignment and a holistic view of airport operations.
affirming the business as the
market-leading brand in aviation Secondly, we will continue to challenge the staid services and solutions of the traditional
compliance management in the aviation IT venders, whose vested interests around current airport processes have stifled
Middle East. innovation and a necessary step-change in the sector for far too long.
Martin Bowman, Transport Sector Director
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16. “The award of the eProcurement Scotland Service contract
builds upon Scotland’s successes in the deployment and
management of public sector eProcurement technologies.
It also showcases Scotland’s supplier capability to host and
manage what is regarded as one of the leading government
A fully hosted and managed eCommerce services.”
24 x 7 purchase to-pay (P2P)
service, accessed via web Alex Neil
browsers that allows routine Cabinet Secretary for Infrastructure and Capital Investment,
purchases to be processed Scottish Government
electronically to help meet
eGovernment targets
14

17. click to play movie
Public Services
Public Services Sector Director
2011 was the most successful year yet for us. We grew our managed services offering and were
appointed on another major Government framework as a result of which we won a number
of significant contracts including British Waterways. The highlight of 2011 was securing the
flagship eProcurement Scotland Service Management contract for the Scottish Government.
This was our largest ever contract at £18.5m over 4 years.
Alastair O’Brien
For us, 2012 is about continuing to grow our business and delivering excellence to our customers.
We want to get more involved with on-going Government initiatives to help shape solutions
that drive efficiencies and cost savings. We will continue to provide an agile, flexible, customer
focussed approach and will look to develop our international presence, replicating the success
seen across the rest of the group.
Our Education & Skills business unit will focus its attentions on higher education and education
Alastair has 30 years of government agency departments. Our heritage provides us with a unique position and
business, programme relationship with education organisations, as well as providing a number of positive outcomes
management and IT project for educational institutions, children and young people.
experience in a variety of
market sectors and an Within our Government business unit, we believe that 2012 will finally be the year when shared
outstanding track record services across all branches of the public sector will deliver tangible savings and efficiencies.
of successful delivery of We are well positioned to lead shared services initiatives and will continue to work with the
complex, high-risk projects. Scottish Government and end users of the eProcurement system in order to improve the service
A board member of and ensure that it continues to deliver procurement benefits across the public sector.
ScotlandIS, the trade body
for ICT in Scotland, Alastair Our Health business unit is continuing to grow and has recently been bolstered by the
is passionate about fostering appointment of a number of ex-NHS clinical staff, providing an invaluable insight to the sector.
a world-class technology The reorganisation of the health market in England & Wales has created many opportunities
for our team to deliver successful outcomes. Trusts are now in a position where they are
environment.
looking to the market to procure best of breed systems. From our newly established London
base, we have developed a new product for the NHS that will deliver a single patient view.
Alastair O’Brien, Public Services Sector Director
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Technology Forecast
2011 proved to be an exciting year for technology both inside and outside Amor. Within,
we demonstrated our belief in how this plays a key part in our continued success with
Chief Technology Officer
my appointment as Chief Technology Officer to deliver a clear and effective technology
strategy.
We are exceptionally fortunate to have some great technologists working at Amor
and we are committed to ensuring that all are able to effectively contribute to our
Neil Logan
technology strategy. Ideas XChange, our corporate ideation platform, and Amor Insight,
our technology strategy group, were both launched in 2011. They help us effectively
democratize our technology strategy and provide technology focus and insight.
We made significant investment in our internal infrastructure to ensure that we have
the capability and flexibility to meet our increasing demands. This investment delivers
Beginning his career off as virtualization technology and increased storage capacity yielding significant cost savings
a developer, Neil grew his and efficiency benefits.
technology, business analysis
and consultancy skills working Externally the technology industry is now firmly in the post PC-era with cloud, mobile
on a number of projects in the and social computing all becoming well established.
international aviation market
Cloud computing is and will remain a key trend for many organisations. Whilst some
and UK public services sector.
concerns around security, legislation and costs remain, the massive capital expenditure
Neil was appointed Amor’s
made by the large international cloud providers such as Google, Amazon and Microsoft
CTO in 2011. He now leads
means that many organisations are looking to realise the benefits offered. The
the monitoring and assessment
unprecedented level of capital investment by providers and huge competition is seeing a
of new technologies and the “race to the bottom” on pricing.
definition and propagation of
our development processes and
amorinsight
practices. Neil also enables an
innovative spirit within Amor,
promoting and overseeing
activities that ensure we remain
at the forefront of business
technology solutions.
amorinsight
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Mobile computing technology has developed over recent Big data and data analysis are both fast increasing in
years, yet despite this, the marketplace remains in flux importance. As the amount of data we collect increases
with no dominant platform emerging. This competitive there is a realisation that data has significant value.
marketplace and on-going legal war between many major However as we continue to collect more and more data
suppliers means that uncertainty still impinges strategic the techniques used to analyse and store this data has
decision making. The dramatic decline in fortunes of changed. The rise of NoSQL databases and tools such
Research in Motion over the last 6 months demonstrates as Hadoop and Hive are key to a trend that, if embraced,
the uncertainty faced. However, the significant efficiency offers significant benefits for organisations.
benefits made possible by the adoption of mobile
technology means that it is continuing to have a significant Despite challenging economic conditions, the rate of
impact. change within the technology industry shows no sign of
slowing and indeed appears to be creating significant
Social media and computing has also matured quickly challenges for all organisations. However, with these
and is fast becoming the way for organisations to interact challenges comes huge opportunity and it is organisations
directly with both staff and customers alike. Social who embrace these changes in a progressive and pragmatic
computing enables organisations to take control of these manner that surely will gain competitive advantage. Things
interactions and capitalise on them. The success of are starting to get really exciting.
social network giants such as Facebook and Twitter have
changed individuals expectations and organisations who Enjoy the future.
do not embrace social computing are putting themselves
at a disadvantage. Neil Logan, CTO
Consumerisation of IT is one of the most significant
challenges faced by organisations. The “bring your own
device” movement has arrived with many organisations ill-
equipped to deal with the challenges faced. However, if
sensibly embraced, it offers significant benefits. One thing
is clear - consumerisation is a trend that all organisations
will have to face sooner or later.
17

