33868053

Annual Report & Financial Statements
for the year ended 30 June 2013

Gold
Buying
Financial
Services
Pawnbroking
& Jewellery
Retail
2nd Floor
2 Burgage Square
Merchant Gate
Wakeeld
WF1 2TS
T 0118 955 8100
F 0118 956 9223
W www.albemarlebondplc.com
E info@albemarlebond.com
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ABM4058 AR13 0 Cover AW05.indd 1 06/12/2013 16:44

CONTENTS
Highlights 01
Business Review
Chairmans Statement 02
Our Business Model 06
Our Market 09
Our Strategy & Performance 10
Directors Reports
Directors and Senior Management 12
Governance
Directors Report 15
Statement of Directors
Responsibilities 22
Independent Auditors Report 23
Financial Statements
Consolidated Income Statement 24
Consolidated Statement of
Financial Position 25
Company Statement of
Changes in Equity 27
Cash Flows 29
Notes to the Financial Statements 30
Five Year Analysis 67
Company Information
Secretary & Advisors 68
Albemarle & Bond Holdings PLC has a
portfolio of some of the UKs leading
pawnbroking and nancial services brands.
We trade from two formats; Albemarle Bond and Herbert Brown

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www.accruefulton.com
Designed and produced by
Years
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Annual Report & Financial Statements for the year ended 30 June 2013 01

HIGHLIGHTS
Difcult market conditions, signicant declines in
the gold buying market and a late reduction in the
gold price all impacted nancial performance.
2013 Summary
Revenues fell to 107.1m (2012: 117.7m)
Underlying profit before tax reduced to 9.5m
(2012: 21.4m)
Profit before tax fell to 4.9m (2012: 21.4m)
including the impact of 4.6m of exceptional
restructuring costs and other one off items
The Groups pledge book dropped from 40m
to 37m
Net debt 46.2m (2012: 43.4m) reduced from
48.1m at December 2012
Basic earnings per share fell to 6.4 pence per share
(2012 28.6p)
Underlying earnings per share (stated before
exceptional restructuring costs and other one
off items) were 12.8p (2012: 28.6p)
Total dividend per share 3.0p with no final
dividend proposed (2012: 12.75p)
Reduction in profits reflected a falling gold price,
the reduced volumes of gold in circulation and
increased competition
In response, and following an operational review,
the cost base was realigned, stock levels cut and
loss making gold buying stores closed
Review of dividend policy has resulted in no
final dividend payment
Deferment of bank covenant tests agreed to
3 February 2014
Overview
107.1m 59.5m 6.4p 3.0p

Revenue (2012: 117.7m) Gross prot (2012: 69.1m) EPS (2012: 28.6p) Dividend (2012: 12.75p)
m 2013 2012 Growth
Revenue 107.1 117.7 -9%
Gross prot 59.5 69.1 -14%
Underlying Prot 9.5 21.4 -56%
Operating prot 6.7 22.6 -70%
Prot before tax 4.9 21.4 -77%
Earnings per share (pence per share) 6.44 28.55 -77%
Dividend (pence per share) 3.00 12.75 -76%
Store numbers 191 234 -18%
ABM4058 AR13 1 Front AW15.indd 1 06/12/2013 16:42

BUSINESS REVIEW
Chief Executive Ofcers Statement continued
INTRODUCTION
The Groups nancial year ended
30 June 2013 has been a particularly
challenging one for the pawnbroking
and gold buying markets.
Results for the year were impacted
by three major factors:
a 7.4m reduction in prots from
our gold buying business due to the
sudden and unexpected fall in the
gold price (of 14% in April 2013)
and reduced volumes purchased;
pawnbroking continued to be
under pressure from the reduction
in gold jewellery in circulation
and the increase in high street
competition (the number of non-
standard lending and pawnbroking
outlets in the UK high street
having risen to 2,144 from c.800
in 2008). This resulted in a lower
market share with reduced
customer numbers and a
declining pledge book; and
the lower gold price which
reduced pawnbroking advances
as well as scrapping recovery on
unredeemed pledges and surplus
retail stocks.
In response to these challenges, the
Group carried out an operational review,
rationalised its cost base, exited slower
moving stocks and closed some loss
making gold buying stores towards the
end of the nancial year.
RESULTS
Underlying prot before tax (stated
before exceptional restructuring costs
and other one off items) reduced
from 21.4m to 9.5m on the back
of revenues of 107.1m, down 9% on
FY2012. This reduction in protability
was also impacted by a 0.6m
increase in nance charges during the
year on the back of higher bank debt.
2013 has been a tough year
for the pawnbroking and
gold buying markets in
which the Group operates
107.1m
Revenue (2012: 117.7m)
9.5m
Prot before tax
and exceptional items
(2012: 21.4m)

Chairmans Statement
BUSINESS REVIEW

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Having reported an underlying prot
before tax of 8.1m in the rst six
months of the nancial year, the
Group was only modestly protable in
the second half. The Group incurred
4.6m of exceptional restructuring
costs, and other one off items, related
to the rapid closure of the majority
of the gold buying shops, severance
costs associated with the departure
of the former Chief Executive Ofcer
and advisory fees as the Group
conducted an operational review.
As a result, overall 2013 prot before
tax after exceptional costs fell from
21.4m to 4.9m, and Basic earnings
per share fell to 6.4p per share
(2012: 28.6p). Underlying earnings
per share (stated before exceptional
restructuring costs and other one off
items) were 12.8p (2012: 28.6p). Over
the course of the year, the Groups
net debt excluding cash in stores as at
30 June 2013, rose to 46.2m (2012:
43.4m). This increase in net debt
coupled with the marked reduction in
protability resulted in an increase in
the Groups EBITDA / Net Debt ratio
close to the covenanted level.
POST YEAR-END FUND-RAISING
On the back of the decline in 2nd
half year protability the Group
during the summer commenced a
renancing discussion with major
shareholders and bankers to raise
fresh capital, strengthen its balance
sheet and reduce bank debt to a
more sustainable level.
A Rights Issue to raise 35m of fresh
capital was proposed in September
2013 on the back of renegotiated Bank
Facilities, but negotiations between
EZCorp, who were underwriting
the proposed Capital raise, and
the Company were not able to be
completed before 30 September 2013
when our bank covenant tests were
due. On 7 October 2013 the Group
therefore announced that its Bankers
had agreed to a deferment of covenant
tests through to 31 October 2013,
subsequently extended through
to 3 February 2014, to allow the
Group more time to explore options
for restructuring the business and
maximising value for all stakeholders.
On 2 December the Company
announced that options being
considered included a strategic review
which could lead to the disposal of
the company, some of its assets, a
renancing or the disposal of their
debt by the lending banks.
DIVIDEND
Given the changing dynamic of
the pawnbroking and gold buying
markets, the 2nd half sharp drop
in protability, and the resulting
increase in the EBITDA / Net Debt
ratio, the Board has not proposed
a nal dividend for the nancial
year ended 30 June 2013. Going
forward the Board does not currently
anticipate recommending payment
of dividends until there has been a
material improvement in the Groups
protability and the level of Group
debt has been reduced.
DIVISIONAL RESULTS
As at 30 June 2013, the Group
operated from 188 full line stores and
3 gold buying pop-up shops under its
two brands, Albemarle & Bond, and
Herbert Brown. As mentioned above
the Groups pledge book, the total
amount outstanding on advances to
customers on pawnbroking loans,
reduced from 40m to 37m during
the year. The key factors causing the
pledge book to reduce were:
a reduction in the amounts of gold
held by consumers following four
years of exceptional gold buying
and scrapping market activity;
increased competition which has
resulted in reduced customer
numbers for the Group; and
more recently, the reduction in
the gold price which has impacted
the amounts advanced as lending
rates have been reduced.
These factors slowed the rate at
which new stores develop towards
protability as well as causing declines
in the pledge books and protability
of more established stores. Analysis
has shown that although increased
competition since 2009 had adversely
affected the Groups recruitment of
new customers with total customer
numbers declining, the increase
in the gold price from 2009 through
to 2011 enabled the Group to
mitigate the impact of this decline by
increasing the average amount lent
to each customer. The Group is now
focussed on more effective, targeted
local marketing activity to stabilise
the pledge book by attracting new
customers. These factors resulted in
total year Pawnbroking gross prots
falling from 34.8m to 32.3m.
Losses on the scrapping of gold ex-
pledge items increased as the gold
price appreciation seen in FY2012
reversed in April 2013. Overall the
Group experienced pressure on both
volumes and margins in Gold Buying,
with revenues down 12.3m and gross
prots down 7.4m. The amount of
gold available to buy in the market
also reduced from the exceptional
scrapping volumes seen since 2009
causing competitors in the market
It has been resolved
not to pay a nal
dividend

BUSINESS REVIEW
Chairmans Statement continued
to reduce margins in an attempt to
maintain volumes. In June 2013,the
Group responded to reduced Gold
trading results by closing all but
three of its pop-up shops. During FY
2013, the Group had increased Retail
inventories in order to build volumes
and provide the most economic route
to disposal of ex pledge items. This
trading approach enabled Retail gross
prots to be maintained at FY2012
levels. The increase in inventory was
partly reversed in Q4 as the Group
took action to reduce stocks to a
more optimal level.
Against this difcult trading
background, performance from the
Other Financial Services division was
encouraging. Gross prot from Other
Financial Services increased marginally
year-on-year, driven by growth in our
Speedloan medium-term instalment
loan products. Underlying bad debt
rates reduced through improved
collections and more effective credit
underwriting processes. Encouragingly,
volumes from both the store based
Speedloan product and the Cash
Window online short-term lending
products also saw promising volume
trends in the fourth quarter. Costs
increased marginally year-on-year
reecting the annualisation of store
openings in FY2012, with central costs
tightly controlled.
OPERATIONAL REVIEW
Market conditions in both
Pawnbroking and Gold Buying were
difcult in the year to June 2013,
and are expected to remain tough as
long as the number of High Street
operators remains over supplied
in terms of number of outlets. As
mentioned previously the gold price
weakened towards the end of the
nancial year. Four pawnbroking
stores were acquired at the beginning
of the 2013 nancial year along with
The Group announced
a number of alternative
funding options are
being considered on
2 December 2013
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the Early Payday Loan Limited, an
online lending business subsequently
rebranded as Cash Window. The
Group responded to these 2nd Half
challenging conditions by closing the
pop-up gold buying stores, reducing
both labour costs and working capital
and rebalancing pawnbroking yields.
Underlying demand for short-term
cash and credit remains strong,
and the Group has recently seen
an increase in demand for its other
nancial services products. During
the year, the Group began trading in
General Merchandise, specically
mobile phones, and in July 2013
began a pilot offering foreign exchange
services in 15 stores as a route to
diversifying its sources of prot into
non-gold related product areas.
BOARD CHANGES
DURING THE YEAR
At the time of the trading update in
April the Board decided that new
leadership was needed to address
the decline in trading results. Barry
Stevenson (Chief Executive) brought
forward his planned retirement and
left the Board on 19 April 2013 and
as a result, I (then as your Non-
executive Chairman) became interim
Executive Chairman. I was formerly
Chief Executive Ofcer of the Group
from 1995 to August 2009. A search
for a new Chief Executive Ofcer
was conducted over the summer,
and the Board was delighted to have
announced the appointment of Chris
Gillespie to the position of the Groups
new Chief Executive Ofcer on
7 October 2013. Chris was formerly
Managing Director, Consumer Credit
Division at Provident Financial plc. Chris
Gillespies consumer nancial services
and lending background, together
with his board level management and
leadership experience, are expected
to be signicant contributors to begin
turning around the business. There
were two further Board appointments
during the year. Robin Ashton was
appointed as an independent Non-
executive Director on 11 October 2012
(resigned 30 November 2013). Robin
also became Chairman of the Audit
Committee. He replaced John Allkins
who did not seek re-election at the
Annual General Meeting and so left the
Board with effect from 16 November
2012. In discussion with its Bankers the
Board appointed a Chief Restructuring
Ofcer, Colin Whipp, to assist the
Group. Colin is an experienced
turnaround executive and a Fellow of
the Institute for Turnaround. He joined
the Board on 7 October 2013.
CURRENT TRADING AND
FINANCIAL PERFORMANCE
Since the year end, the competitive
and trading environment has continued
to be challenging with no signs of
recovery in the Groups key trading
metrics of pawnbroking advances or
gold buying, with the result that the
pledge book has continued to decline
year-on-year as advances remain
depressed in a challenging market.
The business continues to manage
within the current facilities of 53.5m
agreed as part of the covenant deferral
agreement which runs to 3 February
2014. This has been in part achieved
through reducing Speedloan lending
and continuing a programme of
exceptional smelting of retail stocks.
The Group expects to be able to
manage within the current lending
facilities through the covenant deferral
period to 3 February 2014, but this is
likely to be at the expense of reduced
Speedloan lending.
The gold price has seen further
weakness and was, as at 29
November 2013, 27% below the
average price for March 2013.
As a result of the factors outlined
above, the Group is trading at a loss at
the EBITDA level despite short-term
action taken on costs such as the
closure of the Groups pop-up shop
gold buying chain.
In addition, the Group will incur
continuing higher general advisor costs
and the costs of the aborted rights
issue in its FY2014 nancial year.
CURRENT STRATEGIC
REVIEW PROCESS
The Group explored a wide variety
of options as alternative funding
scenarios, when the rights issue was
aborted. On the 27 November 2013,
the Group announced a strategic
review to explore all available options
to the Groups current nancing
issues. The intention is to complete
this process before the end of the
current covenant deferral period on
3 February 2014. This is a period of
very material uncertainty for the Group
and the impact of this uncertainty
is set out in note 1 to the nancial
statements in more detail.
STAFF
The Board would like to thank staff for
their contribution and loyalty during
what has been a very challenging year.
Greville Nicholls
Chairman
6 December 2013
Chris Gillespie joined the
Company on 7 October
2013 as CEO

BUSINESS REVIEW
Our Business Model
Gold Buying
Through our gold buying division, customers can access
instant cash from their unwanted, tarnished or tangled
gold jewellery. Gold buying continues to be an important
revenue stream for the Group in its full line pawnbroking
stores and attracts low levels of marginal cost to offer this
service as the capabilities and infrastructure are the same
required for Pawnbroking. However, the amount of gold
in circulation available to buy has reduced as customers
have increasingly scrapped their gold resulting in reduced
margins in a competitive High Street. All bar 3 of the pop-
up gold buying stores were closed in June 2013 as a result
of these factors reducing protability.
Pawnbroking
Pawnbroking is the Groups largest business division.
Transactions almost always involve gold jewellery and for
the industry c.75% of items are redeemed. The Group
always wish to see items redeemed but, if they arent,
then the item is sent to auction for valuation and the Group
sells or scraps the item to meet costs, any excess is due
back to the customer. Pawnbroking market prots have
been impacted by the reduced amount of gold in circulation
as customers have scrapped their gold and a signicant
increase in the number of high street pawnbroking stores
over the last four years.
Four Divisions
14.3m 32.3m 2
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Gross Prot Gross Prot
54.3%
24.0%

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Other Financial Services
The Group also provides unsecured loans. With a range of
products to choose from, the Group can offer customers
short-term loans tailored to their requirements. Demand
for well structured, value for money, short-term loans has
increased and there are now approximately 10 million UK
adults who seek short-term credit. The Group is looking
to expand this side of the business and increase the
number of channels through which customers can access
the products. This market is the subject of signicant
regulatory change and the Group continues to rene
its product offering to meet best regulatory practice
in all of its products.
Retail
Filling the shop window of each of our stores, the retail
division offers a wide selection of both new and second-
hand jewellery and an expanding range of luxury watches.
Retail displays are key to presenting a recognisable face
for the business to potential customers and encourage
people to enter the stores thereby creating an opportunity
to explain the wider services on offer.
Throughout the calendar year 2012, retail stocks
were built by scrapping less of the forfeited ex-pledge
jewellery items, with retail sales beneting as a result.
In the nal quarter of the nancial year, the Group began
managing down the levels of these retail stocks to achieve
the right level and balance working capital requirements
with retail sales.
7.2m
7
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4
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9
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Gross Prot
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Gross Prot
2
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9.6% 12.1%

1,050
Employees
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Our Market
BUSINESS REVIEW
Our Customers
Our Competition
Overview
Regulation
Characteristically, our pawnbroking customers are female
aged between 3555, who help support a family on
a modest income. They borrow small amounts over
short periods of time enabling them to meet their family
commitments. Our customers are not reliant on our
services but when they do use us they need easy exible
payments to suit their circumstances. Our customers
have increasingly sold some of their jewellery assets
over recent years and the Group continues to work to
ensure our pawnbroking offer is competitive and we
diversify into other cash solutions services to meet our
customers needs.
The Group is one of the UKs leading jewellery-led
pawnbrokers, operating 191 stores. Within this category
there are another two companies each operating over 50
stores. The rest of the industry is made up of individual
stores and small chains totaling approximately c.1,400
stores. Jewellery-led pawnbroking is the primary business
of this sector but is still a relatively small part of the UKs
overall non standard credit market believed to consist of
c.10 million UK consumers all seeking short-term cash and
credit. The market is growing and the number of jewellery-
led pawnbroking stores has increased signicantly creating
strong competitive pressures.
Our business trades from two well-established brands,
Albemarle and Bond and Herbert Brown, with the Herbert
Brown brand having been founded in 1840. We have been
lending responsibly for generations.
Group values have proved paramount in our success in
achieving our goals. We believe that our professional
and personal approach in building customer relations
drives strong customer loyalty. Our expertise is within
short-term cash solutions which are loans that are often
used by consumers for small purchases such as home
improvements or unexpected expenses. These are taken
out over relatively short-term periods and carry a charge to
the consumer. Alongside our aim to deliver cash solutions
to our customers, we also offer a large selection of new
and second-hand jewellery, allowing
us to cater to a wide audience.
The Group is regulated by the Consumer Credit Act,
supervised by the Ofce of Fair Trading although this
regulatory environment will change in 2014 through the
transition to the new FCA regulator. As bets an industry
such as ours, regulation is an important part of ensuring the
protection of consumers and maintaining high standards.
We welcome sensible regulation as we believe it improves
consumer trust and helps towards developing a wider
understanding of our products.


