2024/2025
Annual Report and Accounts
TRIAD GROUP PLC

Financial Highlights:
GROSS PROFIT
31 MARCH 2025:
2024:
£6.1m
£2.8m
REVENUE FOR THE YEAR ENDED
31 March 2025:
CASH RESERVES
31 MARCH 2025:
2024:
2024:
£21.4m
£3.4m
£14.0m
£2.1m
GROSS PROFIT AS A PERCENTAGE OF REVENUE
31 MARCH 2025:
2024:
28.6%
20.1%
EBITDA/(LBITDA)
31 MARCH 2025:
2024:
£1.7m
(£1.0m)
PROFITLOSS BEFORE TAX
31 MARCH 2025:
2024:
£1.5m
(£1.3m)
PROFITLOSS AFTER TAX
31 MARCH 2025:
2024:
£1.7m
(£1.0m)

Triad Group Plc | Annual Report for the year ended 31 March 2025
02 Strategic report
18 Directors’ report
22 Corporate governance report
27 Directors’ remuneration report
37 Independent auditor’s report
46 Statements of comprehensive income and expense
47 Statements of changes in equity
48 Statements of financial position
49 Statements of cash flows
50 Notes to the financial statements
71 Five year record
72 Shareholders’ information and financial calendar
73 Corporate information

2 | Triad Group Plc | Annual Report and Accounts 2025
Financial highlights
Year ended
31 March
2025
Year ended
31 March
2024
Difference
Revenue
£21.4m
£14.0m +£7.4m
Gross Profit
£6.1m
£2.8m +£3.3m
Gross Profit % 28.6% 20.1% +8.5%
EBITDA/(LBITDA) £1.7m (£1.0m) +£2.7m
Profit/(Loss) before
tax
£1.5m
(£1.3m) +£2.8m
Profit/(Loss) after
tax
£1.7m
(£1.0m) +£2.7m
Cash reserves £3.4m £2.1m +£1.3m
Basic earnings/
(loss) per share
9.93p (6.10p) 16.03p
Final dividend –
proposed
4p
4p –
Chairman’s statement
Dr John Rigg
Financial headlines
For the year ended 31 March 2025 the Group reports
revenue of £21.4m (2024: £14.0m). The gross profit as a
percentage of revenue has increased to 28.6% (2024: 20.1%)
due to increased consultancy business and the improved
utilisation of permanent consultants. The profit before tax
was £1.5m (2024: loss before tax £1.3m) and the profit after
tax was £1.7m (2024: loss after tax £1.0m). Cash reserves
have increased to £3.4m (2024: £2.1m).
Profitability continued to improve throughout the year with
the second half, despite being negatively impacted by
seasonally low revenue generating months, produced a
larger unaudited profit than that of the first half of the year.
Preceding the start of the year, the number of fee earning
consultants had increased significantly to service new
business wins. By the close of the year, matching new hires
with new assignments, the continued work winning focus
efforts resulted in the number of fee earning consultants
increasing to 147 (2024:116).
Cash balances grew in line with much-improved profitability
which continued to gain momentum during the year and
comfortably covered the dividend distribution to shareholders.
In the year, there were no bad debts (2024: nil) and the
Group expects that cash balances will continue to grow in-
line with profitability, supporting both future trading activities
and dividends.
Overview of results
In my Chairman’s Statement accompanying the Annual
Report and Accounts for 2023/24, I referred to a sound and
sustainable transformation in the Company’s performance.
The twelve months’ results for the period ended 31 March
2025, reported today, demonstrate that my confidence has
again not been misplaced. These results illustrate the same
features as I referred to a year ago in terms of value for
money, effective delivery, and the quality and reliability of our
long-term support for all our clients. Our watchwords are
consistency and continuity.
During the period, we have won substantial amounts of
high quality and long-term new business, and extensions to
existing business. Our client base (who hold us in very high
regard) is growing nicely, largely as a result of high quality
performance which we have achieved and demonstrated.