20. , ASCO User
Angela Wright Shelley Chishol
m
Assist Team M , Amor
anager
Complete IT Managed Service Solution
Throughout 2011 we continued to strengthen our managed services capability to support our
deep domain expertise in energy, transport and public services.
The continued investment in Amor’s data centre and IT service desk means we can provide a fully
managed service and IT solution to customers where required. Taking care of these basics allows
us to work with our customers focusing on the areas where we can add value to their business
to deliver a superior result for their users and customers.
Data Centre
Assure, Amor’s data centre, remains the only commercially available Tier III aligned facility in the
North East of Scotland. Due to its geographic proximity, the data centre acts as a primary data
centre for many UKCS oil and gas operators and as a secondary facility for our international
customers. It also has over 100 seats for disaster recovery. Amor Assure supports customer
operations across all three of our sectors.
• click for web page
In 2011 Assure achieved ISO 27001 Standard - the international standard for an Information
Security Management System. We also installed an N3 line connecting the data centre directly to
the NHS network and 1.3m NHS end users to provide national and local services and applications.
IT Service Desk
Assist, Amor’s UK based 24 x 7 ITIL standard IT service desk now has a global user base of
over 10,000 covering 45 locations across 17 countries. The team handled 50,000 tickets this
year from customers including ASCO, Sparrows, BIS Salamis, British Waterways and Business
Stream. In 2011 we continued to invest and improve this service with the installation of IT
service management system, ServiceNow.
18

21. Amor on the M
ract Signing ove
Sparrows Cont
UK: USA: Netherlands: Kazakhstan: Trinidad & Tobago:
Aberdeen Abbeville Ljmuiden Atyrau Chagaramus
Coventry Broussard Zwaag Aktau Galeota Point
Edinburgh Houma La Brea
Glasgow Houston Italy: Oman: Point Lisas
Great Yarmouth Lafayette Milan Muscat Port of Spain
London Slidell
Manchester Angola: UAE: Australia:
Peterhead Norway: Luanda Abu Dhabi Darwin
Farsund Dubai Perth
Canada: Kristiansund India:
Calgary Mongstadbase Mumbai Azerbaijan:
Cold Lake Sandnessjoen Baku
Edmonton Tananger Indonesia:
Halifax Jakarta Qatar:
St Johns Doha
Singapore
Operational locations
Amor offices
19