BUSINESS REVIEW
Financial Highlights
Operational Highlights
Prot before tax fell signicantly in
the year to June 2013 from 21.4m
in 2012 to 4.9m. Prots were
impacted by exceptional costs relating
to the rapid closure of the gold buying
pop-up shop chain, severance costs
associated with the departure of the
former Chief Executive Ofcer and
a signicant spend on advisory fees
as the Group conducted a strategic
review and prepared for the current
fund raising activity.
Underlying prot before tax before
these exceptional costs reduced from
21.4m to 9.4m. Costs increased
marginally year-on-year reecting the
annualisation of store openings in
FY 2012, with central cost investment
having stopped. The driver of the
reduced protability therefore was
a drop in gross prots of 9.5m.
Prots from retail and other nancial
services were at year-on-year
but prots from gold buying and
pawnbroking drove the overall
lower gross prots. Gold buying
prots dropped due to lower
gold volumes against strong prior
year comparatives and margins.
Pawnbroking gross prots reduced
as the pledge book declined despite
new openings growing reecting
the more competitive market and
reduced amount of gold in circulation.
In addition, losses on scrapping of
ex-pledge items increased as the
gold price appreciation seen in FY
12 stopped followed by a gold price
reduction in April 2013.
Market conditions in both
Pawnbroking and Gold Buying
have been difcult in the year to
June 2013, and we expect them to
remain tough while the number of
High Street operators remains over
supplied. In addition, the gold price
weakened towards the end of the
nancial year.
Four pawnbroking stores were
acquired at the beginning of the 2013
nancial year along with the Early
Payday Loan online lending business.
The Group has taken action to
respond to these conditions through,
for example, closing the pop-up gold
buying stores, focussing on both
labour costs and reducing working
capital and rebalancing pawnbroking
yields and the amount per gramme
of gold it will lend on.
Underlying market demand for short-
term cash and credit remains strong,
and the Group has recently seen
encouraging demand for its other
nancial services products. During
the year, the Group also began buying
mobile phones and in July 2013 began
a pilot offering foreign exchange
services as a route to diversifying
our sources of prot into non gold
related product areas.
Our Strategy
& Performance
107.1m
59.5m
6.4p
3.0p
Revenue (2012: 117.7m)
Gross prot (2012: 69.1m)
EPS (2012: 28.6p)
Dividend (2012: 12.75p)
Underlying
market demand
for short-term
cash and credit
remains strong
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The Group expects continuing
demand for short-term exible loans
and cash. However it operates in
a challenging market for its core
pawnbroking offer and the Board
expects that gold buying will deliver
a declining prot contribution. Pledge
books in the 69 stores opened in the
last three years continue to show
growth, but the reduced amount of
gold in circulation and the increased
number of stores offering this
service have reduced this growth
rate and resulted in like for like
declines in the pledge books of
mature stores.
Overall there has been no
improvement in prevailing market
conditions since April 2013.
The Group is focussed on improving
pledge book performance through
more active marketing, focussing on
the competitiveness and yields of
its core offer and expects a general
market trend towards fewer stores.
In responding to expectations of
reduced protability from the above,
we would have expected to breach key
banking covenant tests such as the
Net Debt/ EBITDA ratio. Subsequent
to the year end on 2 December 2013,
the Group announced that options
being considered included a strategic
review which could lead to the
disposal of the company, some of its
assets or the disposal by the lending
banks of their debt.
Outlook
Pledge books
in the 69 stores
opened in the
last three years
continue to
show growth
albeit at a
slower rate

DIRECTORS REPORTS
Directors and Senior Management
GREVILLE NICHOLLS
Chairman
Greville joined the Company as
Finance Director in 1992 and was
appointed as Chief Executive in
1995 overseeing the Companys
successful expansion strategy since
its introduction to AIM. Greville was
appointed Non-executive Chairman in
August 2009. Following the departure
of the previous Chief Executive Ofcer
on 19 April 2013, Greville assumed
the role of interim Executive Chairman
whilst the search for a new Chief
Executive Ofcer was conducted.
LIAM MORAN
Chief Financial Ofcer
Liam was appointed as Chief Financial
Ofcer in December 2009. He
previously held roles at B&Q, where
he was Director of Commercial and
Supply Chain Finance, and Kingsher
PLC, where he held a number of
strategic and nancial roles.
STERLING BRINKLEY
Deputy Chairman
Sterling is Chairman of the Board
at EZCORP Inc., a market leading
pawnbroker in the US and Albemarle
& Bond Holdings PLCs largest
shareholder. Sterling is highly
experienced and knowledgeable
about the sector.
(Resigned 30 November 2013)
CHRIS GILLESPIE
Chief Executive Ofcer
Chris joined the Board on
7 October 2013 as the Groups
new Chief Executive Ofcer. Most
recently he was an executive director
at Provident Financial plc. Chris
has led a number of businesses in
the broader nancial services and
lending area, including within HFC
Bank and Bradford & Bingley before
joining Provident Financial in 2007 as
Managing Director, Consumer Credit
Division. Chris started his career at
Barclays plc in 1979 and is a Fellow
of the Chartered Institute of
Certied Accountants.
COLIN WHIPP
Chief Restructuring Ofcer
Colin joined the Board on 7 October 2013
as Chief Restructuring Ofcer. He is
an experienced turnaround executive
who has worked in public and private
companies in the UK and Ireland. A
Chartered Accountant and a Fellow
of the Institute for Turnaround, Colin
has extensive experience in consumer
facing companies in delivering improved
nancial change and results. Prior to
this in his early career, he qualied with
BDO Stoy Hayward, and then worked
for Procter & Gamble UK. This was then
followed by nancial and commercial
roles with Scholl Plc, BacardiMartini Inc.
and Bertelsmann UK.
THOMAS ROBERTS
Non-executive Director
Tom was appointed to the Board
in July 2009. He is on the Board
of Directors of EZCORP Inc., a
market-leading pawnbroker in the
US and Albemarle & Bond Holdings
PLCs largest shareholder, where he
serves as Lead Independent Director
and as a member of the Audit and
Compensation Committees.
NYGEL SCOURFIELD
Managing Director Operations
Nygel is responsible for operational
efciencies and ensuring exceptional
customer service across both of
our store brands. He has over
25 years retail operations and general
management experience with blue
chip retailers such as Superdrug,
Woolworths, B&Q and Homebase.
He was previously the Southern
Divisional Director at Homebase.
GARY MILLER-CHEEVERS
Director of Unsecured Lending
Gary is responsible for developing
and delivering the Companys multi-
channel strategy. He has 28 years
experience in digital and nancial
services and was previously CEO of
Speed-e-loans and CEO of Elephant
Loans plc.
NICOLA BRUCE
Director of Strategy &
Business Development
Nicola is responsible for developing
the growth strategy for Albemarle
& Bond, as it builds upon its recent
store expansion programme and
seeks to generate prot growth with
new revenue streams and business
partnerships. Nicola has over 20 years
experience in strategy development
for listed businesses and government
departments in the UK and overseas.
Her previous roles include Director
of Strategy & Business Development
at De La Rue plc and Partner at the
Monitor Group, where her clients
included UK nancial institutions
and FMCG companies.
Directors
Senior Management

Annual Report & Financial Statements for the year ended 30 June 2013
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GEOFF BRADY
Geoff joined the Board in July 2011
and is Chair of the Nominations
Committee. He has previously held
Executive Board roles with
Superdrug Plc, Allied Carpets Plc
and Mercedes-Benz UK Retail and
Non-executive Director roles at
Matalan Plc, Carpetright Plc and
Harvard International Plc. He is
currently a Non-executive Director
Saul D Harrison Plc and Harvey
Jones Holdings Ltd.
(Resigned 2 December 2013)
TRACEY GRAHAM
Tracey joined the Board in September
2011. She was previously Chief
Executive of Talaris Limited, an
international cash management
technology business until 2010 and led
the management buyout of Talaris from
De La Rue Plc, backed by private equity
house Carlyle in 2008. In addition,
Tracey also held senior positions in
banking and insurance with HSBC and
AXA insurance. She is currently Non-
executive Director of RPS plc, Royal
London Group and Dialight plc. Tracey is
Chair of the Remuneration Committee.
ROBIN ASHTON
Robin Ashton has more than
25 years experience in nancial
services having previously held the
positions of treasurer, nance director
and chief executive of Provident
Financial plc from 1983 to 2006.
He has considerable experience of
credit risk in the full range of non-
standard lending products as well as
developing online channels to market
for credit products. Robin Ashton is an
independent Non-executive Director
on the Board and is also Chairman of
the Audit and Risk Committee.
BRAD TAYLOR
Group Marketing Director
Brad is responsible for growing the
awareness of our brands, products
and services, developing product
propositions and delivering the
business customers. He has over
10 years experience in B2C
environments spanning sub-prime
nancial services, healthcare and
bookmaking. He was previously
Head of Sportsbook Marketing
at Paddy Power.
DIRECTORS REPORTS
Page Title continued

14 14
The core jewellery pawnbroking
business will continue to be the
strongest prot contributor
191
Stores
Annual Report & Financial Statements for the year ended 30 June 2013
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The Directors submit their report and the nancial
statements of the Company and its subsidiaries (the
Group) for the year ended 30 June 2013.
PRINCIPAL ACTIVITIES AND REVIEW
OF THE BUSINESS
The principal activity of the Company is that of a
holding Company.
The main activities of the Group continue to be
pawnbroking, retail jewellery sales, gold purchasing,
unsecured lending including cheque cashing and other
nancial services.
All subsidiaries operate in the United Kingdom.
A review of the business is set out in the Interim
Executive Chairmans Statement.
KEY PERFORMANCE INDICATORS
The Board have identied the following key
performance indicators:
Revenue
Gross prot on pawnbroking and second-hand
jewellery sales
Gross prot on new jewellery sales
Gross prot on nancial service sales
Pawn loan book growth
Gross prot on gold purchasing
Volume of gold purchased
Earnings per share
The key performance indicators have been measured and
reported on in the Interim Executive Chairmans Statement.
FINANCIAL RISK MANAGEMENT
The Groups nancial instruments (other than derivatives)
comprise cash at bank, bank overdraft, bank loans, trade
receivables and trade payables and accruals. The main
risks arising from the nancial instruments are liquidity risk,
interest rate uctuations, credit risk and movements in the
gold price.
The Group and Company manages its liquidity risk
by periodically reviewing its funding arrangements.
Subsequent to the year end on 2 December 2013, the
Group announced a strategic review which could lead to the
disposal of the company, some of its assets or the disposal
by the lending banks of their debt. Refer to the going
concern section in note 1 as well as the Post balance
sheet events note 36 for further details.
To help mitigate interest rate risk, the Company holds an
interest rate swap to hedge against potential uctuations
in LIBOR market interest rates. The swap hedges 22m
of the Groups borrowings, through to November 2016,
and is designated as a formal cash ow hedge under IAS
39 Financial Instruments: Recognition and Measurement.
The remaining risk on the unhedged portion of the Groups
borrowings is partially reduced by the semi-variable nature
of the Groups lending products.
The Group is exposed to credit risk, primarily through
default on loan amounts. Credit risk is managed through:
prudent lending policies; lending short-term; staff training;
continuously monitoring balances in arrears and lending
policies; active recovery of bad debts; and, in the case of
pawn broking loans, the security provided by the jewellery
held as collateral.
Where pawn loans are secured by gold or jewellery, a right
exists to dispose of the pledged goods in the event of
default on the loan by the borrower. Whilst the value of the
pledged items is normally in excess of the pawn loan, the
Group is exposed to reductions in the market price of gold.
During 2013, the Group has reviewed its risk mitigation
strategy of rolling purchases of put options to cover the
downside risk arising from movements in the gold price
over the duration of current pawnbroking loans. No such
options were in place at the year end date. The gold put
options that were in place during the year did not meet the
strict criteria required for formal designation as a hedge
under IAS 39; as a result, movements in fair value were
recognised in the Income Statement.
It is, and has been throughout the period, the policy that no
trading in nancial instruments is undertaken, other than the
interest rate swap and gold put options referred to above.
GOVERNANCE
Directors Report
ABM4058 AR13 2 Governance AW14.indd 15 06/12/2013 16:42

GOVERNANCE
Directors Report continued
PRINCIPAL RISKS AND UNCERTAINTIES
There are a number of risks and uncertainties which may affect the Companys and the Groups performance. A risk
assessment process is designed to identify, manage and mitigate these business risks. The table below sets out examples
of risks across the Groups activities and the actions which have been taken to mitigate adverse consequences.
Area Description of Risk Examples of Mitigating Activities
Pawnbroking and
jewellery retailing
Security of customers and Groups jewellery Investment in security systems and procedures
High level of insurance cover
Signicant movements in gold price Continual monitoring of gold prices
Gold hedging arrangements to cover the proportion
of current pledged items which are expected to be
unredeemed and scrapped
Gold purchasing Variations in volumes of gold purchased
and the underlying gold price
Weekly trading review of volumes and margin
Unsecured lending Signicant worsening of bad debts Continual monitoring of ageing of receivables
Modication of lending criteria
Cheque-cashing Signicant availability of instant
cheque-clearing by mainstream providers
Monitoring of developments
Systems Change
Programme
A signicant programme of IT change
to core business systems is in progress
Appointment of group CIO, use of third party developers
and audit committee oversight with representation on
the steering group
People Succession planning and capability Competitive pay and performance related incentives
Ongoing investment in staff training and development
DIVIDENDS
A nal dividend of nil (2012: 9.75p) per share will be proposed at the Annual General Meeting. This, when taken with
the interim dividend of 3.0p (2012: 3.0p) per share, gives a total dividend of 3.0p (2012: 12.75p) per share for the year
ended 30 June 2013.
DIRECTORS AND THEIR INTERESTS
The following Director resigned on 16 November 2012:
J S Allkins
The following Director resigned on 23 April 2013:
B J Stevenson
The following Directors resigned on 23 October 2013:
J F P Farrell
The following Directors resigned on 30 November 2013:
R J Ashton S B Brinkley
T Graham T C Roberts
The following Director resigned on 2 December 2013:
G Brady
The following Directors were appointed on 7 October 2013:
C D Gillespie C P Whipp
The following Director was appointed on 11 October 2012:
R J Ashton
The Directors who have held ofce during the year under review to the date of this report and their notiable interests
in the share capital of the Company as at 30 June 2013 were:
Ordinary shares of 4p each
2013 2012
G V Nicholls 538,450 566,360
B J Stevenson (resigned 23 April 2013) 77,230 8,250
L K Moran 3,500 3,500
J S Allkins (resigned 16 November 2012) 5,250 5,250
G Brady (resigned 2 December 2013) 500 500
T Graham (resigned 30 November 2013) 500 500

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In addition, L K Moran, T Graham (resigned 30 November 2013) and G Brady (resigned 2 December 2013) are Directors of
Albemarle & Bond Trustees Limited, the trustee of the Albemarle & Bond Pawnbrokers Employee Benet Trust, which held
570,246 ordinary share of 4p each in the Company at 30 June 2013 (2012: 564,226).
S B Brinkley Jnr (resigned 30 November 2013), T C Roberts (resigned 30 November 2013) and J F P Farrell (resigned
23 October 2013) are Directors of EZCorp International Inc. The interest of EZCorp International Inc in the share capital
of the Company is disclosed below.
In accordance with the Articles of Association, G V Nicholls retires by rotation and, being eligible, offers himself for
re-election.
SHARE OPTION SCHEMES
No Director has an interest in the Employee Benet Trust, the Executive Share Option Scheme, the Unapproved Share
Option Scheme or the Company Share Option Plan.
As a result of the Long Term Incentive Plan the following Directors have a benecial interest in the following options granted
over ordinary shares:
At beginning
of year
Granted
during
year
Exercised
during
year
Forfeited
during
year
At end
of year
Exercise
price
Market
price on
date of
exercise
Date from
which
exercisable
Expiry
date
G V Nicholls 103,270 103,270 01.07.11 30.06.18
84,453 84,453 01.07.12 30.06.19
B J Stevenson
(resigned 23 April 2013) 130,152 (130,152) 134.0 01.07.12 30.06.19
108,577 (108,577) 01.07.13 30.06.20
102,028 (102,028) 01.07.14 30.06.21
L K Moran 59,161 59,161 01.07.12 30.06.19
63,337 63,337 01.07.13 30.06.20
62,350 62,350 01.07.14 30.06.21
COMPANY SHARE PRICE
At 30 June 2013, the market price of the Companys shares was 134.0p (2012: 245.0p). The maximum share price during
the year was 305.0p (2012: 400.1p) and the minimum price was 120.0p (2012: 239.0p).
INTERESTS IN CONTRACTS
No Director had an interest in any material contract during the year relating to the business of the Group or the Company.
DONATIONS
The Group and the Company made no charitable donations in either year.
SUBSTANTIAL INTERESTS
The Board is aware of the following substantial interests in the issued share capital of the Company as at the date of this
report, other than those of Directors of the Company disclosed above.
Ordinary shares of 4p each
EZCorp International Inc 16,644,640 29.90%
Fidelity Management & Research 4,355,947 7.83%
Schroder Investment Management 3,950,202 7.10%
Artemis Investment Management 3,505,962 6.30%
PERSONNEL
The Group and the Company maintains a policy of equal opportunities and is committed to ensuring that all individuals
are treated fairly, with respect and are valued. Employees are regularly consulted by local managers and kept informed
of matters affecting them and the overall development of the Group.