Strategic report

Triad Group Plc | Annual Report and Accounts 2025 | 3
Strategic report
Our cash balance continues to strengthen, reflecting the
increase in profits. This year the traditional slight downturn
following the year end of March 31st has been largely
mitigated by the increased volume and increased resilience of
business activity. The new business won during the period has
contributed greatly to this, and it is giving us a flying start to
the new financial year.
Our recruitment activity, targeted at people of the highest
technical quality, is continuing apace and our numbers of
highly skilled staff are steadily increasing as a result.
Further detail follows in the Managing Director’s
statement below.
Dividend
Recognising the strength of our business development
performance this year and the Company’s confidence in the
long-term future, the Board proposes a final dividend of 4p per
share (2024: 4p per share), which together with the interim
dividend already paid of 2p per share (2024: 2p per share),
totals 6p per share for the financial year (2024: 6p per share).
Employees
On behalf of the Board of Directors, I would like to thank all
of the staff, both new and established, for their commitment
and contribution during another very important year.
John Rigg
Executive Chairman
13 June 2025

4 | Triad Group Plc | Annual Report and Accounts 2025
Strategic report
The Company’s reach went global thanks to the work
we delivered on behalf of the Foreign, Commonwealth &
Development Office where we helped to keep diplomats
around the world safe and connected by improved digital
services.
The Company also continued to provide extensive support
to the Office for Product Safety & Standards (OPSS),
developing a range of products and services which keep UK
consumers safe from defective goods. By developing the
OPSS technical strategy in partnership with the OPSS digital
team, we enabled them to plot the course towards increased
digital leadership in a fast-moving external environment.
The Company’s cadre of project management professionals
were busy delivering projects and programmes, large and
small, on behalf of the Justice Digital group at Ministry of
Justice. A significant number of staff have been involved
in the roll-out of new digital capabilities within prisons,
designed to improve outcomes for offenders through the
delivery of enhanced educational opportunities.
Elsewhere, our business analysis and architecture practice
continued to lend support to the Met Office as it pursues
its ambitious modernisation plans to embrace the potential
of world-class super-computing facilities whilst dealing
effectively with its legacy estate.
A rich mix of clients and engagements also brought
with it a variety of technical opportunities. During the
year, the Company saw increased application of AI across
client delivery. The Company also delivered more work using
platforms such as Salesforce and Microsoft’s Power Platform,
clearly demonstrating Government’s emphasis on efficiency
and speed. For more complex situations, the Company’s
technical specialists continued to deliver bespoke solutions.
Using a range of products, we reinforced our position as a
technology-agnostic consultancy determined to find the right
solutions for our clients’ problems.
Many of our client engagements come with a commitment
to creating social value, and the Company embraced these
obligations with relish. Highlights included volunteering
work that led to the clearance of an important stretch of
Buckinghamshire canal, and the planting of several hundred
“Triad trees” in the beautiful Lake District. I was also
particularly proud to be joined by 16 colleagues in October,
sleeping out in London to support Action for Children’s
“Boycott your Bed” campaign.
Managing Director’s statement
Adrian Leer
Business commentary
I am delighted by the Company’s performance during the last
financial year. The results demonstrate the success of our
strategy to transition into a pure-play consultancy, and the
highlights are impressive.
Revenue has increased by more than 50%, gross profit has
more than doubled, and the gross profit % has increased to
28.6% - the highest it has been for many years. As a result
of these positive movements, profit was £1.5m before tax, a
swing of £2.8m from last year’s position.
Headcount increased from 136 at the end of last year to
167 at the end of the period. Our operating model remained
lean and efficient. The growth in capacity and revenue was
achieved without any increase to indirect headcount; all 31
new starters were delivery consultants.
The solidity to the performance is particularly pleasing. We
are operating across multiple large organisations. On most
assignments we have strength in depth, with 10+ consultants
deployed on many engagements. And the skillsets we are
deploying cover all the core areas of digital delivery.