22. “I have been very impressed with the professionalism,
enthusiasm and confidence of the team at Amor. They
understand our business objectives and what we want to achieve
in the future. We are in the process of undertaking a series of
International energy services
contractor business expansions and high level projects, and a sound IT
platform is essential to support these ambitions.”
Mike Main
Managing Director, BIS Salamis (M&I) Ltd
20

23. click to play movie
Director’s Report and Financial Statements
Company Information
Directors The directors present their report and the financial
D Blyth D Bruce statements for the year ended 31 December 2011. The
J Innes M Bowman business review is in the CEO’s report on page 2. Amor
S Leiper A O’Brien provides business technology solutions to the Energy,
J Mottard Transport and Public Services sectors.
Company secretary Results and Dividends
D Blyth
The profit for the year, after taxation, amounted to
Company number SC112421 £3,319,205 (2010: £3,189,940). The company declared
a dividend of £11,000,000 during the year (2010: NIL).
Registered office
India of Inchinnan Directors
Greenock Road
Inchinnan The directors who served during the year were:
PA4 9LH
J Innes
Auditors S Leiper
Mazars LLP D Blyth
90 St Vincent Street J Mottard
Glasgow D Bruce (appointed 11 October 2011)
G2 5UB M Bowman (appointed 11 October 2011)
A O’Brien (appointed 11 October 2011)
Bankers
Clydesdale Bank Plc Provision of information to auditors
20 Waterloo Street
Glasgow Each of the persons who are directors at the time when
G2 6DB this Directors’ report is approved has confirmed that:
• so far as that director is aware, there is no relevant
Solicitors audit information of which the company’s auditors are
Paull & Williamsons LLP unaware, and;
Union Plaza • that director has taken all the steps that ought to
1 Union Wynd have been taken as a director in order to be aware
Aberdeen of any information needed by the company’s auditors
AB10 1DQ in connection with preparing their report and to
establish that the company’s auditors are aware of that
information.
21

24. Performance Measurement internal control environment, whilst enhancing the quality
of management information.
Amor aims to be the best provider to our customers,
employer to our people and investment for our During the fourth quarter of 2011 we also strengthened
shareholders. Our performance as a provider is measured our finance team, both in the centre of the business and
by our annual customer satisfaction survey, as an employer by creating new finance roles in each of the Sectors. This
through an annual cultural survey and as an investment additional resource will help to assure the effectiveness of
through delivery against revenue, profit and cash targets. both our working capital and contractual risk management.
Risks and Mitigation Disabled Employees
Identification, management and mitigation of business risk If an employee is disabled or becomes disabled we want to
is a key component of the Amor business model. Whilst help as much as possible.
we understand that pursuit of a growth agenda entails
some degree of strategic risk, we also recognise that many This might include a change to working conditions or job
of the additional challenges brought by rapid growth can duties that would assist that person in the performance of
and should be managed. their duties. We take advice from our medical advisers or
specialist organisations to ensure that we do everything
On an ongoing basis we manage financial and operational reasonably practical to help.
risk in a number of ways – we have a diversified portfolio, a
blue chip customer base and a high percentage of annuity Auditors
revenue. We also have a skilled workforce who deliver to a
consistently high standard, as evidenced by the quality and The auditors, Mazars LLP, will be proposed for
project management accreditations within the business. reappointment in accordance with section 485 of the
Companies Act 2006. This report was approved by the
In order to ensure that we not only maintain but enhance board and signed on its behalf.
our reporting and control environment as we grow, we
have commenced a full business system upgrade and
implementation across the group which will go live in
summer 2012. The new system and related process
improvements will underpin the strengthening of the David Blyth, Chief Financial Officer
Directors’ responsibilities statement
for the year ended 31 December 2011
The directors are responsible for preparing the Directors’ • state whether applicable UK Accounting Standards
report and the financial statements in accordance with have been followed, subject to any material departures
applicable law and regulations. Company law requires the disclosed and explained in the financial statements;
directors to prepare financial statements for each financial • prepare the financial statements on the going concern
year. Under that law the directors have elected to prepare basis unless it is inappropriate to presume that
the financial statements in accordance with United • the company will continue in business.
Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). The directors are responsible for keeping adequate
Under company law the directors must not approve the accounting records that are sufficient to show and explain
financial statements unless they are satisfied that they give the company’s transactions and disclose with reasonable
a true and fair view of the state of affairs of the company accuracy at any time the financial position of the company
and of the profit or loss of the company for that period. and enable them to ensure that the financial statements
In preparing these financial statements, the directors are comply with the Companies Act 2006. They are also
required to: responsible for safeguarding the assets of the company
and hence for taking reasonable steps for the prevention
• select suitable accounting policies and then apply them
and detection of fraud and other irregularities.
consistently;
• make judgments and estimates that are reasonable and
prudent;
22