GOVERNANCE
EMPLOYMENT OF THE DISABLED
It is the Groups policy to give full and fair consideration to
the employment of disabled persons in jobs suited to their
individual circumstances and, as appropriate, to consider
them for recruitment opportunities, career development
and training. Where possible, arrangements are made
for the continuing employment of employees who have
become disabled whilst in our employment.
CORPORATE GOVERNANCE
The Companys shares are traded on the Alternative
Investment Market of the London Stock Exchange and the
Company is not therefore required to report on compliance
with the UK Corporate Governance Code. However, the
Board of Directors does aim to support the UK Corporate
Governance Code in line with the recommendations of
the Quoted Companies Alliance Corporate Governance
Guidelines for Smaller Quoted Companies. This
statement is therefore intended to provide information
on how the Group has applied the principles and the
spirit of corporate governance.
The Board
Throughout the nancial year the Board comprised an
Interim Executive Chairman (formerly the Non-executive
Chairman), one Executive Director, three Independent Non-
executive Directors, and three Non-executive Directors who
are not considered independent due to their appointment
as Directors of the Companys major shareholder EZCorp.
The Board currently comprises of the Chairman and three
Executive Directors (including the Chief Executive Ofcer,
the Chief Finance Ofcer and the Chief Restructuring
Ofcer). The Board meets at least six times a year and
receives appropriate timely information from management
to enable it to discharge its duties.
The Board has a schedule of matters specically reserved
to it for decision. All Directors have access to the advice
and services of the Company Secretary, who is responsible
to the Board for ensuring procedures are followed and for
compliance with applicable regulations.
There is a dened division of responsibilities between the
Chairman and the Chief Executive Ofcer. The Chairman
is primarily responsible for the leadership of the Board.
The Chief Executive ofcer is responsible for the executive
management of the Group and implementation of the
Boards strategy. During the nancial year the Non-
executive Chairman, Greville Nicholls stepped into the post
of Interim Executive Chairman, combining both roles, whilst
a search was underway for a new Chief Executive Ofcer.
In the ordinary course of business the Chief Executive
Ofcer is assisted by the work of the Group Executive
Committee which is not a formally appointed committee
of the Board but it does form part of the governance
framework for the business.
Board Committees
The Board has established an Audit and Risk Committee,
Remuneration Committee and Nominations Committee
and complies with the UK Corporate Governance Code in
areas where it is felt justied and relevant to a business
of this size. The chair, membership and duties of these
committees are as set out below:
RESPONSIBILITIES AND ROLE OF THE
REMUNERATION COMMITTEE
The Remuneration Committees principal function is
to review the remuneration of Executive Directors and
Senior Executives, and is structured to attract, retain and
motive such individuals. The total remuneration package is
designed to align the interests of the Executive Directors
and Senior Executives with those of shareholders.
Membership of the Committee
The Remuneration Committee comprises of two
Independent Non-executive Directors, Tracey Graham who
Chaired the Committee (resigned 30 November 2013), Geoff
Brady (resigned 2 December 2013) and one Non-executive
Director, Tom Roberts (resigned 30 November 2013) who is
not considered independent due to his position as a Director
of the Companys major shareholder EZCorp.
The Committee meets at least four times a year or at any
such other time as is necessary. The Committee met nine
times in the year with all members being present at each of
the meetings.
Duties of the Committee are to:
Determine and agree with the Board the framework
or broad policy for the remuneration of the Companys
Chairman, Chief Executive, Executive Directors
and members of the Executive Committee. The
remuneration of Non-executive Directors shall be a
matter for the Chairman and the executive members
of the Board. No Director or manager shall be involved
in any decisions as to their own remuneration;
In determining such policy, take into account all factors
which are deemed necessary including relevant
and regulatory requirements, the provisions and
recommendations of the UK Corporate Governance
Code and associated guidance. The objective of
such policy shall be to ensure that members of the
executive management of the Company are provided
with appropriate incentives to encourage enhanced
performance and are, in a fair and responsible manner,
rewarded for their individual contributions to the success
of the Company and the Group; where approval or
adoption of the scheme is necessary;
When setting remuneration policy for Directors,
review and have regard to the remuneration trends
across the Company and the Group;

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Review the ongoing appropriateness and relevance
of the remuneration policy;
With the terms of the agreed policy and in consultation
with the Chairman and/or Chief Executive, as appropriate,
determine the total individual remuneration package of
the Chairman, each Executive Director and members of
the Executive Committee including bonuses, incentive
payments and share option or other share awards;
Obtain reliable, up-to-date information about
remuneration in other companies. To help it fulll its
obligations the Committee shall have authority to
appoint remuneration consultants and to commission
or purchase any reports, surveys or information which
it deems necessary, within any budgetary restraints
imposed by the Board;
Be exclusively responsible for establishing the selection
criteria, selecting, appointing and setting the terms of
reference for any remuneration consultants who advise
the Committee;
Approve the design of, and determine targets for, any
performance related pay schemes operated by the
Company and approve total annual payments made
under such schemes;
Reviews the design of all share incentive plans for
approval by the Board and shareholders. For any such
plans, determine each year whether awards will be
made, and if so, the overall amount of such awards,
the individual awards to Executive Directors and other
designated senior executives and the performance
targets to be used;
Determine the policy for, and scope of, pension
arrangements for each Director and members of
the Executive Committee;
Ensure that contractual terms on termination, and
any payments made, are fair to the individual and the
Company, that failure is not rewarded and that the
duty to mitigate loss is fully recognised;
Oversee any major changes in employee benets
structures throughout the Company and the Group; and
Agree the policy for authorising claims for expenses
from the Directors.
Main activities of the Committee during the year:
Review of the remuneration of the Executive Directors
and Senior Executives.
Approved and recommended to the Board the
introduction of a new long term Bonus Banking Plan
scheme, which incorporates deferral of awards and
malice provisions for the Executive Directors and Senior
Executives in line with best practice.
Agreed the termination payment for the former Chief
Executive Ofcer, Barry Stevenson in line with his
contract of employment.
Agreed the service agreement and terms and conditions
for the Interim Executive Chairman, Greville Nicholls.
NOMINATION COMMITTEE
The Nomination Committees is responsible for reviewing
succession planning for the Board, leadership requirements
and performance evaluation of the Board. It evaluates the
balance skills, experience, independence and knowledge.
The Nomination Committee comprises of two Independent
Non-executive Directors, Geoff Brady (resigned 2 December
2013), who Chaired the Committee, Tracey Graham
(resigned 30 November 2013) and the Chairman, Greville
Nicholls. Membership of the Committee is determined by
the Board.
The Committee meets at least once a year or at any such
other time as is necessary. The Committee met two times
in the year.
Main activities of the Committee during the year:
Appointment of a new Non-executive Director,
Robin Ashton;
Appointment of the Senior Independent Non-executive
Director, Geoff Brady, who took no part in the decision
as to himself;
Appointment of the Interim Executive Chairman, Greville
Nicholls, who took no part in the decision as
to himself;
Appointment of the new Chief Executive Ofcer,
Chris Gillespie;
Succession planning; and
Board evaluation planning.

GOVERNANCE
AUDIT & RISK COMMITTEE
The Audit & Risk Committee is responsible for reviewing
the integrity of the Groups nancial statements; the Groups
compliance with applicable legal and regulatory requirements;
the external auditors qualications and independence;
the adequacy of the Groups nancial disclosure, and the
effectiveness of the Groups risk management and internal
control systems. The Committee also reviews the scope
and results of the audit together with its cost effectiveness.
Non-audit work undertaken by the auditor is limited to work
that requires detailed knowledge derived from the statutory
audit or work where fees involved are not considered to be
material; exceptions have to be approved by the Committee.
Throughout the nancial year, the Audit and Risk Committee
comprised of three Independent Non-executive Directors,
Robin Ashton who Chaired the Committee (resigned 30
November 2013), Geoff Brady (resigned 2 December 2013),
Tracey Graham (resigned 30 November 2013) and one Non-
executive Director, John Farrell (resigned from the Company
on 23 October 2013) who is not considered independent
due to his position as a Director of the Companys major
shareholder EZCorp.
The Committee meets at least four times a year or at any
such other time as is necessary. The Committee met six
times in the year.
Duties of the Committee carried out during the year:
Considered the integrity of the nancial statements of
the Group, including its annual and half yearly reports,
preliminary results announcements, signicant nancial
reporting issues and announcements with respect to
price sensitive information;
Reviewed the External Auditors independence and
objectivity and effectiveness of the audit process;
Consideration of the reappointment of the External
Auditor including the setting of their remuneration;
Reviewed policies and procedures for identifying
business risks;
Reviewed the effectiveness of the Groups internal
controls and risk management systems;
Reviewed the Groups policies for ensuring compliance
with relevant regulatory and legal requirements;
Monitoring and reviewing of the whistle blowing policy;
Reviewed the Groups procedures for preventing
and detecting fraud;
Approved the Groups policy on the prevention of
nancial crime; and
Monitored and reviewed the effectiveness of the
Companys Internal Audit function; Internal Audit
plan and reporting.
The Audit and Risk Committee is also assisted by the
Credit Committee which is sub-committee also chaired
by Robin Ashton. Duties of the Credit Committee include:
Approve and monitor the key elements of credit risk
on behalf of the Audit and Risk Committee;
Recommend to the Board, for approval and inclusion
within policy, any new lending product area, market or
lending jurisdiction and ensure that appropriate regulatory
compliance certication procedures have already been
satisfactorily performed;
Annually review the Lending Policies and present
them to the Board for approval;
Monitor lending areas for alignment to the Board
risk appetite; and
Review the bad debt provisioning policy on an
annual basis.
Terms of reference for each of the board committees
can be found on the Companys website.
INTERNAL CONTROL
The Directors acknowledge their responsibilities for the
system of internal control. In fullling these responsibilities
the Board has continued to review the effectiveness of the
system of internal control on the basis of the criteria set
out in the Corporate Governance Guidelines for Smaller
Quoted Companies.
The Board considers major business and nancial risks. The
Group operates with an executive committee, comprising
the Interim Executive Chairman together with the Executive
Directors, which meets regularly and reports to the Board.
All strategic decisions are referred to the Board for approval.
Accepting that no system of internal control can provide
absolute assurance against material misstatement or
loss, the Directors believe that the established system
of internal control is appropriate to the business.
No weaknesses have resulted in material losses,
contingencies or uncertainties, which would require
disclosure as recommended in the Corporate Governance
Guidelines for Smaller Quoted Companies.
CREDITOR PAYMENT POLICY
We aim to maintain good relations with our trading partners.
In particular, it is our policy to abide by the terms of payment
agreed with each of our suppliers. The number of days
taken to pay suppliers, calculated on the basis of Group
trade creditors as at 30 June 2013 and average daily Group
purchases for the year ended 30 June 2013 is 34 days
(2012: 34 days).

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OWN SHARES
Included within the Company and Group nancial
statements is a balance of 1,147,000 (2012: 1,174,000)
relating to 570,246 (2012: 564,226) ordinary 4 pence shares
in Albemarle & Bond Holdings PLC held by the Albemarle &
Bond Pawnbrokers Employee Benet Trust. This represents
a holding of 1.0% (2012: 1.0%) of the issued ordinary share
capital of the Company.
DISCLOSURE OF INFORMATION
TO THE AUDITORS
In the case of each person who was a Director at the time
this report was approved:
so far as that Director was aware there was no relevant
available information of which the Companys auditors
were unaware; and
that Director had taken all steps that the Director ought
to have taken as a Director to make himself or herself
aware of any relevant audit information and to establish
that the Groups auditors were aware of that information.
This conrmation is given and should be interpreted in
accordance with the provision of s418 of the Companies
Act 2006.
AUDITOR
The Groups auditor, KPMG Audit Plc has instigated a
transition of its business to KPMG LLP. The Board has
decided to put KPMG LLP forward to be appointed as
auditor and a resolution concerning their appointment
will be put to the forthcoming Annual General Meeting.
BY ORDER OF THE BOARD
P M Watts FCIS, DiPMI
Secretary
6 December 2013

The Directors are responsible for preparing the Annual
Report and the nancial statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare Group and
Parent Company nancial statements for each nancial
year. As required by the AIM Rules of the London Stock
Exchange they are required to prepare the Group nancial
statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the EU and
applicable law and have elected to prepare the Parent
Company nancial statements on the same basis. Under
company law the Directors must not approve the nancial
statements unless they are satised that they give a true
and fair view of the state of affairs of the Group and the
Parent Company and of their prot or loss for that period.
In preparing each of the Group and Parent Company
nancial 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 whether they have been prepared in accordance
with IFRSs as adopted by the EU; and
prepare the nancial statements on the going concern
basis unless it is inappropriate to presume that the Group
and the Parent Company will continue in business.
The Directors are responsible for keeping adequate
accounting records that are sufcient to show and explain
the Groups transactions and disclose with reasonable
accuracy at any time the nancial position of the Group
and enable them to ensure that its nancial statements
comply with the Companies Act 2006. They have general
responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the Group and to prevent
and detect of fraud and other irregularities.
The Directors are responsible for the maintenance and
integrity of the corporate and nancial information included
on the Companys website. Legislation in the United Kingdom
governing the preparation and dissemination of nancial
statements may differ from legislation in other jurisdictions.

GOVERNANCE
STATEMENT OF DIRECTORS RESPONSIBILITIES
in respect of the annual report and the nancial statements
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We have audited the nancial statements of Albemarle &
Bond Holdings PLC for the year ended 30 June 2013 set
out on pages 24 to 67. The nancial reporting framework
that has been applied in their preparation is applicable law
and International Financial Reporting Standards (IFRSs) as
adopted by the EU and, as regards the Parent Company
nancial statements, as applied in accordance with the
provisions of the Companies Act 2006.
This report is made solely to the Companys members,
as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken
so that we might state to the Companys members those
matters we are required to state to them in an auditors
report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Companys
members, as a body, for our audit work, for this report,
or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF
DIRECTORS AND AUDITOR
As explained more fully in the Directors Responsibilities
Statement set out on page 22, the Directors are responsible
for the preparation of the nancial statements and for
being satised that they give a true and fair view. Our
responsibility is to audit, and express an opinion on, the
nancial statements in accordance with applicable law and
International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices
Boards Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE
FINANCIAL STATEMENTS
A description of the scope of an audit of nancial statements
is provided on the Financial Reporting Councils website at
www.frc.org.uk/auditscopeukprivate.
OPINION ON FINANCIAL STATEMENTS
In our opinion:
the nancial statements give a true and fair view of the
state of the Groups and of the Parent Companys affairs
as at 30 June 2013 and of the Groups prot for the year
then ended;
the Group nancial statements have been properly
prepared in accordance with IFRSs as adopted by the EU;
the Parent Company nancial statements have been
properly prepared in accordance with IFRSs as adopted
by the EU and as applied in accordance with the
provisions of the Companies Act 2006; and
the nancial statements have been prepared in
accordance with the requirements of the Companies
Act 2006.
OPINION ON OTHER MATTER PRESCRIBED
BY THE COMPANIES ACT 2006
In our opinion the information given in the Directors Report
for the nancial year for which the nancial statements are
prepared is consistent with the nancial statements.
EMPHASIS OF MATTER GOING CONCERN
In forming our opinion on the nancial statements, which
is not modied, we have considered the adequacy of
the disclosure made in note 1 to the nancial statements
concerning the Groups and the Parent Companys ability
to continue as a going concern; in particular, the uncertainty
as to the availability of suitable alternative and any additional
funding needed by the Group and Parent Company to
renance its existing, fully drawn down facilities that are
forecast to become repayable on demand on 3 February
2014. These conditions, along with the other matters
explained in note 1 to the nancial statements, indicate
the existence of a material uncertainty which may cast
signicant doubt on the Groups and the Parent Companys
ability to continue as a going concern. The nancial
statements do not include the adjustments that would
result if the Group and the Parent Company were unable
to continue as a going concern.
MATTERS ON WHICH WE ARE REQUIRED
TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters
where the Companies Act 2006 requires us to report to you
if, in our opinion:
adequate accounting records have not been kept by the
Parent Company, or returns adequate for our audit have
not been received from branches not visited by us; or
the Parent Company nancial statements are not in
agreement with the accounting records and returns; or
certain disclosures of Directors remuneration specied
by law are not made; or
we have not received all the information and explanations
we require for our audit.
Derek McAllan
(Senior Statutory Auditor)
for and on behalf of KPMG Audit Plc, Statutory Auditor
6 December 2013
Chartered Accountants
Arlington Business Park
Theale
Reading
RG7 4SD
United Kingdom
INDEPENDENT AUDITORS REPORT
to the members of Albemarle & Bond Holdings PLC