A commercial highlight of the year was to win one of the four
slots awarded by Integrated Corporate Services (ICS) to
suppliers for technical and operational service support for
digital projects at the Department for Energy Security and
Net Zero (DESNZ) and Department for Science, Innovation
and Technology. Given that the work will be distributed
equally among the four suppliers, the other three of whom
are all major international players, the Company is justifiably
proud of this achievement.
Operational highlights
A core strength is the Company’s ability to create digital
services that enable Government policy. Founded on
outstanding research and analytical skills, underpinned by
architecture and development expertise, and orchestrated
by robust delivery management capabilities, we successfully
led several governmental initiatives around clean heat,
sustainable aviation fuel, and industrial decarbonisation.
As part of our work for ICS, we worked on specific schemes
as well as platforms to make the allocation of grants and
discounts more efficient and targeted.
Law enforcement continued to play a prominent role, both
nationally and with local forces. We were especially proud to
help Cumbria Police launch their new record management
system (RMS), Mark 43. The launch of Mark 43 signalled an
important step forward in diversifying the RMS landscape
within UK policing.

Triad Group Plc | Annual Report and Accounts 2025 | 5
Strategic report
Outlook
The Company is focused on building upon the platform
created, with an emphasis on driving value from our
impressive portfolio of clients whilst carefully targeting new
business that maintains momentum.
We have good visibility of future work for existing clients,
with further recruitment underway to match demand. We
were delighted to start the new year with a substantial
contract to continue providing resources and capabilities
into OPSS.
This outcome reflects the quality of our people and the work
they do. It also typifies the outstanding contribution made
by everyone within the Company during one of our most
successful years in recent history.
Adrian Leer
Managing Director
13 June 2025

6 | Triad Group Plc | Annual Report and Accounts 2025
Organisation overview
Triad Group Plc is engaged in the provision of information
technology consultants to deliver technology-enabled
business change to organisations in the public sector, private
sector, and not-for-profit sector.
Business model
The Group provides a range of consultancy services
to clients to help them deliver a tangible return on their
investment in technology. Our primary engagement model
is to deliver these services via our permanent consultants,
sometimes augmented by carefully selected associates. This
is mainly on a time and materials basis. We rely upon our
in-house resourcing team to provide both permanent and
associate staff, ensuring that we maintain tight control of our
supply chain and quality at all times.
Our services span the delivery life cycle from high level
consulting, early strategy, programme management, project
delivery, software delivery, and support activities.
The Group operates mainly in the United Kingdom. Our
workforce is increasingly distributed across the UK and
we have permanent office space in Godalming (registered
office) and Milton Keynes.
Principal objectives
The principal objectives of the Group are to;
•
Provide clients with industry leading service in our
core skills.
•
Achieve sustainable profitable growth across the
business and increase long term shareholder value.
The key elements of our strategy to achieve our objectives are;
To provide a range of specialist services relevant to our
clients’ business
•
Our services include consultancy, change leadership,
project delivery, software development and business
insights. Further capacity and expertise may be
provided via our associate network.
•
We continue to adopt a “business first, technology
second” approach to solving our clients’ problems. A
cornerstone of our service offer is our consultancy
model, offering advice and guidance to clients in terms
of technology investments.
To develop long term client relationships across a broad
client base
•
Enduring client relationships fuel profitability. A
hallmark of our trading history has been the frequency
of repeat business, which itself has been a function
of outstanding delivery and proactive business
development within existing accounts.
•
Our consistent track record in this regard is our major
asset when developing propositions for new clients,
along with the use of case studies and references.
•
We have structured our service offering to enable
clients to engage early, thus enabling the building of
trust and confidence from the outset.
To work with partners
•
Our strategy includes working with carefully chosen
partners operating under their client frameworks in
addition to the frameworks on which Triad is listed. This will
expose more opportunities whilst reducing the cost of sale.
To leverage Group capability and efficiency to increase
profitability
•
We continue to develop synergies across the Group’s
activities both externally and internally, driving better
outcomes for clients whilst improving efficiency and
effectiveness. The management team sets objectives to
ensure that these synergies are exploited.