25. Independent auditor’s report to the members of amor business
technology solutions limited
We have audited the financial statements of Amor • have been properly prepared in accordance with United
Business Technology Solutions Limited for the year ended Kingdom Generally Accepted Accounting Practice; and
31 December 2011 which comprise the Profit and Loss • have been prepared in accordance with the
account, the Balance sheet, the Cash flow statement and requirements of the Companies Act 2006.
the related notes. The financial reporting framework that
has been applied in their preparation is applicable law and Opinion on the other matter prescribed by the
United Kingdom Accounting Standards (United Kingdom Companies Act 2006
Generally Accepted Accounting Practice).
In our opinion the information given in the Directors’ report
Respective responsibilities of directors and auditors for the financial year for which the financial statements are
prepared is consistent with the financial statements.
As explained more fully in the Directors’ responsibilities
statement set out on page 22, the directors are responsible Matters on which we are required to report by
for the preparation of the financial statements and for exception
being satisfied that they give a true and fair view.
We have nothing to report in respect of the following
Our responsibility is to audit and express an opinion on matters where the Companies Act 2006 requires us to
the financial statements in accordance with applicable law report to you if, in our opinion:
and International Standards on Auditing (UK and Ireland). • adequate accounting records have not been kept, or
Those standards require us to comply with the Auditing returns adequate for our audit have not been received
Practices Board’s (APB’s) Ethical Standards for Auditors. This from branches not visited by us; or
report is made solely to the company’s members as a body • the financial statements are not in agreement with the
in accordance with Chapter 3 of Part 16 of the Companies accounting records and returns; or
Act 2006. Our audit work has been undertaken so that we • certain disclosures of directors’ remuneration specified
might state to the company’s members those matters we by law are not made; or
are required to state to them in an Auditors’ report and for • we have not received all the information and
no other purpose. To the fullest extent permitted by law, explanations we require for our audit.
we do not accept or assume responsibility to anyone other
than the company and the company’s members as a body
for our audit work, for this report, or for the opinions we
have formed.
Scope of the audit of the financial statements P B Jibson (Senior Statutory Auditor)
for and on behalf of Mazars LLP Chartered Accountants
A description of the scope of an audit of financial and Statutory Auditor
statements is provided on the APB’s website at
www.frc.org.uk/apb/scope/private.cfm. 90 St Vincent Street
Glasgow
Opinion on the financial statements G2 5UB
In our opinion the financial statements: 11 April 2012
• give a true and fair view of the state of the company’s
affairs as at 31 December 2011 and of its profit for the
year then ended;
23

26. Profit and loss account for the year ended 31 December 2011
2011 2010
Note £ £
Turnover 1,2 45,054,991 33,889,441
Cost of sales (28,505,074) (19,716,367)
Gross profit 16,549,917 14,173,074
Administrative expenses (11,535,403) (9,454,316)
Operating profit 3 5,014,514 4,718,758
Interest receivable and similar income 30 402
Amounts written off investments (5) -
Interest payable and similar charges 7 (77,503) -
Profit on ordinary activities before taxation 4,937,036 4,719,160
Tax on profit on ordinary activities 8 (1,617,831) (1,529,220)
Profit for the financial year 18 3,319,205 3,189,940
There were no recognised gains and losses for 2011 or 2010 other than those included in the profit and loss
account.
The notes on pages 27 to 36 form part of these financial statements.
24