Consolidated Income Statement
Consolidated & Company Statements of Comprehensive Income
Note
2013
000
2012
000
Revenue 3 107,069 117,697
Cost of sales (47,542) (48,602)
Gross prot 59,527 69,095
Administrative expenses (48,204) (46,505)
Prot from Operations before restructuring costs and other one-off items 11,323 22,590
Restructuring costs and other one-off items: 6
Restructuring advisory costs (2,437)
Closure and other costs (2,156)
Operating prot 6 6,730 22,590
Finance income 8 9
Finance costs 9 (1,787) (1,227)
Prot before taxation 4,943 21,372
Tax on prot on ordinary activities 10 (1,407) (5,697)
Prot for the year 3,536 15,675
Earnings per share 12
Basic 6.44p 28.55p
Diluted 6.39p 28.19p
All of the above relate to continuing operations and are attributable to equity holders of the business.
Group
2013
000
Company
2013
000
Group
2012
000
Company
2012
000
Prot for the year 3,536 (919) 15,675 6,253
Items that may be reclassied subsequently to the income statement:
Fair value movement on cash ow hedges 20 20 (559) (559)
Deferred tax on fair value movement on cash ow hedges (10) (10) 134 134
Total comprehensive income for the year 3,546 (909) 15,250 5,828
ABM4058 AR13 3 Financials AW20.indd 24 06/12/2013 18:51
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as at 30 June 2013
Consolidated Statement of Financial Position
Note
2013
000
2012
000
Non-current assets
Goodwill 14 24,869 23,318
Other intangible assets 15 7,179 4,544
Property, plant and equipment 16 14,249 16,507
Total non-current assets 46,297 44,369
Current assets
Inventories 18 20,454 18,383
Trade and other receivables 19 63,763 67,382
Cash at bank and in hand 20 10,115 5,061
Derivative nancial instruments 22 35
Total current assets 94,332 90,861
Total assets 140,629 135,230
Non-current liabilities
Long-term borrowings 21 43,500
Derivative nancial instruments 22 539 559
Deferred taxation 23 755 780
Total non-current liabilities 1,294 44,839
Current liabilities
Bank loans 21 53,500
Finance leases and hire purchase 21 1
Trade payables 2,718 3,075
Current tax liabilities 319 2,474
Accrued liabilities 24 5,840 4,550
Total current liabilities 62,377 10,100
Total liabilities 63,671 54,939
Equity
Share capital 26 2,227 2,221
Share premium 28 20,595 20,425
Capital redemption reserve 28 1,018 1,018
Share-based payments reserve 28 937 909
Other reserve 28 (1,147) (1,174)
Hedging reserve 28 (415) (425)
Retained earnings 28 53,743 57,317
Total equity 76,958 80,291
Total equity and liabilities 140,629 135,230
These nancial statements were approved by the Board of Directors on 6 December 2013 and signed on their behalf by:
G V Nicholls L K Moran
Director Director

as at 30 June 2013
Registered Number: 1979364
Company Statement of Financial Position
Note
2013
000
2012
000
Non-current assets
Investments in subsidiaries 17 35,975 33,895
Deferred taxation 23 124 134
Other intangible assets 15 656
Total non-current assets 36,755 34,029
Current assets
Trade and other receivables 899 816
Amounts due from subsidiary undertakings 40,753 41,229
Derivative nancial instruments 22 35
Total current assets 41,652 42,080
Total assets 78,407 76,109
Non-current liabilities
Long-term borrowings 21 43,500
Derivative nancial instruments 22 539 559
Total non-current liabilities 539 44,059
Current liabilities
Bank loans 21 53,500
Accrued liabilities 285 219
Total current liabilities 53,785 219
Total liabilities 54,324 44,278
Equity
Share capital 26 2,227 2,221
Share premium 28 20,595 20,425
Capital redemption reserve 28 1,018 1,018
Share-based payments reserve 28 943 875
Hedging reserve 28 (415) (425)
Other reserve 28 (1,147) (1,174)
Retained earnings 28 862 8,891
Total equity 24,083 31,831
Total equity and liabilities 78,407 76,109
These nancial statements were approved by the Board of Directors on 6 December 2013 and signed on their behalf by:
G V Nicholls L K Moran
Director Director
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Share
capital
000
Share
premium
000
Capital
redemption
reserve
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Share-
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000
Other
reserve
000
Hedging
reserve
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Retained
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000
Total
000
At 1 July 2011 2,220 20,408 1,018 623 (1,419) 48,664 71,514
Other comprehensive income and expense
Fair value movement on interest
rate swap hedge (559) (559)
Deferred tax on fair value movement
on interest rate swap 134 134
Total other comprehensive income
and expense (425) (425)
Total comprehensive income (425) 15,675 15,250
Issue of share capital 1 17 18
Issue of shares by Employee Benet Trust 274 274
Share-based payment credit 403 403
Employee Benet Trust tax paid (49) (49)
Deferred tax recognised directly in equity (117) (117)
Transfer reserves (29) 29
Dividends paid (7,002) (7,002)
At 30 June 2012 2,221 20,425 1,018 909 (1,174) (425) 57,317 80,291
Fair value movement on cash ow hedges 20 20
Deferred tax on fair value movement on
cash ow hedges (10) (10)
and expense 10 10
Total comprehensive income 10 3,536 3,546
Purchase of shares by Employee
Benet Trust (245) (245)
Share-based payment transactions 242 242
Deferred tax recognised directly in equity (40) (40)
Transfer reserves (174) 272 (98)
At 30 June 2013 2,227 20,595 1,018 937 (1,147) (415) 53,743 76,958
Consolidated Statement of Changes In Equity

Company Statement of Changes in Equity
Share
capital
000
Share
premium
000
Capital
redemption
reserve
000
Share-
based
payments
reserve
000
Other
reserve
000
Hedging
reserve
000
Retained
earnings
000
Total
000
At 1 July 2011 2,220 20,408 1,018 472 (1,419) 9,660 32,359
rate swap hedge (559) (559)
on interest rate swap 134 134
and expense (425) (425)
Total comprehensive income (425) 6,253 5,828
Issue of shares by Employee Benet Trust 274 274
Capital contribution to subsidiary 403 403
Transfer reserves (29) 29
At 30 June 2012 2,221 20,425 1,018 875 (1,174) (425) 8,891 31,831
Prot for the year (919) (919)
rate swap hedge 20 20
on interest rate swap (10) (10)
and expense 10 10
Total comprehensive income 10 (919) (909)
Issue of shares by Employee Benet Trust 6 170 176
Purchase of shares by Employee
Benet Trust (245) (245)
Capital contribution to subsidiary 242 242
Transfer reserves (174) 272 (98)
At 30 June 2013 2,227 20,595 1,018 943 (1,147) (415) 862 24,083
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Consolidated Statement of Cash Flows
Note
2013
000
2012
000
Cash generated by operating activities 31 14,195 17,497
Taxes paid (3,748) (5,655)
Net cash inow from operating activities 10,447 11,842
Investing activities
Acquisition of business (net of cash acquired) (2,837) (454)
Purchase of property, plant and equipment (1,480) (5,330)
Purchase of intangible assets (2,367) (2,623)
Proceeds from sale of plant and equipment 40
Net cash outow from investing activities (6,684) (8,367)
Financing activities
Interest and commitment fees paid (1,787) (1,073)
Fees paid to renance the Groups longer term borrowings (933)
Dividends paid to company shareholders (6,999) (7,002)
Exercise of share options less EBT acquisition of shares 78 274
New loans drawn down 198,500 126,014
Existing loans repaid (188,500) (119,307)
Repayment of obligations under nance leases (1) (34)
Net proceeds from issue of shares 18
Net cash inow/(outow) from nancing 1,291 (2,043)
Net increase/(decrease) in cash and cash equivalents 5,054 1,432
Summary of cash and cash equivalents
Cash at bank and in hand 10,115 5,061
Bank overdrafts
Cash and cash equivalents 10,115 5,061
COMPANY
No cash ow statement is presented for the Company as it does not maintain a bank current account. Instead, its
money transmission requirements are fullled by its subsidiary undertakings. This is explained in more detail in note 31.
A reconciliation of cash generated by the Companys operating activities is also set out in note 31.

Notes to the Financial Statements
1 PRINCIPAL ACCOUNTING POLICIES
Reporting entity
Albemarle & Bond Holdings PLC (the Company) is a company incorporated in the United Kingdom.
The consolidated nancial statements incorporate the nancial statements of the Company and its subsidiaries
(together referred to as the Group).
Basis of preparation
These nancial statements (including both the Company and the Group) have been prepared in accordance with
International Financial Reporting Standards (IFRSs) adopted by the European Union, and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS.
The signicant accounting policies set out below have, unless otherwise stated, been applied consistently to all periods
presented in these Group and Company nancial statements.
Going concern
In determining the appropriate basis of preparation of the nancial statements, the Directors are required to consider whether
the Group can continue in operational existence for the foreseeable future.
The Group meets its day to day working capital requirements through a Revolving Credit Facility, with nancial covenants
which the Group needs to comply with in order for the facility to continue to be available to the Group. Further information
on the Facility, including terms and maturity can be found in note 21. As at 2 December 2013, the Group had drawn 53.5m
of the Facility and had cash at bank of 2.9m.
As explained in more detail below, the Group expects amounts drawn under the revolving credit facility to become repayable
on demand as a result of forecast covenant breaches on 3 February 2014, when covenants are next tested at the end of the
agreed covenant test deferral period. The Directors are pursuing alternative sources of nance but the source, availability
and timing of such funding is uncertain, as is the receipt of any necessary approvals, such as shareholder approval. Should
alternative funding not be in place by 3 February 2014, it is uncertain whether the Group will have access to the existing facility
beyond that date. On the basis of forecasts, the Directors consider that they can continue to operate within the amount of the
existing facilities for the foreseeable future (should they remain available), though covenants will continue to be breached. Even
with mitigating actions that are within the Directors control, adverse variances against the forecasts may result in the Group
requiring additional funding in the foreseeable future. The Group would need additional funding to implement its Turnaround
and Growth plan (explained below).
The nancial performance of the Group is dependent upon the wider economic environment in which the Group operates.
Factors exist which are outside of the control of the Directors which can have a signicant impact on the business, in particular
the volatility in gold prices and the strength and competitiveness of the pawnbroking and gold buying markets.
In the year to June 2013, there was a marked decline in sterling gold prices which had been stable through to March 2013
but dropped in April and are now approximately 27% down from the pre April levels. In addition, the pawnbroking market has
become more competitive resulting in declining pledge books during the year due to increased competition for new customers
and volumes of gold bought dropped. As at 30 September 2013, the Groups net debt was broadly unchanged from the
position as at 31 December 2012, but EBITDA had been materially impacted by the falling gold price, declining pledge book
and the drop in gold buying volumes and margins. As a result, the Net Debt/ EBITDA covenant test would not have been met
as at 30 September 2013, and on medium term nancial forecasts will not be met throughout the year to June 2014.
A breach of any of the Groups covenants when they are tested at any test date would result in the amounts drawn under
the Groups Revolving Credit Facility becoming repayable on demand. The Group does not have sufcient funds to repay any
amounts under that facility that become repayable.
As this prospective breach became clear in May 2013, the Group pursued a strategy of reducing inventories and developing an
operational improvement and growth plan, including diversifying its income streams, and worked to put in place a 35m rights
issue which was to have been fully underwritten by the largest shareholder. This rights issue with revised banking facilities
would have provided funding to implement the improvement and growth plan and address the covenant breach. This rights
issue could not be completed as terms could not be agreed between the Company and other relevant parties as announced
on 2 October 2013.
As it became clear that the rights issue could not be progressed, the Group negotiated a period of covenant test deferral with
its lending banks which runs through to 3 February 2014, which allowed continued access to 53.5m of the revolving credit
facility and gave time to develop an alternative funding and business plan.
The Directors have prepared base and sensitised forecasts for a period in excess of 12 months from the date of
authorisation of these nancial statements. In preparing these forecasts the signicant assumptions made by the directors
include a declining volume of gold purchases consistent with recent market trends, a stable gold price of 9.80/ gramme of

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9ct gold and additional stock scrapping. The base forecasts indicate that the group and company can continue to operate
within the existing facility for the foreseeable period (should that facility remain available to the company). However, adverse
variances in respect of the above assumptions would increase the Groups funding needs. Even with mitigating actions that
are within the Directors control, this may result in additional funds being required to meet liabilities as they fall due and there
is no certainty that such funds will be available.
The directors have also prepared forecasts that include the costs and forecast benets of planned restructuring and marketing
campaigns (the Turnaround and Growth plan). However, the implementation of the Turnaround and Growth plan requires
additional nancing in the short-term.
In the short term the Group will continue to manage its cashows to work within the current allowed facility during the
covenant deferral period of 53.5m.
Forecasts indicate that amounts drawn under the revolving credit facility will become repayable on demand as a result of
covenant breaches at the end of the agreed covenant test deferral period.
In this scenario, the Group would seek to manage its cashows through further constraints on lending (effectively allowing
the loan books to run through a controlled run off) and smelting further retail stocks to remain within the available facility until
alternative funding is secured. To the extent a solution cannot be implemented by 3 February 2014, the group will be reliant on
the continued availability of the existing facility until a longer term solution is found.
In light of current market conditions, the directors do not consider that the existing Revolving Credit Facility provides an
appropriate long-term capital structure for the business. All alternative funding options are being been considered by the
Directors, in conjunction with its advisors and lending banks to address the covenant breach. This broad suite of solutions
has been and continues to be explored and on 2 December the Company announced the options being considered included
the disposal of the Company.
These conditions represent a material uncertainty that may cast signicant doubt on the ability of the Group and Company
to continue as a Going Concern. If an alternative funding solution cannot be found to the imminent covenant breach then
the Groups borrowings are very likely to become repayable at the end of this deferral period if the covenant deferral is not
extended further.
Notwithstanding this, the Directors believe that there are possible funding and business plan options which could be put in
place to deliver an acceptable outcome which might allow the Group to continue trading. The Directors judgement is therefore
that while recognising this material uncertainty it is appropriate to prepare the nancial statements on a going concern basis
while clearly agging this uncertainty. The nancial statements do not include any adjustments that would result from the
going concern basis being inappropriate.
Effect of new IFRS
During the period the Group has applied the following IFRS and amendments to IFRS, none of which has had a signicant
impact on the results or nancial position of the Group.
Amendments to IAS 1: Presentation of Other Comprehensive Income
Amendments to IAS 12: Deferred Tax recovery of underlying assets
Adopted IFRS, not yet applied
The following adopted IFRS have been issued but have not been applied in these nancial statements. Their adoption is
not expected to have a material effect on the nancial statements unless otherwise stated.
IFRS 10: Consolidated Financial Statements (mandatory for year commencing on or after 1 January 2013)
IFRS 11: Joint arrangements (mandatory for year commencing on or after 1 January 2013)
IFRS 12: Disclosure of Interests in Other Entities (mandatory for year commencing on or after 1 January 2013)
IFRS 13: Fair Value Measurement (mandatory for year commencing on or after 1 January 2013)
IAS 27: Separate Financial Statements (mandatory for year commencing on or after 1 January 2013)
IAS 28: Investments in Associates and Joint Ventures (mandatory for year commencing on or after 1 January 2013)
Amendments to IAS 19: Dened Benet Plans (mandatory for year commencing on or after 1 January 2013)
Amendments to IFRS 7: Disclosures offsetting nancial assets and nancial liabilities (mandatory for year commencing
on or after 1 January 2014)
Amendments to IAS 32: Offsetting Financial Assets and Financial Liabilities (mandatory for year commencing on or after
1 January 2014)
Amendments to IAS 36: Recoverable amount disclosures for non-nancial assets (mandatory for year commencing on or
after 1 January 2014)*
IFRS 9: Financial Instruments (mandatory for year commencing on or after 1 January 2015)*
* Not yet endorsed by the EU

Notes to the Financial Statements continued
1 PRINCIPAL ACCOUNTING POLICIES CONTINUED
Basis of consolidation
Subsidiaries are entities controlled by the Company or one of its subsidiaries. Control is achieved where the Company or
its subsidiary has the power to govern the nancial and operating policies of an investee entity so as to obtain benets
from its activities. The purchase method of accounting has been applied in preparing these nancial statements. The
results of subsidiaries acquired or sold are consolidated from or to the date on which control passes. Intra-group
balances and any unrealised income and expenses arising from intra-group transactions are eliminated in preparing
the consolidated nancial statements.
Basis of measurement
The Group nancial statements are prepared under the historical cost convention, except for the following:
derivative nancial instruments are measured at fair value;
share-based payment expenses are measured at fair value; and
fair value adjustments which have been made in relation to acquisitions accounted for under IFRS 3.
Use of estimates
The preparation of the nancial statements requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised and in any future periods affected.
Reporting currency
The reporting currency of the Group and Company is GBP Sterling.
Business combinations
Subject to the transitional relief in IFRS 1, in respect of acquisitions prior to 1 July 2006, all business combinations are
accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as
at the acquisition date, which is the date on which control is transferred to the Company.
For acquisitions on or after 1 January 2010, the Company measures goodwill at the acquisition date as:
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interests in the acquiree; plus
the fair value of the existing equity interest in the acquiree; less
the net recognised amount (generally fair value) of the identiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in prot or loss. Costs related to the
acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred.
For acquisitions between 1 July 2006 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over
the Companys interest in the recognised amount (generally fair value) of the identiable assets, liabilities and contingent
liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in prot or
loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Company incurred
in connection with business combinations were capitalised as part of the cost of the acquisition.
Goodwill
Goodwill arising since 1 July 2006 on the acquisition of subsidiaries or the acquisition of the trade and assets of other
economic entities represents the excess of the cost of acquisition over the Groups interest in the net fair value of the
identiable assets, liabilities and contingent liabilities of the acquiree. Identiable assets include any intangible assets which
could be sold separately or which arise from legal rights regardless of whether those rights are separable.
All goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is
not amortised but is tested annually for impairment.
In respect of acquisitions prior to 1 July 2006, goodwill is recorded at deemed cost, which represents the net book value
recorded under UK GAAP at 1 July 2006. Goodwill arising pre 1 July 2006 is also included in the annual impairment review.
Investment in subsidiaries
Investments are stated at cost less any provision made for impairment in value.