•
We enable our clients to benefit from access to a full range
of IT services, delivered through a single, easy to access,
point of sale.
•
We will continue to provide the highest quality of service to
our customers through our teams of skilled consultants and
market experts.
Principal risks and uncertainties
The Group’s business involves risks and uncertainties,
which the Board systematically manages through its
planning and governance processes.
The Board has conducted a robust assessment of the
principal risks facing the Group, examining the Group’s
operating environment, scanning for potential risks to the
health and wellbeing of the organisation. The Directors
factor into the business plan the likelihood and magnitude
of risk in determining the achievability of the operational
objectives. Where feasible, preventive and mitigating
actions are developed for all principal risks.
The Executive Directors review the risk register and track
the status of these risk factors on an on-going basis,
identifying any emerging risks as they appear. In addition
to Board meetings, regular meetings are held between the
Executive Chairman and the Managing Director to ensure
risks are identified and communicated.
Strategic report

Triad Group Plc | Annual Report and Accounts 2025 | 7
Strategic report
The outputs of this management review form part of the
Board’s governance process, reviewed at regular Board
meetings. When emerging risks arise, these are reviewed
by senior management on an immediate basis and
communicated to the Board as appropriate.
The Directors are of the opinion that there is no overall
increase in the principal risk ratings and the impact upon
the business.
The principal risks identified are:
IT services market
The demand for IT services is affected by UK market
conditions. This includes, for example, fluctuations in political
and economic uncertainty, and the level of public sector
spending. Negative impacts can reduce revenue growth and
maintenance due to the loss of key clients, reduction in sales
pipelines and reduction in current services. The creation of
new services, acquisition of new clients and the development
of new business relationships are important in protecting the
Group from fluctuations in market conditions.
Economy
The political and economic uncertainty generated by global
instability and post balance sheet date, the global tariff
issues, still have the potential to negatively affect the Group’s
marketplace due to an impact on Government spending
plans and the cancellation or delay of IT projects. Political
volatility following the change in the UK Government, and the
effects upon Government departmental budgets, poses both
a risk and an opportunity. The strong relationships the Group
enjoys with a large range of public sector clients within the UK
mitigates this risk.
Due to the nature of the Group’s client base and activities in
the UK, the continued global geopolitical events have not had
a direct impact and is not considered to do so in the future.
However, there may still be a secondary effect as a result of
the impact on the wider economy. The Directors will continue
to monitor this situation closely.
Employment market conditions in the UK mainly affect the
Group’s ability to attract and retain staff as wage inflation will
continue to be a risk to the business. The Group’s response to
this risk is outlined within the Availability of staff below.
The growth in the consultant population in-line with contract
wins results in an increasingly larger fixed cost base that must
be matched by revenue to both maintain and grow profitability.
Uncertainty in the economy poses a risk to profitability. This
risk is mitigated by constant review of new business pipelines
and resource allocations by the Executive Director team and
regular reporting to the Board.
Revenue visibility
The pipeline of contracted orders for time and materials
consultancy work can be relatively short and this reduces
visibility on long-term revenue generation. Political
uncertainty, particularly in the public sector, can reduce
visibility in securing new business. The Board carefully
reviews forecasts to assess the level of risk arising from
business that is forecast to be won and maintains very
strong relationships with key client relationships.
Availability of staff
In a constantly evolving market for talent acquisition, the
ability to access appropriately skilled resources, recruit and
retain the best quality staff is key to ensuring the ability to
deliver profitable growth and deliver IT services to our clients.
During the year, the on-going cost of living crisis resulted in
general inflation increases across the wider economy. To
mitigate these risks, the Group continues to recruit the best
quality individuals and ensures a resilient network of associate
resources is scaled appropriately to meet the demands of the
business. The Group also reviews remuneration and benefits
on an annual basis and adjusts these accordingly within
market rates. In addition, the Group operates a Company-wide
staff development programme to ensure continuous personal
growth and consistent staff engagement. The on-boarding
of new consultants is managed by a highly experienced
and dedicated team of resourcing professionals, and this
provides quality assurance processes to accelerate hiring and
maintain very low attrition rates. To encourage retention, when
appropriate and sufficient headroom exists to do so, selected
staff are awarded share options and restricted stock units.