27. Balance sheet as at 31 December 2011
2011 2010
Note £ £ £ £
Fixed assets
Intangible assets 9 7,474,302 9,228,133
Tangible assets 10 1,496,022 1,504,359
Investments 11 1,407,547 1,111,750
10,377,871 11,844,242
Current assets
Stocks 12 4,104,626 2,696,426
Debtors 13 10,671,871 13,982,600
Cash at bank 1,467,102 636,863
16,243,599 17,315,889
Creditors: amounts falling due within one
year 14 (14,565,510) (9,423,376)
Net current assets 1,678,089 7,892,513
Total assets less current liabilities 12,055,960 19,736,755
Creditors: amounts falling due after more
than one year 15 (2,614,050) (2,614,050)
Net assets 9,441,910 17,122,705
Capital and reserves
Called up share capital 17 9,012,217 9,012,217
Share premium account 18 3,606 3,606
Profit and loss account 18 426,087 8,106,882
Shareholders’ funds 19 9,441,910 17,122,705
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
D Blyth
Chief Financial Officer
Date: 11 April 2012
The notes on pages 27 to 36 form part of these financial statements.
25

28. Cash flow statementfor the year ended 31 december 2011
2011 2010
Note £ £
Net cash flow from operating activities 22 9,398,848 1,596,689
Returns on investments and servicing of finance 23 (77,473) 402
Taxation (374,572) (803,876)
Capital expenditure and financial investment 23 (858,991) (1,527,122)
Acquisitions and disposals 23 (7,110,305) (1,434,701)
Increase/(Decrease) in cash in the year 977,507 (2,168,608)
Reconciliation of net cash flow to movement in net funds/debt
for the year ended 31 december 2011
2011 2010
£ £
Increase/(Decrease) in cash in the year 977,507 (2,168,608)
Movement in net debt in the year 977,507 (2,168,608)
Net (debt)/funds at 1 January 2011 (2,127,276) 41,332
Net debt at 31 December 2011 (1,149,769) (2,127,276)
The notes on pages 27 to 36 form part of these financial statements.
26

29. Notes to the financial statements
for the year ended 31 december 2011
1. Accounting policies 1.7 Stocks and work in progress
Stocks and work in progress are valued at the lower
1.1 Basis of preparation of financial statements of cost and net realisable value after making due
The financial statements have been prepared under allowance for obsolete and slow-moving stocks. Cost
the historical cost convention and in accordance with includes all direct costs and an appropriate proportion
applicable accounting standards, which have been of fixed and variable overheads.
applied consistently (except as otherwise stated).
1.8 Deferred taxation
The company is itself a subsidiary company and Full provision is made for deferred tax assets and
is exempt from the requirement to prepare group liabilities arising from all timing differences between
accounts by virtue of section 400 of the Companies the recognition of gains and losses in the financial
Act 2006. These financial statements therefore statements and recognition in the tax computation.
present information about the company as an
individual undertaking and not about its group. A net deferred tax asset is recognised only if it can
be regarded as more likely than not that there will be
1.2 Turnover suitable taxable profits from which the future reversal
Turnover comprises revenue recognised by the of the underlying timing differences can be deducted.
company in respect of goods and services supplied
during the year, exclusive of Value Added Tax and Deferred tax assets and liabilities are calculated at
trade discounts. the tax rates expected to be effective at the time the
timing differences are expected to reverse. Deferred
1.3 Intangible fixed assets and amortisation tax assets and liabilities are not discounted.
Goodwill is the difference between amounts paid on
the acquisition of a business and the fair value of the 1.9 Foreign currencies
identifiable assets and liabilities. It is amortised to the Monetary assets and liabilities denominated in
profit and loss account over its estimated economic foreign currencies are translated into sterling at rates
life of 20 years. Other intangible assets comprise of exchange ruling at the balance sheet date.
software rights. These are shown at cost and are
amortised to the profit and loss account in equal Transactions in foreign currencies are translated
instalments over the estimated useful life of up to 3 into sterling at the rate ruling on the date of the
years. transaction.
1.4 Tangible fixed assets and depreciation Exchange gains and losses are recognised in the profit
Tangible fixed assets are stated at cost less and loss account.
depreciation. Depreciation is provided at rates
calculated to write off the cost of fixed assets, less 1.10 Pensions
their estimated residual value, over their expected The company operates a defined contribution
useful lives on the following bases: pension scheme and the pension charge represents
the amounts payable by the company to the fund in
Short-term leasehold property - Over 25 years respect of the year.
Plant & machinery - Over 3 years
Fixtures & fittings - Over 3 to 8 years 2. Turnover
The total turnover of the company for the year has
1.5 Investments been derived from its principal activity undertaken in
Investments held as fixed assets are shown at cost the United Kingdom (87%) and the rest of the world
less provision for impairment. (13%.)
1.6 Operating leases
Rentals under operating leases are charged to the
profit and loss account on a straight line basis over
the lease term.
27