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Intangible assets
Intangible assets which have nite useful lives, are measured at cost less accumulated amortisation and accumulated
impairment losses. These assets are amortised in accordance with the accounting policy noted below.
Subsequent expenditure is capitalised only when it increases the future economic benets embodied in the specic asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in
the income statement as incurred.
Amortisation of intangible assets
Amortisation is charged to the income statement within administrative expenses on a straight-line basis over the
estimated useful lives of intangible assets at the following rates:
Software 20% 33.3% per annum
Customer relationship 33% per annum
Brands names No amortisation
Other brand assets 10% per annum
Brands with an indenite life are subject to an annual impairment review in accordance with the impairment accounting
policy stated below.
Property, plant and equipment
Property, plant and equipment is stated at cost, together with any incidental expenses of acquisition, less depreciation
and any impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Leases in which the Group assumes substantially all the risks and rewards of ownership of the leased asset are classied
as nance leases. Leased assets acquired by way of nance lease are stated at an amount equal to the lower of their fair
value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and
impairment losses.
Depreciation is calculated so as to write off the cost of each item of property, plant and equipment by equal annual
instalments over their estimated useful lives at the following rates:
Freehold property 2% per annum
Leasehold property 10% per annum
Leasehold additions Over the period of the lease
Fixtures, ttings and equipment 10% 33% per annum
Motor vehicles 25% per annum
Impairment of tangible and intangible assets
The carrying amounts of the Groups and Companys tangible and intangible assets are reviewed at each year end date
to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount
is estimated.
For goodwill the recoverable amount is estimated at each year end date, based on value in use. The recoverable amount of
other assets is the greater of their net selling price and value in use.
In assessing value in use, the estimated future cash ows are discounted to their present value using a pre-tax discount rate
that reects current market assessments of the time value of money and the risks specic to the asset.
For an asset that does not generate largely independent cash inows, the recoverable amount is determined for the cash-
generating unit to which the asset belongs.
An impairment loss is recognised in the income statement whenever the carrying amount of an asset or its cash-generating
unit exceeds its recoverable amount. Impairment losses recognised in respect of cash-generating units are allocated rst
to reduce the carrying amount of any goodwill allocated to cash-generating units and then to reduce the carrying amount of
the other assets in the unit on a pro rata basis.
A cash generating unit is the smallest identiable group of assets that generates cash inows that are largely independent
of the cash inows from other assets or groups of assets.

Reversals of impairment of tangible and intangible assets
An impairment loss in respect of any goodwill is not reversed. In respect of other assets, an impairment loss is reversed
when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates
used to determine the recoverable amount. An impairment loss is reversed only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
Inventories
Inventories comprise new and second-hand inventory and ex-pledge inventory. The policy for each of these categories
of inventory is set out below.
New and second-hand inventory
New and second-hand inventory is valued at the lower of cost and net realisable value. Cost comprises invoice cost with
no interest or overhead being included.
Ex-pledge inventory
Ex-pledge inventory is valued at the lower of cost and net realisable value. Ex-pledge inventory comprises the collateral
initially given on the inception of a pawn loan becoming the property of the Group due to the non redemption of the loan.
The cost of ex-pledge inventory is based on the value of the loan principal and accrued interest owing on the loan at the
point it is unredeemed.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at
amortised cost using the effective interest method, less any impairment losses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and
form an integral part of the Groups cash management are included as a component of cash and cash equivalents for the
purpose only of the Consolidated Statement of Cash Flows.
Interest-bearing borrowings
Interest-bearing borrowings are recorded at the proceeds received. Finance charges, including premiums payable on
settlement or redemption and direct issue costs are accounted for on an accruals basis in the income statement using the
effective interest rate method.
Trade and other payables
Trade and other payables are recognised initially at fair value. Subsequent to initial recognition they are measured at
amortised cost using the effective interest method.
Cash ow hedges
Where a derivative nancial instrument is designated as a hedge of the variability in cash ows of a recognised asset or liability,
or a highly probable forecast transaction, the effective part of any gain or loss on the derivative nancial instrument is recognised
directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement.
Revenue
Retail sales, sales of gold purchases, third party cheque cashing commissions and other nancial services income earned
are recognised at the time of delivery of goods or services.
Interest income on Pawnbroking and unsecured lending is recognised using the effective interest rate method, which
allocates the interest income at an even rate over the life of the arrangement. This results in interest anticipated to be
received, but not yet received, at the year end date being accrued and included in the results for the year.
Interest income arising on secured and unsecured lending is recognised within trading revenue as opposed to investment
revenue as this basis more accurately reects the underlying business activity.
Revenue in respect of Pawnbroking, unsecured lending, Speedloans, third party cheque cashing and other nancial services
is stated net of commissions payable and impairment for bad and doubtful debt. The Group considers this approach more
accurately reects the nature of the business as the bad debts arising are a direct function of the revenue generated.
Expenses
Operating lease payments
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the
lease. Lease incentives received are recognised in the income statement as an integral part of the total lease expense. A liability
is recognised for lease incentives which have been received but have yet to be charged as a reduction in total lease expense.

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Finance lease payments
Minimum lease payments are apportioned between the nance charge and the reduction of the outstanding liability. The
nance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the
remaining balance of the liability.
Net nance costs
Net nance costs comprise interest payable and nance lease interest expense.
Interest income and interest payable is recognised in the income statement as it accrues.
Taxation
Tax on the prot or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to
the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case it is recognised
in other comprehensive income or directly within equity, or arises as a fair value adjustment in a business combination.
Current tax, which comprises UK Corporation tax, is provided at amounts expected to be paid (or to be recovered) using the
tax rates and the laws that have been enacted or substantially enacted at the year end date, together with any adjustments
to tax payable in respect of previous years.
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts
of assets and liabilities for nancial reporting purposes and the amounts used for taxation purposes where the underlying
transactions or events result in an obligation to pay more tax in future or a right to pay less tax in future.
Deferred tax is not recognised on the initial recognition of goodwill.
Deferred tax assets are recognised to the extent that it is probable that future taxable prots will be available against which
temporary differences can be reversed.
Employee share schemes
The Group and Company issue equity share options to certain employees. In accordance with IFRS 2, the fair value of the
share award is measured at grant date using the Black-Scholes valuation method. The fair value of each award is based
on publicly available market data and is charged to the income statement over the vesting period, with a corresponding
increase in equity. In accordance with the transitional arrangements as set out in IFRS 1, the recognition and measurement
criteria for share-based payments have been applied retrospectively for equity instruments granted after 7 November 2002
and unvested at the applicable date. No adjustments have been made for equity instruments granted prior to this date.
Own shares held in employee benet trust
Transactions, assets and liabilities of the Company-sponsored Employee Benet Trust are included in the Company nancial
statements. In particular, the Trusts purchases of shares in the Company remain deducted from shareholders equity until
they vest unconditionally with employees.
Employee benets Dened contribution pension schemes
A number of employees are members of dened contribution pension schemes. Contributions are charged to the income
statement as they become payable in accordance with the rules of the scheme. Differences between contributions payable
and contributions actually paid are shown as either accruals or prepayments in the statement of nancial position. The
assets of these schemes are held separately from those of the Group.
Derivatives Gold Put Options
The Groups activities expose it to the nancial risks of changes in the commodity price of gold on the revenue generated
from unredeemed pledges. The Group is currently re-assessing its previous hedging strategy of taking out put options
to cover the downside risk arising on unredeemed pledges which are scrapped from the movements in the gold ratio of
current pawnbroking loans. No such options were in place at the year end date. In the prior year, their designation as a
highly effective hedge within the provisions of IAS 39 Financial Instruments was regarded as too onerous. Accordingly
movements in the fair value of the gold put options during the year were recognised in the Income Statement.
Derivatives Interest Rate Swaps
The Group is exposed to interest rate uctuations on its variable rate borrowings. Interest rate swaps are acquired to x
the interest rate payable on a proportion of these borrowings. These are highly effective cash ow hedges within the
provisions of IAS 39 Financial Instruments and are designated as such at inception; accordingly, movements in fair value are
recognised in Other Comprehensive Income.
Critical accounting policies and key sources of estimation uncertainty
The critical accounting policies and key sources of estimation uncertainty as identied by management are detailed below.

Revenue
Pawnbroking
Interest receivable on pawnbroking loans is recognised on all pawn loans as it accrues on a daily basis. A provision is taken
to recognise any under-recovery of accrued interest at the point at which the customer effectively loses their opportunity
to redeem. The Group is also of the opinion that this treatment better reects the contribution made from pawnbroking and
retailing of jewellery.
Financial Services
Interest receivable on unsecured loans is recognised on all loans as it accrues on a daily basis. Provision is made against
arrears including the loan amount and accrued interest, further information is provided under the signicant areas of
judgement set out below.
Inventories
Albemarle & Bond Jewellers & Pawnbrokers Limited ex-pledge inventory
At the expiration of the pawn loan, title to the pawned goods passes to that company immediately, if the loan value is 75
or less. If the loan is over 75 the collateral goods are sent to auction and either sold to a third party or purchased by that
company at which point title to the goods passes.
Herbert Brown & Son Limited ex-pledge inventory
At the expiration of a pawn loan, title to the pawned goods does not pass to Herbert Brown & Son Limited. That company
however, is legally entitled to retain and sell the pawned goods to recover the loan and all accrued interest owing plus
reasonable selling expenses. This process is known as sale by private treaty. Unredeemed items held under private treaty
are classied as private treaty inventory by that company. The value of private treaty inventory included in total inventory at
the period end amounted to 2,259,000 (2012: 2,623,000).
Signicant areas of judgement
Impairment of goodwill
The value of goodwill for each cash generating unit is determined by estimating the future cash ows and discounting them
back to todays net present value. Judgement is therefore required on cash ows arising over the next 5 years and on selecting
a suitable discount rate. Economic events in the future may signicantly impact the assumptions made in the detailed
calculations at the year end.
Fair value of derivatives
The fair value of the derivatives is based on conditions prevailing at the period end. As with any nancial instrument
economic factors may arise in the future which were unseen at the period end date. This could have a signicant positive
or negative effect on the value of the derivative. In the opinion of the Directors the most prudent approach is to consistently
follow a policy which values any derivatives based on information available at the period end date.
Impairment of receivables in respect of unsecured lending
The impairment of unsecured loans is subject to a portfolio approach. Provision is made in full for all amounts in arrears,
less any amounts anticipated to be recovered. This estimate whilst initially based on historical collections experience is
adjusted to better reect anticipated collections performance after making allowance for other factors such as changes to
the economic climate.
With respect to all impairment provisions that are based on estimates, there is a risk that actual collections will vary from
management expectation at the year end date.
Fair value of assets and liabilities acquired on the acquisition of subsidiaries and other economic entities
When either a subsidiary or the trade and assets and liabilities of another economic entity are acquired the Directors are
required to exercise their judgement in assessing the fair value of the assets and liabilities acquired.
In arriving at the fair value the Directors will, where appropriate, seek the advice of professional experts, particularly in
respect of the fair value of tangible and intangible assets. For the remaining assets and liabilities the fair value will generally
be determined by reference to the accounting policies to which the Group adheres. All adjustments to fair value are
reected at the date of acquisition and are accounted for in the calculation of goodwill arising on the acquisition.
2 PROFIT OF THE PARENT COMPANY
As permitted by section 408 of the Companies Act 2006, the income statement of the Parent Company is not presented as
part of these nancial statements. The Parent Company loss for the year amounted to (919,000) (2012: prot 6,253,000).

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3 GROUP REVENUE
Revenue represents pawnbroking revenue, retail jewellery sales, sales of gold purchases and interest and commission
income from unsecured lending, cheque cashing and other nancial services, excluding value added tax. All revenue arises
within the United Kingdom.
An analysis of the Groups revenue is as follows:
2013
000
2012
000
Pawnbroking income 32,337 34,763
Retail jewellery 19,429 15,576
Gold purchasing 48,123 60,454
Interest and commission income from unsecured lending, cheque cashing and other nancial services 7,180 6,904
107,069 117,697
4 GROUP SEGMENTAL ANALYSIS
The Group considers the Board of Directors and the executive team to be the Chief Operating Decision Maker. The
Directors have identied sectors based on the products and services provided and further details on the products and
services provided in each segment can be found in the Interim Executive Chairmans Statement.
2013
Pawnbroking
000
Retail
jewellery
000
Gold
purchasing
000
Unsecured
lending, cheque
cashing and
other nancial
services
000
Unallocated
000
Total
000
Revenue 32,337 19,429 48,123 7,180 107,069
Gross prot 32,337 5,707 14,303 7,180 59,527
Unallocated overheads (48,204) (48,204)
Prot from Operations before restructuring
costs and other one-off items 32,337 5,707 14,303 7,180 (48,204) 11,323
Restructuring and other one-off items:
Restructuring advisory costs (2,437) (2,437)
Closure and other costs (2,156) (2,156)
Operating Prot 32,337 5,707 12,147 7,180 (50,641) 6,730
Finance income
Finance costs (1,787) (1,787)
Prot before taxation 32,337 5,707 12,147 7,180 (52,428) 4,943
Tax on prot on ordinary activities (1,407) (1,407)
Total prot for the year 32,337 5,707 12,147 7,180 (53,835) 3,536
Assets 47,266 20,446 8 7,573 65,335 140,628
Liabilities 63,670 63,670
Additions of intangible assets 3,392 3,392
Additions of property, plant and equipment 1,480 1,480
Amortisation of intangible assets 757 757
Depreciation of property, plant and equipment 3,639 3,639
Underlying prot before tax
Underlying prot before tax is stated as prot before tax 4,943,000 (2012: 21,372,000) with exceptional restructuring
and advisory costs 2,437,000 (2012: nil), closure and other costs 2,156,000 (2012: nil) added back, giving 9,536,000
(2012: 21,372,000).

4 GROUP SEGMENTAL ANALYSIS CONTINUED
2012
Pawnbroking
000
Retail
jewellery
000
Gold
purchasing
000
Unsecured
lending, cheque
cashing and
other nancial
services
000
Unallocated
000
Total
000
Revenue 34,763 15,576 60,454 6,904 117,697
Gross prot 34,763 5,735 21,693 6,904 69,095
Unallocated overheads (46,505) (46,505)
Operating prot 34,763 5,735 21,693 6,904 (46,505) 22,590
Finance income 9 9
Finance costs (1,227) (1,227)
Prot before taxation 34,763 5,735 21,693 6,904 (47,723) 21,372
Tax on prot on ordinary activities (5,697) (5,697)
Total prot for the year 34,763 5,735 21,693 6,904 (53,420) 15,675
Assets 51,020 18,268 115 8,695 57,132 135,230
Liabilities 32 54,907 54,939
Additions of intangible assets 2,623 2,623
Additions of property, plant and equipment 5,332 5,332
The products offered in the segments noted above are available in each of our stores with the staff being involved in each
of the product offerings. Equally, the assets utilised cover all the segment areas. Accordingly, the Directors do not consider
it meaningful to disclose an allocation of overheads, nance income and nance costs over the individual segments.
All operations are carried out entirely in the United Kingdom and accordingly no geographical analysis is presented.
As a retail business providing goods and services to individuals, the Directors consider that no single customer generates
revenue of 10% or more to the Group. However, included within pawnbroking and gold purchasing revenues are receipts
of 63,174,000 (2012: 77,156,000) from a bullion house where surplus gold is melted.
No inter-segment charges are applied when items are transferred between the segments noted above.