Competition
The Group operates in a highly competitive environment.
The markets in which the Group operates are continually
monitored to respond effectively to emerging opportunities
and threats. The Group ensures a high quality of service to
long-tenured clients, which includes continuous review of
delivery against project plan and obtaining client feedback.
This promotes longevity of client relationships and to a high
degree mitigates the risk of competition.
The risk associated with environmental, social and corporate
governance (ESG) is considered to be low, although the
Group takes its responsibilities in this regard very strongly.
Details of these responsibilities can be found on page 10.
There are or may be other risks and uncertainties faced by
the Group that the Directors currently deem immaterial, or
of which they are unaware, that may have a material adverse
impact on the Group.
The risk appetite of the Group is considered in light of the
principal risks and their impact on the ability to meet its
strategic objectives. The Board regularly reviews the risk
appetite which is set to balance opportunities for business
development and growth in areas of potentially higher risk,
whilst maintaining reputation, regulatory compliance, and
high levels of customer satisfaction.

8 | Triad Group Plc | Annual Report and Accounts 2025
Section 172 statement
Section 172 of the Companies Act 2006 requires Directors
to take into consideration the interests of key stakeholders
in the Group in their decision making. Engagement with the
Group’s stakeholders is essential to successfully managing
the business and the effectiveness of this engagement helps
to understand the impact of key decisions on stakeholders.
The Board has identified the key stakeholders as
shareholders, clients, partners, employees and suppliers.
•
Shareholders: Shareholders are closely involved with
the strategic direction and culture of the business.
Dialogue is maintained with shareholders and issues
of significance are communicated as necessary. In
addition, a full shareholder briefing is presented at the
Group’s annual general meeting of shareholders. The
Board awarded an interim dividend of 2p per share
(2024: 2p per share) to shareholders. This decision was
made following a detailed review of future profitability
and cash flow which showed a material and continued
improvement. The expected financial performance is
such that the Board has proposed a final dividend of 4p
per share for the year ended 31 March 2025 supported
by the trading performance and cash flows matching
expectations articulated last year (2024: 4p per share).
•
Clients: Delivering a quality service is the key to the
Group’s future success, and effective and successful
delivery of services to our clients is the key focus of
the Group. To increase effectiveness, a continuous
review of consultant allocation, utilisation rates and
delivery structures is made to enhance the efficiency
of the Group’s service to clients. Regular operational
governance meetings take place with senior
management and key client contacts. Key account
delivery and management tools are in constant review to
enhance and promote efficiencies. The Group continues
the strategy of building permanent consultant numbers
to improve and broaden the skill sets and enhance
delivery to clients. Associates are utilised only on a
limited basis where rare technical expertise is required.
•
Business partners: Effective working relationships that
enable future growth are important to the Group. The
Group continue to cultivate strong relationships with our
business partners which may include intermediaries and
sub-vendor arrangements, with regular dialogue and
updates to ensure that delivery to our shared clients
is as effective as possible. During the financial year,
the Group continued to explore delivery methods with
partners that enable the acquisition of new business.
•
Employees: Motivated and satisfied employees are
the lifeblood of our business and our people are key to
our success. The Group strives to achieve the highest
standards in its dealings with all employees. During the
financial year, the Group continued to deliver a high level
of communication with employees, including regular
Group meetings chaired by the Managing Director.
One-to-one meetings with employees and the Managing
Director are also available on request and regularly
take place. The Group continued to provide appropriate
comprehensive induction and ongoing training tailored
to individual needs. Extensive employee benefits are
provided which are continually reviewed to enhance the
wellbeing of all employees. Remuneration packages
are reviewed on an annual basis to ensure retention
of employees, as are flexible working environments
and grading reviews. The Group operates the Triad
Employee Share Incentive Plan, which facilitates awards
of restricted stock units (RSUs) to employees from time
to time within allowable limits. See page 69 for details.