30. 3. Operating profit
The operating profit is stated after charging:
2011 2010
£ £
Amortisation - intangible fixed assets 1,070,404 679,453
Depreciation of tangible fixed assets:
- owned by the company 477,225 371,969
4. Auditors’ remuneration
2011 2010
£ £
Fees payable to the company’s auditor for the audit of the
company’s annual accounts 13,800 13,400
Fees payable to the company’s auditor and its associates in
respect of:
Other services relating to taxation 6,100 5,450
5. Staff costs
Staff costs, including directors’ remuneration, were as follows:
2011 2010
£ £
Wages and salaries 17,653,363 14,575,956
Social security costs 1,847,143 1,484,833
Other pension costs 545,268 480,954
20,045,774 16,541,743
The average monthly number of employees, including the directors, during the year was as follows:
2011 2010
No. No.
Administrative 75 62
Operational 346 308
421 370
6. Directors’ remuneration
2011 2010
£ £
Emoluments 564,163 392,220
Company pension contributions to money purchase pension
schemes 25,550 16,333
During the year retirement benefits were accruing to 6 directors (2010 - 3) in respect of defined contribution
pension schemes.
The highest paid director received remuneration of £159,000 (2010 - £149,000).
The value of the company’s contributions paid to a defined contribution pension scheme in respect of the highest
paid director amounted to £7,500 (2010 - £4,134).
28

31. 7. Interest payable and similar charges
2011 2010
£ £
Bank charges 77,503 -
8. Taxation
2011 2010
£ £
Analysis of tax charge in the year
Current tax (see note below)
UK corporation tax charge on profit for the year 1,639,334 1,549,071
Adjustments in respect of prior periods (84,402) (11,820)
Total current tax 1,554,932 1,537,251
Deferred tax
Deferred tax credit - (8,031)
Deferred tax charge 62,899 -
Total deferred tax (see note 16) 62,899 (8,031)
Tax on profit on ordinary activities 1,617,831 1,529,220
Factors affecting tax charge for the year
The tax assessed for the year is higher than (2010 - higher than) the standard rate of corporation tax in
the UK of 26.49% (2010 - 28.0%). The differences are explained below:
2011 2010
£ £
Profit on ordinary activities before tax 4,937,036 4,719,160
Profit on ordinary activities multiplied by standard rate of
corporation tax in the UK of 26.49% (2010 - 28.0%) 1,307,970 1,321,365
Effects of:
Non-tax deductible amortisation of goodwill and impairment 283,583 190,247
Expenses not deductible for tax purposes, other than goodwill
amortisation and impairment 24,802 11,775
Excess depreciation over capital allowances 12,092 25,684
Other adjustments 10,887 -
Adjustments to tax charge in respect of prior periods (84,402) (11,820)
Current tax charge for the year (see note above) 1,554,932 1,537,251
Factors that may affect future tax charges
There were no factors that may affect future tax charges.
28