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5 INFORMATION REGARDING DIRECTORS AND EMPLOYEES
The Remuneration Committee has recently completed a review of the Groups remuneration policy a summary of
which is given in the Directors Report on page 18.
a) Directors remuneration
2013
000
2012
000
Executive Directors emoluments and compensation
B J Stevenson (resigned 23 April 2013) 631 345
L K Moran 212 213
G V Nicholls 233
1,076 558
G V Nicholls was appointed interim executive chairman on 19 April 2013. G V Nicholls received 67,000 (included in the
above) in fees in relation to his duties as a Non-executive Director during the period.
2013
000
2012
000
Non-executive Directors emoluments and compensation
G V Nicholls 67 85
J S Allkins (resigned 16 November 2012) 21 55
R J Ashton (appointed 11 October 2012, resigned 30 November 2013) 40
G Brady (resigned 2 December 2013) 45 43
S B Brinkley Jnr (resigned 30 November 2013) 75 75
J F P Farrell (resigned 23 October 2013) 45 45
T Graham (resigned 30 November 2013) 51 34
T C Roberts (resigned 30 November 2013) 47 53
J L Rotunda 4
391 394
2013
000
2012
000
Group contributions to dened contribution pension scheme
B J Stevenson 48 57
48 57
The difference between exercise price and the market price on the date options were exercised by Directors resulted in a
total gain made by those Directors of nil (2012: nil).
The emoluments of the highest paid Director were 631,334 (2012: 344,739), which includes gains of 174,404 (2012:
nil) on share options exercised during the year, together with 330,950 for compensation of loss of ofce. Contributions
to the dened contribution pension scheme in respect of the highest paid Director were 47,978 (2012: 56,788).
Included in Directors remuneration are bonuses paid relating to the previous year of nil (2012: nil).
Key Personnel
The Directors are considered to be the key management personnel. Total compensation for key management personnel is
as follows:
2013
000
2012
000
Short-term employee benets 1,069 952
Social security costs 252 102
Pension contributions 48 57
Termination benets 331
Share-based payment 174 236
1,874 1,347

5 INFORMATION REGARDING DIRECTORS AND EMPLOYEES CONTINUED
b) Employees
The average number of people employed by the Group was:
2013
000
2012
000
Administration 140 196
Sales 959 815
1,099 1,011
The aggregate payroll expenses were as follows:
2013
000
2012
000
Wages and salaries 20,295 20,109
Social security costs 1,904 1,791
Other pension costs 313 320
Other staff costs 184 276
Shared-based payment expense 242 404
22,938 22,900
6 GROUP OPERATING PROFIT
2013
000
2012
000
Operating prot has been arrived at after charging/(crediting):
Depreciation of property, plant and equipment (note 16) 3,639 3,134
Amortisation of software (note 15) 676 677
Amortisation of other intangible assets (note 15) 81 5
Cost of inventories recognised as expense 47,542 48,602
Staff costs (note 5) 22,938 22,900
Operating lease costs land and buildings 7,866 7,162
Hire of plant and machinery 307 341
(Prot)/Loss on disposal of property, plant and equipment (26) 2
Group operating prot is stated after charging exceptional costs of 2,156,000 (2012: nil) which have arisen due to the
recognition of a restructuring provision for the gold buying division. This provision is included within accrued liabilities, per
note 24 and is expected to be utilised within one year. Furthermore, advisory costs of 2,437,000 (2012: nil) were incurred
in the year in relation to the restructuring of the Group and the development of future strategy. These are one-off costs in
relation to the 2013 nancial year.
7 AUDITORS REMUNERATION
2013
000
2012
000
Fees payable to the Groups auditor for the audit of the Groups annual nancial statements 42 15
Fees payable to the Companys auditor and its associates for other services;
audit of the Companys subsidiaries, pursuant to legislation 75 60
audit related assurance services 7
The Company and Group audit fees are borne by a subsidiary company.

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8 GROUP FINANCE INCOME
2013
000
2012
000
Interest received on bank deposits 9
9 GROUP FINANCE COSTS
2013
000
2012
000
Interest payable on bank borrowings 1,787 1,226
Interest on nance leases 1
1,787 1,227
10 GROUP TAX ON PROFIT ON ORDINARY ACTIVITIES
(a) Tax on prot on ordinary activities
2013
000
2012
000
Current corporation tax
UK corporation tax charge at 23.75% (2012 25.5%) 1,611 5,566
Adjustment in respect of prior periods 107 51
1,718 5,617
Deferred taxation
Current year charge (147) 136
Change in tax rate (34) (68)
Adjustment in respect of prior periods (130) 12
(311) 80
Tax on prot on ordinary activities 1,407 5,697
(b) Factors affecting the tax charge for the period
The tax assessed for the year is higher (2012: higher) than that resulting from applying the standard rate of corporation tax
of 23.75% (2012: 25.5%). The differences are explained below:
2013
000
2012
000
Tax charge on prot at standard rate of 23.75% (2012: 25.5%) 1,174 5,450
Effects of:
Disallowed expenses 76 129
Depreciation on assets not qualifying for capital allowances 185 174
Tax relief on share options 12 (54)
Marginal tax relief/change in tax rate (17) (65)
Adjustment in respect of prior periods (23) 63
Tax on prot on ordinary activities 1,407 5,697

11 BUSINESS COMBINATIONS
On 6 September 2012 Albemarle & Bond Holdings PLC acquired the entire issued share capital of Early Payday Loan
Limited (EPDL) for a total cash consideration of 1,539,000 with a further 300,000 deferred consideration being paid in
2013. EPDL operates a successful online lending business.
On 12 October 2012 Albemarle & Bond Jewellers and Pawnbrokers Limited acquired the entire issued share capital of K H
Borehamwood Limited for a total consideration of 937,000. K H Borehamwood operates a pawnbroking business in north-
west London. Subsequent to this acquisition K H Borehamwood Limited was renamed Cash Window Limited.
The fair value of the identiable assets and liabilities of the acquired business as at the date of acquisition, and the
corresponding carrying amounts immediately before the acquisition were:
K H Borehamwood Ltd Early Payday Loan Ltd
Book
value
000
Fair value
to group
000
Book
value
000
Fair value
to group
000
Property plant and equipment 4 4
Inventories 182 182
Cash at bank and in hand 275 275
Trade and other receivables 272 272 455 455
Trade and other payables (139) (139)
Other items 11 11 (164) (164)
Net assets 465 465 431 431
Intangible assets in relation to the acquired software 119 119
Intangible assets in relation to the acquired customer relationships 906 906
Deferred tax liability in relation to the above intangibles (70) (70)
Goodwill arising on acquisition 472 472 453 453
Total consideration 937 937 1,839 1,839
Consideration:
Cash paid 937 1,539
Contingent consideration arrangement 300
Total consideration transferred 937 1,839
The contingent consideration arrangement was settled in full during the course of the year.
Goodwill arising on the acquisition of EPDL results from synergies in coupling the acquired technology and customer
relationships in EPDL with the branch network and strategic positioning of Albemarle & Bond Holdings PLC.
Goodwill arising on the acquisition of K H Borehamwood Ltd results from the strategic position of the acquired branch together
with synergies and economies of scale arising from the integration of the business into the Groups management structure.
From the date of acquisition, the acquired companies have contributed 1,362,000 revenue and 374,000 prot to the
prot before tax of the Group. If the acquisitions had taken place at the beginning of the year, the prot before interest and
taxation for the Group would have increased by 286,000 and the revenue would have increased by 373,000.

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12 GROUP EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the prot for the year attributable to equity shareholders by the weighted
average number of ordinary shares in issue during the year.
The calculation of earnings per share is based on earnings of 3,536,000 (2012: 15,675,000) and 54,934,745 ordinary
shares (2012: 54,900,215). Both years gures have been calculated using a weighted average gure following the exercise
of share options and the new issue of shares. The gures are after taking account of the purchase of ordinary shares by the
Employee Benet Trust.
Diluted
For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less
than the average market price of the Companys ordinary shares during the year.
For the diluted earnings per share calculation the number of shares equals the weighted average number of shares used
in the basic earnings per share calculation plus an amount of 405,692 (2012: 714,260) representing the fair value of the
weighted average number of shares under option during the year, resulting in a total number of shares of 55,340,437
(2012: 55,614,475).
Basic Underlying
Underlying earnings per share is calculated by dividing the underlying prot for the year attributable to equity shareholders
by the weighted average number of ordinary shares in issue during the year, for 2013 this is 12.81p per share.
The calculation of underlying earnings per share is based on earnings of 7,038,000 and 54,934,745 ordinary shares.
This has been calculated using a weighted average gure following the exercise of share options and the new issue of
shares. The gures are after taking account of the purchase of ordinary shares by the Employee Benet Trust.
Diluted Underlying
For diluted underlying earnings per share, the weighted average number of shares in issue is adjusted to assume conversion
of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less
than the average market price of the Companys ordinary shares during the year.
For the diluted underlying earnings per share calculation the number of shares equals the weighted average number
of shares used in the basic earnings per share calculation plus an amount of 405,692 representing the fair value of the
weighted average number of shares under option during the year, resulting in a total number of shares of 55,340,437.
For 2013 this is 12.72p per share.
13 DIVIDENDS
2013
000
2012
000
Amounts recognised as distributions to equity holders in the period
Final dividend in respect of 2012 of 9.75p (2011: 9.75p) 5,352 5,354
Interim dividend in respect of 2013 of 3.00p (2012: 3.00p) 1,647 1,648
6,999 7,002
Amounts proposed but not recognised
Proposed nal dividend for year ended 30 June 2013 of nil (2012: 9.75p) 5,414

14 GOODWILL
Group
Goodwill arising
on acquisition of
subsidiaries
000
Goodwill arising
on trade and
asset purchases
000
Total
000
Cost
At 1 July 2011 16,823 6,381 23,204
Additions 114 114
At 30 June 2012 16,823 6,495 23,318
Additions 925 626 1,551
At 30 June 2013 17,748 7,121 24,869
Impairment losses
At 1 July 2011
Charge to income statement
At 30 June 2012
Charge to income statement
At 30 June 2013
Net book value
At 30 June 2013 17,748 7,121 24,869
At 30 June 2012 16,823 6,495 23,318
In accordance with the transitional provisions on the adoption of IFRS amortisation of goodwill previously reported at
1 July 2006 of 316,000 has been set against cost to give a deemed cost at that date of 2,473,000.
Impairment tests for Cash Generating Units (CGUs)
In accordance with the requirements of IAS 36 Impairment of Non-Financial Assets, goodwill arising on a business
combination is allocated over the Groups CGUs as follows:
2013
000
2012
000
Pawnbroking 10,576 10,576
Retail jewellery 4,085 4,085
Unsecured lending, cheque cashing and other nancial services 2,162 2,162
Total Herbert Brown & Son Limited 16,823 16,823
Early Payday Loan Limited 453
Cash Window Limited (formerly K H Borehamwood Limited) 472
Other CGUs 7,121 6,495
24,869 23,318
The Herbert Brown & Son Limited goodwill arose following the acquisition of that company on 17 July 2007. It is not
possible to allocate accurately the goodwill by each individual store and accordingly management test this for impairment
at the operating segment level. Intangible assets allocated to these CGUs, which are considered to have an indenite
useful life, have a carrying value of 335,000 (2012: 335,000). See note 15 for further details.

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The Early Payday Loan Limited CGU was created following the acquisiton of that company on 6th September 2012.
Intangible assets allocated to this CGU consist of customer relationships of 906,000, which are considered to have a
useful life of 3 years (carrying value at 30 June 2013 was 830,500, and computer software of 119,000 which is currently
being developed and is not being amortised.
K H Borehamwood Limited was acquired on 12th October 2012. There were no intangible assets recognised upon acquisition.
Other CGUs gave rise to goodwill on the acquisition of stores or groups of stores. Management test for impairment on the
most signicant acquisitions. No intangible assets considered to have an indenite useful life are allocated to this CGU.
Goodwill is tested annually for impairment, or more frequently if there are indications of any impairment.
As part of the annual impairment test review, the carrying value of goodwill has been assessed with reference to its value in
use reecting the projected discounted cash ows of each CGU to which goodwill has been allocated. The key assumptions
used in determining value in use are those regarding the discount rates, growth rates and expected changes to direct costs.
The discount rate is estimated using pre tax rates that reect current market assessments of the time value of money. The
growth rates are based on historical growth forecasts.
Changes in direct costs are based on expected cost of ination.
Cash ow forecasts are based on the latest nancial budgets for a period of 3 years and then extrapolated for a further two
years using the budgeted growth in revenue rates; thereafter the United Kingdom long-term growth rate has been applied.
Given the similar risk proles of each of the operating segments, together with common funding from the Group, a standard
pre-tax discount rate of 11.2% (2012: 6.8%), based on the Groups weighted average cost of capital, has been used in
discounting the projected cash ows and calculating the terminal value at the end of year ve.
Further information is available in Note 36 Post Balance Sheet Events.

15 OTHER INTANGIBLE ASSETS
Group
Software
000
Customer
relationship
000
Brands
names
000
Other
brand
assets
000
Total
000
Cost
At 1 July 2011 3,683 559 335 43 4,620
Additions 2,623 2,623
Disposals
At 30 June 2012 6,306 559 335 43 7,243
Additions 2,486 906 3,392
Disposals
At 30 June 2013 8,792 1,465 335 43 10,635
Amortisation
At 1 July 2011 1,457 559 1 2,017
Charge for period 677 5 682
Disposals
At 30 June 2012 2,134 559 6 2,699
Charge for period 676 76 5 757
Disposals
At 30 June 2013 2,810 635 11 3,456
Net book value
At 30 June 2013 5,982 830 335 32 7,179
At 30 June 2012 4,172 335 37 4,544
All intangible assets are acquired the Group does not recognise internally generated intangible assets.
Included within the net book value of software is 4,870,000 (2012: 2,705,000) of software in the course of development
which is not currently being amortised.
The customer relationships intangible assets relate to customer contracts and customer lists associated with the acquisition
of Herbert Brown & Son Limited and Early Payday Loan Limited. The customer contracts for Herbert Brown & Sons Limited
were amortised over a one year period from the date of acquisition and are fully amortised. The customer relationships that
relate to Early Payday Loan Limited are being amortised over a three year period from March 2013.
The brand name is associated with the Herbert Brown & Son Limited CGU, and is considered to have an indenite useful
life, a view which is supported by the intention of management to retain the brand name within the business indenitely.
The recoverable amount of the indenite life brand name is based on the same assumptions as disclosed in note 14
regarding the impairment of goodwill.
The brand name is reviewed annually for impairment.
Company
Included within software above is an amount of 656,000 of additions during the year which relate to the Company.
These assets are part of work in progress and are not currently being amortised.

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16 PROPERTY, PLANT AND EQUIPMENT
Group
Freehold
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000
Long
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000
Fixtures,
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000
Motor
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000
Total
000
Cost
At 1 July 2011 290 2,193 24,508 191 27,182
Additions 431 4,901 5,332
Disposals (128) (85) (213)
At 30 June 2012 290 2,624 29,281 106 32,301
Additions 53 1,427 1,480
Disposals (103) (874) (106) (1,083)
At 30 June 2013 290 2,574 29,834 32,698
Depreciation
At 1 July 2011 66 1,335 11,320 110 12,831
Charge for period 9 232 2,860 33 3,134
Disposals (109) (62) (171)
At 30 June 2012 75 1,567 14,071 81 15,794
Charge for period 9 245 3,371 14 3,639
Disposals (54) (835) (95) (984)
At 30 June 2013 84 1,758 16,607 18,449
Net book value
At 30 June 2013 206 816 13,227 14,249
At 30 June 2012 215 1,057 15,210 25 16,507
Included within the net book value of xtures and ttings is 15,000 (2012: 47,000) of assets in the course of construction.
Included within the net book value of motor vehicles is nil (2012: 25,000) of assets held under nance leases. The
depreciation charged in the year on these assets amounted to 14,000 (2012: 33,000).

17 INVESTMENT IN SUBSIDIARIES
Company
2013
000
2012
000
Cost
At beginning of period 33,895 33,492
Additions 1,839
Share-based payment adjustment 241 403
At end of period 35,975 33,895
The unlisted investments consist of the whole of the issued share capital of the subsidiaries, Albemarle & Bond Jewellers &
Pawnbrokers Limited, Herbert Brown & Son Limited, Albemarle & Bond Cheque Cashers Limited, Speedloan Finance Limited,
Chantry Collections Limited, Early Payday Loan Limited and an indirect investment in Cash Window Limited (formerly K H
Borehamwood Limited )all being consolidated into the Group nancial statements. The Company also holds an investment
in Albemarle & Bond Trustee Limited, which acts as the corporate trustee for the Albemarle & Bond Pawnbrokers Employee
Benet Trust. All subsidiaries are incorporated in the United Kingdom and registered in England and Wales.
Company Principal activity
Albemarle & Bond Jewellers & Pawnbrokers Limited Pawnbroking, unsecured lending,
jewellery sales and gold purchasing
Herbert Brown & Son Limited Pawnbroking, unsecured lending,
jewellery sales and gold purchasing
Albemarle & Bond Cheque Cashers Limited Dormant
Speedloan Finance Limited Unsecured lending
Chantry Collections Limited Recovery of debts
Albemarle & Bond Trustee Limited Corporate trustee
Early Payday Loan Limited Unsecured lending
Cash Window Limited (Formerly K H Borehamwood Limited) Unsecured lending
18 INVENTORIES
Group
2013
000
2012
000
New and second-hand inventory 5,995 6,250
Ex-pledge inventory 13,958 10,882
Other 501 1,251
20,454 18,383

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19 TRADE AND OTHER RECEIVABLES
Group
2013
000
2012
000
Trade receivables 45,008 48,898
Other receivables 3,458 2,146
Other tax asset 320
Prepayments and accrued income 15,297 16,018
63,763 67,382
Trade and other receivables are disclosed net of allowances for bad and doubtful debts.
Exposure to credit risk and impairment losses relating to trade and other receivables is disclosed in note 25.
20 CASH AT BANK AND IN HAND
Group
2013
000
2012
000
Cash at bank 7,269 85
Cash on hand at retail stores 2,846 4,976
10,115 5,061
Cash and cash equivalents (which are presented as a single class of asset on the face of the statement of nancial position)
comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less.
Exposure to interest rate risk and a sensitivity analysis for nancial assets and liabilities is disclosed in note 25.
The carrying amount of these assets approximates their fair value.
21 BORROWINGS
A summary of borrowings is set out below:
2013
000
2012
000
Bank loans repayable after one year 43,500
Bank loans repayable within one year 53,500
53,500 43,500
Obligations under nance leases 1
Total Borrowings 53,500 43,501
2013
000
2012
000
The borrowings are repayable as follows:
On demand or within one year 53,500 1
In the second year
In the third to fth years inclusive 43,500
After ve years
53,500 43,501
Less: Amount due for settlement within 12 months (shown under current liabilities) (53,500) (1)
Amount due for settlement after 12 months 43,500

21 BORROWINGS CONTINUED
As outlined in note 1, the Group expects amounts drawn under the revolving credit facility to become repayable on demand
as a result of forecast covenant breaches on 3 February 2014, when covenants are next tested at the end of the agreed
covenant test deferral period. As a result the borrowings have been presented as repayable within one year.
Loans of 53,500,000 outstanding at 30 June 2013 represent the aggregate amount drawn down under a 65m ve-year
nancing facility that runs until November 2016, as now modied by the deferral agreement to 3 February 2014. Individual
loans can be drawn down for periods of 3 months or 6 months only, at the end of which period the loan must either be
repaid or covered by a new draw down.
The future minimum payments (inclusive of interest payments) on the above are detailed in note 25.
2013
%
2012
%
The weighted average interest rates (including, where applicable, the amortisation of arrangement
fees on an effective interest basis and commitment fees payable on the undrawn facility) during
the period were as follows:
Bank loans 3.64 3.42
Bank overdrafts 3.00 2.85
At the year-end, unamortised professional fees in relation to the funding arrangement included within trade and other
receivables amounted to 892,000 (2012: 1,141,000) and during the year 249,000 (2012: 117,000) was recognised in
the Income Statement.
The principal features of the bank facilities available to the Group were as follows:
(a) Bank overdrafts are repayable on demand. A Group overdraft facility of 1,500,000 (2012: 1,500,000) was secured by
a charge over certain of the Groups freehold properties and by a debenture over the assets of each of the companies in
the Group.
(b) In November 2011 the Group renanced its longer term borrowings, negotiating a 5-year 65m funding arrangement
from a Barclays/Lloyds TSB consortium managed by Barclays.
(c) Within this 65m facility, the Group can, at any one time, have up to 10 separate loans drawn down for periods of
either 3 months or 6 months. The interest rate payable is calculated as a margin over 3-month or 6-Month LIBOR as
appropriate. The margin varies between 1.75% and 2.85% depending on the Groups leverage; the Group paid a margin
of 2.85% as at 30 June 2013. A mandatory cost is also added to the margin, currently 0.0075%.
(d) The rst 22m of borrowings are swapped, through to the end of the loan facility in November 2016, such that the Group
pays a xed interest rate, thereby signicantly reducing the Groups exposure to rising interest rates. This arrangement
has been tested and found to be a highly effective hedge within the provisions of IAS 39 Financial Instruments. The
semi-variable nature of the Groups lending products further mitigates its exposure to rising interest rates. The xed
swap rate payable by the Group increases over time from 1.08% in 2012 to 2.08% in 2016. The margin and mandatory
costs described above must be added to this xed rate to calculate the overall cost to the Group on the rst 22m
of borrowings.
(e) At 30 June 2013, the Group had available 11,500,000 (2012: 21,500,000) of undrawn committed borrowing facilities in
respect of which all conditions precedent had been met. A commitment fee of 40% of the extant loan margin is payable
on the undrawn facility.
Subsequent to the year end on 2 December 2013, the Group announced that options being considered included a
strategic review which could lead to the disposal of the company, some of its assets or the disposal by the lending
banks of their debt.

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22 DERIVATIVE FINANCIAL INSTRUMENTS
2013
000
2012
000
Fair value of interest rate swap (539) (559)
Fair value of gold put options 35
As part of the re-nancing of borrowings described in note 21 above, the Group entered into a 22m interest rate swap with
Barclays Capital.
At the date of inception the fair value of the swap was nil. The fair value at 30 June 2013 was calculated by Barclays
Capital. The movement in fair value has been recognised in Other Comprehensive Income.
The Group did not hold any gold put options at 30 June 2013. The Group is currently re-assessing its previous hedging
strategy of taking out put options to cover the downside risk arising on unredeemed pledges, which are scrapped, from
the movements in the gold price.
23 DEFERRED TAXATION
Group
The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during
the current and prior reporting period:
Share
options
000
Hedge
Accounting
000
Accelerated
capital
allowances
000
Goodwill
and other
minor timing
differences
000
Total
000
At 1 July 2011 340 (659) (398) (717)
(Charge)/credit to income (10) (32) (38) (80)
Movement on reserves (117) 134 17
At 30 June 2012 213 134 (691) (436) (780)
(Charge)/credit to income (60) 360 12 312
Movement on reserves (40) (10) (237) (287)
At 30 June 2013 113 124 (331) (661) (755)
Deferred tax assets and liabilities all relate to the same tax jurisdiction and taxable entities, and are expected to reverse over
the same time periods. Accordingly these have been offset. The following is an analysis of the split:
2013
000
2012
000
Deferred tax assets 237 347
Deferred tax liabilities (992) (1,127)
(755) (780)
Company
Included within the Group deferred tax asset of 237,000 (2012: 347,000) is a deferred tax asset of 124,000 (2012:
134,000) in relation to hedge accounting.
The Finance Bill 2012 included proposals to reduce the main rate of corporation tax from 24% to 23% from 1 April 2013,
and to 21% from 1 April 2014. The decrease to 23% was substantively enacted at the year end date and the impact of this
change has been reected in the above deferred tax balances.
The reduction to 21% from 1 April 2014 is yet to be enacted. The impact of these reductions is not included in the above
deferred tax balances. The full anticipated effect of these proposed changes combined with any reductions to the rates of
capital allowances is not considered material.

24 ACCRUED LIABILITIES
2013
000
2012
000
Accruals 5,840 4,550
25 NON-DERIVATIVE FINANCIAL INSTRUMENTS
Signicant accounting policies and classication of nancial instruments
The following non-derivative nancial instrument categories, in accordance with IAS 39, existed at the period ends noted:
At 30 June 2013
Categories of nancial instruments
Loans and
receivables
000
Financial
liabilities at
amortised
cost
000
Total
000
Financial assets
Other assets 3,458 3,458
Total nancial assets 58,581 58,581
Financial liabilities
Trade and other payables 8,558 8,558
Borrowings due after one year 53,500 53,500
Total nancial liabilities 62,058 62,058
At 30 June 2012 000 000 000
Financial assets
Other assets 2,146 2,146
Total nancial assets 56,105 56,105
Financial liabilities
Trade and other payables 7,625 7,625
Borrowings due within one year 1 1
Borrowings due after one year 43,500 43,500
Total nancial liabilities 51,126 51,126

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Classes of nancial assets and liabilities
The book value of nancial assets and liabilities classied under IFRS 7 is set out below:
2013 2012
Book value
000
Fair value
000
Book value
000
Fair value
000
Pawnbroking 37,435 37,435 40,203 40,203
Cheque cashing, other nancial services and unallocated classes 21,146 21,146 15,902 15,902
Total nancial assets 58,581 58,581 56,105 56,105
Borrowings 53,500 53,500 43,501 43,501
Short-term operating liabilities 8,558 8,558 7,625 7,625
Total nancial liabilities 62,058 62,058 51,126 51,126
Fair value
Fair value is the amount at which a nancial instrument could be exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale.
In accordance with IFRS 7 Financial Instruments: Disclosures, the Group categorises nancial instruments carried on the
balance sheet at fair value using a three level hierarchy. Financial instruments categorised as level 1 are valued using quoted
market prices and therefore there is minimal judgement applied in determining fair value. However, the fair value of nancial
instruments categorised as level 2 and, in particular, level 3 is determined using valuation techniques including discounted
cash ow analysis and valuation models. These valuation techniques involve management judgement and estimates, the
extent of which depends on the complexity of the instrument and the availability of market observable information. The only
nancial instruments that are held at fair value at the balance sheet date are derivative nancial instruments (see note 22);
these are categorised as level 2. There were no transfers between levels during the year.
The assumptions used to estimate the fair values are summarised below:
(1) For the pawnbroking class, the book value approximates to fair value due to their short maturities, xed interest rates
which reect market rates, and the provisions recorded for losses at the year end dates where relevant.
(2) For cheque cashing, other nancial services and unallocated classes, the book value approximates to fair value due to
their short maturities, xed interest rates which reect market rates, and the provisions recorded for losses at the year
end dates where relevant.
(3) For short-term operating liabilities, the book value approximates to fair value due to their short-term, non-interest
bearing nature.
(4) For borrowings, nancial liabilities are subject to oating interest rates which approximate market rates, and
accordingly, there is no material difference between their book value and fair value.
Financial risk management objectives
Further information on nancial risk is included in the Directors Report.

25 NON-DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED
Pawnbroking nancial asset class
The pawnbroking nancial asset class is exposed to credit risk and the risk of a change in the price of gold. These risks
are discussed further below:
Credit risk
The Group is exposed to credit risk primarily through default on loan amounts.
Pawn loans are secured by gold or jewellery. A right exists to dispose of the pledged goods in the event of default on
the loan by the borrower. The value of the pledged items is normally in excess of the pawn loan. Further details on the
treatment of inventory is included in note 1.
During the period, an amount of 21,346,000 (2012: 10,394,000) was added to ex-pledge inventory in respect of the
collateral on pledge loans not redeemed.
The ageing of past due receivables that have not been impaired is:
2013
000
2012
000
0 90 days 6,284 5,091
Over 90 days
6,284 5,091
The risk of default on receivables past due is higher than the risk on receivables not past due, however, the former has not
been provided for on the basis that the realisable value of the pledged collateral exceeds the value of the outstanding debt.
The maximum exposure to credit risk for this class is 37,435,000 (2012: 40,203,000) being the gross carrying amount.
Risk of the change in the price of gold
As the collateral for the Groups pawn loans is held in the form of gold and jewellery the Group is exposed to risk arising
from adverse movements in the gold price. This risk is considered to be limited by a variety of factors.
Firstly, the Group applies conservative lending policies to its pawnbroking operations. Secondly, the Groups pawn contracts
are short-term and should a signicant fall in the price of gold occur then steps could be taken quickly to mitigate any risks.
These steps would include reviewing the Groups lending policies.
Finally, as discussed in note 21 above, management may put hedge instruments in place to mitigate losses arising from a
fall in the price of gold.
The sensitivity analysis below has been determined based on the exposure to gold price movements assuming rstly that
ex-pledge gold scrap sales for the year continued at the same level for the forthcoming year and that the gold price at year
end was the base point for comparison. The Directors consider that a 10% movement in the price of gold is a reasonably
possible change in the future price of gold.
10% decrease in
the price of gold
000
10% increase in
the price of gold
000
At 30 June 2013
Total impact on income statement (905) 905
Impact on equity gain/(loss) (905) 905
At 30 June 2012
Total impact on income statement (1,820) 1,820
Impact on equity gain/(loss) (1,820) 1,820

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Cheque cashing, other nancial services and unallocated classes
Credit risk
This primarily represents unsecured loans receivable and is exposed to credit risk through default on the loan. The credit risk
is mitigated by the strict application of lending criteria, including credit checks and staff training and recruitment policies.
The ongoing risk associated with this class of asset is continually monitored by a review of bad debts and modications to
the lending policy if required.
In the event of default by a customer one of the Group companies will be engaged to recover the outstanding debt.
The carrying value of this class of asset is dependent upon an assessment of the expected level of bad debts in the nancial
assets at the year end date. The movement in the bad debt provision is summarised below:
000
At 1 July 2011 2,710
Total impact on income statement 4,722
Amounts written off (24)
At 30 June 2012 7,408
Total impact on income statement 3,056
Amounts written off (207)
At 30 June 2013 10,257
The sensitivity analysis below has been determined based on the exposure to changes in the level of bad debt taken to the
income statement, assuming the level and mix of business remained the same as in the last nancial year. In the opinion of
the Directors 2% represents a reasonably possible change in the percentage of bad debts.
2% decrease
in bad debts
000
2% increase
in bad debts
000
At 30 June 2013
Total impact on income statement 61 (61)
Impact on equity gain/(loss) 61 (61)
At 30 June 2012
Total impact on income statement 94 (94)
Impact on equity gain/(loss) 94 (94)
There were no receivables past due which had not been impaired in either period.
Cash at bank and in hand
The cash and cash equivalents balance comprises both bank balances and cash balances held at stores. The bank balances
are not subject to any signicant degree of credit risk being with fully recognised banking institutions.
The cash held in stores is subject to the same risks as other retailers holding cash balances. These mainly relate to theft
or loss by employees or third parties. These risks are mitigated signicantly by the in store security systems and by the
policies and procedures which exist to safeguard cash.
The maximum credit exposure for these classes is 14,008,000 (2012: 15,818,000) being the gross carrying amount net
of any impairment losses.

25 NON-DERIVATIVE FINANCIAL INSTRUMENTS CONTINUED
Borrowings nancial class
The borrowings nancial class is exposed to two principal risks:
An increase in 3-month LIBOR
Liquidity risk
Interest rate risk
The Group is funded by a combination of equity and bank borrowings. At 30 June 2013 through to November 2016, the
rst 22m of the bank borrowings is swapped to a xed interest rate, but the remainder of the borrowings oat relative to
3-month LIBOR. An exposure exists to rising short-term interest rate risk, although the semi-variable nature of the Groups
lending would provide some mitigation.
The Group mitigates this risk by the continual monitoring of interest rate movements and where necessary it will enter into
negotiations with its principal lenders to minimise the impact of interest rate movements.
Sensitivity analysis on oating rate liabilities is based on the unswapped balance at the end of the nancial year on the
assumption that the balance was outstanding for the whole of the year and a 1% increase or decrease represents a
reasonably possible percentage change in interest rates.
1% decrease
in interest
rates
000
1% increase
in interest
rates
000
At 30 June 2013
Total impact on income statement post tax 240 (240)
Impact on equity (loss)/gain 240 (240)
At 30 June 2012
Total impact on income statement post tax 163 (163)
Impact on equity (loss)/gain 163 (163)
Liquidity risk
Due to the signicant level of borrowings an exposure exists to liquidity risk in terms of repayment of borrowings and
availability of nance. In order to mitigate this risk a ve-year 65m loan facility has been agreed with a consortium of
Barclays and Lloyds TSB; the consortium is managed by Barclays.
Details of borrowings and the amounts currently unutilised are disclosed in note 21.
The Group and the Company are in full compliance with all loan covenants and undertakings.

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The maturity analysis of the cash ows (principal plus interest) arising from total borrowings at the balance sheet date is
estimated as follows:
Within
1 year
000
1 to 2
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000
2 to 3
years
000
3 to 4
years
000
4 to 5
years
000
Over
5 years
000
Total
000
Payments due by period
At 30 June 2013
Interest and principal rst 22m
of borrowings (swapped) 942 997 1,052 22,407 25,398
Interest and principal remainder of borrowings 1,061 1,061 1,061 31,898 35,081
Commitment fee on undrawn facility 131 131 131 49 442
At 30 June 2012
Interest and principal rst 22m
of borrowings (n/a) 755 810 865 920 22,358 25,708
Interest and principal remainder of borrowings 758 758 758 758 21,784 24,816
Commitment fee on undrawn facility 194 194 194 194 73 849
The interest payable on the xed leg of the 22m swap increases steadily throughout the period to termination in November
2016. The interest payable on the remaining, unswapped borrowings, at 30 June 2013 has been estimated by reference to
the ve-year swap rate; no attempt has been made to calculate the implied forward rates.
Short-term operating liabilities nancial liability class
The short-term operating liability class is not exposed to any signicant risk. Liquidity risk is considered to be minimal due to
the availability of borrowings as discussed above and the positive cash ow from operating activities.
Less than
30 days
000
Over
30 days
000
Total
000
2013 8,558 8,558
2012 7,625 7,625
Derivative nancial instruments
The cash ows expected from the interest rate swap are included within the estimate of cash ows arising from the rst
22m of borrowings set out above.

26 SHARE CAPITAL
Company and Group
2013
000
2012
000
Allotted, called up and fully paid
55,663,043 (2012: 55,532,891) ordinary shares of 4p each 2,227 2,221
130,152 new ordinary shares were issued as a result of the various share option schemes at 134.0p. Of the proceeds,
5,206 has been recorded in share capital and 169,198 has been recorded in the share premium account, after deduction
of expenses of nil.
Options over shares in the Company are disclosed in note 27.
Capital risk management
Capital is managed to ensure that entities in the Group will be able to continue as going concerns whilst maximising the
return to stakeholders through the optimisation of the debt and equity balance.
The capital structure consists of debt, which includes the borrowings discussed in note 21, cash and cash equivalents and
equity attributable to equity holders of the Parent Company, comprising issued capital, reserves and retained earnings.
EBITDA and adjusted leverage
EBITDA and leverage is reviewed by management and, under the terms of the borrowing facility agreed in November 2011,
must be reported to Barclays quarterly. The format of the calculation is as follows, although Barclays specify cleared rather
than ledger balances. Adjusted leverage, in turn, determines the margin over LIBOR that the Company is required to pay
on loans drawn down under the new facility. From 1 July 2012 through to 30 June 2013, the Company paid a margin of
between 2.25% and 2.85%, reecting an adjusted leverage in the range 1.5 to 2.9. Below 1.5 the margin would reduce to
2.00% (1.75% if adjusted leverage were to fall below 1.0). Above 2.0 the margin increases to 2.50%, or 2.85% if adjusted
leverage exceeds 2.5.
2013
000
2012
000
Add back:
Finance income (9)
Finance costs 1,787 1,227
Depreciation (note 16) 3,639 3,134
Amortisation (note 15) 757 682
Restructuring costs and other one-off items (note 6) 4,593
EBITDA 15,719 26,406
Bank loans and long-term borrowings (note 21) 53,500 43,500
Finance leases and hire purchase (note 21) 1
Less: cash at bank (note 20) (7,269) (85)
Net Debt 46,231 43,416
Adjusted Leverage 2.9 1.6

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Gearing ratio
The gearing ratio is reviewed by management at each reporting date. The ratio is determined as the proportion of debt to
equity. No specic target has been xed by management in terms of a gearing ratio.
The gearing ratio at the year end was as follows:
2013
000
2012
000
Debt 53,500 43,500
Cash at bank and in hand (10,115) (5,061)
Net debt 43,385 38,439
Equity 76,958 80,291
Net debt to equity ratio 56.4% 47.9%
Debt is dened as long and short-term bank borrowings as detailed in note 21.
Equity includes all capital and reserves of the Group attributable to the equity holders of the Company.
27 SHARE-BASED PAYMENTS
Details of the share-based payments schemes operated by the Group are set out below.
HMRC approved Executive Share Option Scheme
The Group operates an Executive Share Option Scheme (ESOS) approved by HM Revenue & Customs in 1993.
Awards were granted to Directors and employees and may be exercised between the third and tenth anniversaries
of the grant date. On exercise Ordinary Shares are issued.
Outstanding options granted under the HMRC approved Executive Share Option Scheme are as follows:
Date of grant
Number
of shares
Period
of exercise
Exercise
price
2004 October 10,000 21.10.07 to 20.10.14 107.5p
No further disclosures have been provided on the basis that the impact of the share option accounting in respect of the
ESOS is not material to the Group.
The only vesting requirement for this scheme is that the employee is still working for the Group at the date of the
option exercise.

27 SHARE-BASED PAYMENTS CONTINUED
Unapproved Share Option Scheme
The Group operates an Unapproved Share Options Scheme (USOS) for the benet of Directors and staff.
Options have been granted which may be exercised at any time during the exercise period. On exercise Ordinary
Shares are issued.
Outstanding options granted under the Unapproved Share Option Scheme are as follows:
Date of grant
Number
of shares
Share price
at grant date
Period
of exercise
Fair value
per option
Exercise
price
2011 March 3,721 300.0p 04.03.14 to 03.03.21 66.4 300.0p
2011 November 53,517 317.0p 21.11.14 to 20.11.20 58.8 317.0p
2012 December 254,020 212.0p 18.12.15 to 18.12.22 35.6 212.0p
option exercise.
The costs of equity-settled transactions are measured at fair value at the date of grant. Fair value calculations of the options
granted during the year are measured using the Black-Scholes Model.
The inputs into the Black-Scholes Model were as follows: 2013 2012
Expected volatility 31.7% 28.1%
Expected life 4.5 years 4.5 years
Risk free rate 3.2% 3.2%
Expected dividend 5.9% 4.0%
The expected volatility has been estimated based on the historic volatility of the Companys shares over a period equal to
the expected term from the grant date.
Employee Benet Trust
The Group operates an Employee Benet Trust which was established in 1999 to handle the purchase, holding, and sale
of Company shares for the employees.
There were no outstanding options granted under the Employee Benet Trust at 30 June 2013 (none at 30 June 2012).
HMRC approved Company Share Option Plan
The Group operates a Company Share Option Plan (CSOP) for the benet of employees.
The Remuneration Committee has granted options to acquire shares at a specied exercise price between the third and
tenth anniversaries of the grant date.

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Outstanding options granted under the CSOP are as follows:
Date of grant
Number
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Share price
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Period
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Fair value
per option
Exercise
price
2007 January 86,400 241.5p 29.01.10 to 28.01.17 52.3p 236.5p
2007 June 7,500 238.5p 22.06.10 to 21.06.17 49.5p 238.5p
2010 February 21,500 261.0p 12.02.13 to 11.02.20 45.2p 261.0p
2010 June 3,000 227.5p 07.06.13 to 06.06.20 39.4p 227.5p
2010 November 351,046 279.5p 01.12.13 to 30.11.20 48.4p 279.5p
2011 March 55,181 300.0p 04.03.14 to 03.03.21 66.4p 300.0p
2011 November 432,120 317.0p 21.11.14 to 20.11.20 58.8p 317.0p
2012 December 616,377 212.0p 18.12.15 to 18.12.22 35.6p 212.0p
option exercise.
The costs of equity-settled transactions are measured at fair value at the date of grant. Fair value calculations of the
options granted during the year are measured using the Black-Scholes Model.
Long Term Incentive Plan
The Group operates an approved Long Term Incentive Plan (the LTIP) approved by shareholders in which the executive
Directors and other senior executives participate. The LTIP is designed to provide rewards for consistent performance based
on adjusted EPS growth over the three year performance period.
The remuneration committee has made awards in the form of options to acquire a specied number of shares for a nominal
sum. The options are valued using a Black-Scholes Model.
The charge to the prot and loss account over the vesting period is adjusted to take account of managements estimates of
the number of options that are likely to vest.

27 SHARE-BASED PAYMENTS CONTINUED
On vesting, the awards may be settled with shares or cash, at the discretion of the Committee.
Outstanding options granted under the LTIP are as follows:
Date of grant
Number
of shares
Share price
at grant date
Period
of exercise
Fair value
per option
Exercise
price
2008 July 103,270 188.5p 01.07.11 to 30.06.18 168.8p
2009 September 214,605 227.0p 28.09.12 to 29.09.19 198.1p
2010 March 59,161 246.5p 28.09.12 to 29.09.19 206.1p
2010 September 251,326 281.0p 28.09.13 to 29.09.20 236.7p
2011 November 290,321 331.0p 01.07.14 to 30.06.21 288.3p
Summary of options
2013 2012
Number
of shares
Weighted average
exercise price (p)
Number
of shares
Weighted average
exercise price (p)
Options outstanding at beginning of period 2,062,310 162.7 1,426,149 136.8
Options issued 1,387,932 223.2 913,473 201.8
Options exercised (137,283) 0.0 (142,418) 205.4
Options lapsed 0.0 0.0
Options forfeited (948,273) 167.6 (134,894) 111.9
Options outstanding at end of period 2,364,686 162.7 2,062,310 162.7
Exercisable at end of period 375,284 78.9 212,170 115.4
The weighted average share price at the date options were exercised was 134.0p (2012: 340.9p).
28 RESERVES
Details of the movements in reserves are set out in the Statement of Changes in Equity. A description of each reserve is
set out below:
Share premium account
The share premium account is used to record the aggregate amount or value of premiums paid when the Companys
shares are issued at a premium.
Capital redemption reserve
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled by the Company.

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Share-based payments reserve
This reserve relates to the fair value of the options granted which has been charged to the income statement over
the vesting period of the options and related taxation recognised in equity. During the year, 274,000 (2012: nil) was
transferred to retained earnings in respect of exercised share options.
Other reserve
The other reserve relates to ordinary shares in Albemarle & Bond Holdings PLC held on behalf of the Employee Benet Trust.
During the year, the Group provided funds to the Employee Benet Trust of 245,000 (2012: nil) to facilitate the purchase
of the shares.
The Employee Benet Trust held 570,246 (2012: 564,226) shares at the year end. The nominal value of these shares is
22,810 (2012: 22,569). The market value of the shares at 30 June 2013 was 134.0p (2012: 245.0p) per share, giving a
total market value of the investment of 764,130 (2012: 1,382,354).
All costs incurred are dealt with in the Groups income statement.
The Employee Benet Trust was set up to encourage the employees of the Group to participate in the ownership and
development of the Group. During the year, options over 130,152 (2012: 117,801) shares have been exercised.
During the year, 272,000 (2012: 29,000) was transferred to retained earnings. This reects the difference between
the weighted average purchase price of the exercised shares and the option price of those shares.
Hedging reserve
The hedging reserve recorded movements on the derivative nancial instrument designated as a cash ow hedge.
Retained earnings
This relates to the accumulated prot not distributed to shareholders.
29 LEASE ARRANGEMENTS
Operating leases
Group
As at the year end date, the Group had outstanding obligations under non-cancellable operating leases that fall due as follows:
Land and buildings Other
2013
000
2012
000
2013
000
2012
000
Less than one year 5,947 5,691 308 361
Between one and ve years 19,335 18,520 310 254
More than ve years 12,632 13,211
37,914 37,422 618 615
Signicant operating lease payments represent rentals payable by the Group for rental of store premises. Leases are
normally negotiated for an average term of 10 years at the then prevailing market rate.
The Group also sublets some of the premises above, the outstanding receipts from which are immaterial.
Company
The Company had no operating leases in either period.

30 CAPITAL COMMITMENTS
Group and Company
At the year end the Group was committed to nil (2012: 200,000) of capital expenditure for new branches.
31 NOTES TO STATEMENT OF CASH FLOWS
Group
Cash generated by operating activities
2013
000
2012
000
Operating prot 6,730 22,590
(Prot)/loss on disposal of property, plant and equipment 99 2
Non-cash share option charges 242 403
Gain on a bargain purchase (21)
Amortisation of loan arrangement fees 247 117
Change in inventories (2,071) (6,065)
Change in trade and other receivables 3,619 (3,614)
Change in trade payables (357) (283)
Change in accrued liabilities 1,290 552
14,195 17,497
Company
Cash generated by operating activities
2013
000
2012
000
Operating prot (919) 6,479
Purchase of employee benet trust shares (245)
Change in trade and other receivables (83) (783)
Change in accrued liabilities 66 101
Change in amounts due to subsidiary undertakings 1,181 (5,797)

The Company does not maintain a bank current account; instead, its money transmission requirements are fullled by its
subsidiary companies. All external borrowings of the Group, with the exception of overdraft balances, have been held by
the Company and passed onto the subsidiaries via interest bearing inter company balances. The main money transmission
requirements of the Company relate to the borrowing facility (receipt and payment of principal, plus payment of interest),
dividend payments, corporation tax payments and the payment of administration costs. Dividends received by the Company
from its subsidiaries are also settled through the inter company accounts and have been included in Operating Prot.

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32 PENSION SCHEME
The Group operates a dened contribution pension scheme. The assets of the scheme are held separately from those of
the Group in an independently administered fund. The pension cost charge represents contributions payable to the fund
and amounted to 313,111 (2012: 319,744).
33 RELATED PARTY TRANSACTIONS
Group
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation
and are not disclosed in this note.
Key management personnel compensation
The key personnel are considered to be the Directors and the total amounts paid are disclosed in note 5.
At the year end, there are no amounts owed by Directors which are to be repaid (2012: nil).
Director interest in contract
The Group continued the contract with Madison Park LLC for the provision of strategic consultancy services with an annual
retainer in the year of 123,600 (2012: 123,600).
The major shareholder of Madison Park LLC is P E Cohen who was previously a non-executive Director of the Group and is
the controlling shareholder in EZCorp International Inc.
The Directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and
reasonable insofar as the Groups shareholders are concerned.
Shareholder interest in supplier contract
During the year, the Group purchased consultancy services from Change Capital LLC a subsidiary of EZCorp at a cost of
1.3 million. These services were procured on an arms length basis. No balance was outstanding at the year-end.
Company
The Company does not maintain a current account and all cash transactions are undertaken by a subsidiary company.
The value of the transactions were as follows:
2013
000
2012
000
Loans received principal 198,500 126,014
Loans repaid principal 188,500 82,514
Interest paid 1,681 679
Commitment fee paid 111
Arrangement costs for new borrowing facility 933
Corporation tax paid
Expenses paid 603 423
Receipt for share issues 292
Dividends received 7,000
Dividends paid 6,999 7,002
The amount due to or from subsidiaries is disclosed in the Parent Company statement of nancial position.
34 CONTINGENT LIABILITIES
The loan facilities of the Group are secured by a guarantee from the subsidiaries of Albemarle & Bond Holdings PLC;
the Group is subject to various conditions, covenants and undertakings designed to protect the lenders. Hire purchase
agreements and nance leases are secured against the assets nanced by such agreements.
At 30 June 2013, the Groups secured borrowings were 53,500,000 (2012: 43,501,000).
35 ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party.
36 POST BALANCE SHEET EVENTS
On 2 December 2013, the company announced a number of alternative funding options are being considered by the
Directors, which includes the disposal of the Company. Further details are provided in note 1.

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Five Year Analysis
2013
000
2012
000
2011
000
2,010
000
2,009
000
Revenue 107,069 117,697 101,856 82,028 55,517
Cost of sales (47,542) (48,602) (40,745) (28,404) (13,082)
Gross prot 59,527 69,095 61,111 53,624 42,435
Administrative expenses (52,797) (46,505) (39,453) (32,963) (26,241)
Interest payable and similar charges (1,787) (1,218) (648) (650) (1,572)
Prot before tax 4,943 21,372 21,010 20,011 14,622
Earnings per share
basic 6.44p 28.55p 27.96p 26.20p 19.57p
diluted 6.39p 28.19p 27.70p 25.89p 19.39p
Dividend per share 3.00p 12.75p 12.50p 11.75p 8.75p
Number of full-line stores 188 184 159 132 115
COMPANY INFORMATION
Secretary & Advisors
SECRETARY
P M Watts FCIS, DiPMI
Albemarle & Bond Holdings PLC
2nd Floor
2 Burgage Square
Merchant Gate
Wakeeld
West Yorkshire
WF1 2TS
REGISTERED OFFICE
2nd Floor
2 Burgage Square
Merchant Gate
Wakeeld
West Yorkshire
WF1 2TS
REGISTERED NUMBER
1979364
HEAD OFFICE
County House
17 Friar St
Reading
Berkshire
RG1 1DB
AUDITOR
KPMG Audit Plc, Statutory Auditor
Chartered Accountants
Arlington Business Park
Theale
Reading
RG7 4SD
BANKERS MONEY TRANSMISSION
Lloyds Banking Group plc
The Atrium
Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU
BANKERS 65M BORROWING FACILITY
Barclays Bank plc (agent)
5 The North Colonnade
London
E14 4BB
Barclays Corporate (joint arranger)
28th Floor
1 Churchill Place
London
E14 5HP
Lloyds TSB Bank plc (joint arranger)
3rd Floor
10 Gresham Street
London
EC2V 7AE
SOLICITORS
Burges Salmon
Narrow Quay House
Narrow Quay
Bristol
BS1 4AH
REGISTRARS
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
NOMINATED BROKER & NOMAD
Canaccord Genuity Limited
9th Floor
88 Wood Street
London
EC2V 7QR
ANNUAL REPORT CONSULTANTS
Accrue Fulton
St Edburgs Hall
Priory Road
Bicester
Oxfordshire
OX26 6BL
COMPANY INFORMATION

CONTENTS
Highlights 01
Business Review
Chairmans Statement 02
Our Business Model 06
Our Market 09
Our Strategy & Performance 10
Directors Reports
Directors and Senior Management 12
Governance
Directors Report 15
Statement of Directors
Responsibilities 22
Independent Auditors Report 23
Financial Statements
Consolidated Income Statement 24
Cash Flows 29
Notes to the Financial Statements 30
Five Year Analysis 67
Company Information
Secretary & Advisors 68
Albemarle & Bond Holdings PLC has a
portfolio of some of the UKs leading
pawnbroking and nancial services brands.
We trade from two formats; Albemarle Bond and Herbert Brown

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www.accruefulton.com
Designed and produced by
Years
30

Annual Report & Financial Statements
Gold
Buying
Financial
Services
Pawnbroking
& Jewellery
Retail
2nd Floor
2 Burgage Square
Merchant Gate
Wakeeld
WF1 2TS
T 0118 955 8100
F 0118 956 9223
W www.albemarlebondplc.com
E info@albemarlebond.com
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Annual Report & Financial Statements

for the year ended 30 June 2013

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