•
Suppliers: Effective engagement with suppliers enables
the Group to deliver a quality service to our clients.
The Group maintains appropriate arm’s-length trading
relationships with quality suppliers and is fully committed
to fairness in its dealing with them, including embracing
the principle of paying suppliers within agreed credit
terms during the course of normal business.
The Directors continue to ensure there is full regard to
the long-term interests of both the Group and its key
stakeholders including the impact of its activities on the
community, the environment and the Group’s reputation. In
doing this, the Directors continue to act fairly and in good
faith taking into account what is most likely to promote the
long-term success of the Group.
•
Relations with key stakeholders such as shareholders,
clients, employees and suppliers are maintained by
regular, open and honest communication in both verbal
and written form.
•
The Directors are fully aware of their responsibilities to
promote the success of the Group in accordance with
section 172 of the Companies Act 2006.
•
The Directors continuously take into account the
interests of its principal stakeholders and how they are
engaged. This is achieved through information provided
by management and also by ongoing direct engagement
with the stakeholders themselves.
•
The Board has ensured an appropriate business
structure is in place to ensure open and effective
engagement with the workforce via the Executive
Directors and the management team.
•
The Board and the management team continue to
work responsibly with all relevant stakeholders and
has appropriate anti-corruption and anti-bribery, equal
opportunities and whistleblowing procedures and
policies in place.
Strategic report

Triad Group Plc | Annual Report and Accounts 2025 | 9
Strategic report
•
As required, non-Executive Directors, professional
advisors and the Company Secretary provide support to
the Board to help ensure that sufficient consideration is
given to stakeholder issues.
The Directors do not consider there to be any key decisions
made in the year other than to continue with the strategy of
growing consultancy business and increasing permanent
consultants in step with this growth, to deliver higher gross
profit margins, profitability, and improve cash flow to maintain
and grow dividend distribution to shareholders.
Viability Statement
In accordance with the Listing Rules the Directors have
assessed the Company’s viability over the next three financial
years. Given the Group’s business model and commercial and
financial exposures the Directors consider that three years
is an appropriate period for the assessment. The maximum
period of visibility of commercial arrangements with clients is
currently two years, however in considering the assessment
period assumptions have been made beyond this immediate
timeframe extended to 3 years based upon the strategic
direction of the business. As part of the long-term viability
assessment the Directors have considered the principal risks.
This assessment of viability has been made with reference
to the Group’s current financial and operational positions.
Revenue projections, cash flows, availability of required
finance, commercial opportunities and threats, and the
Group’s experience in managing adverse conditions in the
past have been reviewed. The Group was founded in 1988 and
has survived several recessions.
An example of the robust performance of the business model
was the successful navigation of the Covid-19 pandemic.
Despite the overwhelming threat the pandemic presented,
the Group was able to improve profitability and increased
cash reserves without the requirement for external funding or
needing to take advantage of Government support schemes.
This success was due to the agility of the business model,
client delivery techniques and the quality of our employees
and hiring processes.
Geopolitical and domestic political events have had no
material negative impact upon the Group’s client base and
trading results, and the Board do not expect this to change.
The effects of IR35 legislation is minimal as the Group has
continued to reduce associate fee earners in favour of higher
margin permanent consultants. The risk in this area is not
considered material.
Material contract wins in late 2023 have delivered a material
increase in profitability and cash generation and the Group
continues to acquire new business and grow consultant
numbers. The Directors have approached the budget and
forecasting cycle for the 2026 financial year and beyond
with a conservative outlook, but are confident in the business
model and the ability of both new business acquisition and
highly skilled and long tenured consultants to improve upon
these conservative expectations.
The viability assessment considered the principal risks
as set out on page 6. The Board modelled a number of
realistic scenarios based upon conservative budgets and
forecasts. This included modelling the most severe scenario
possible which assumed that all current client contracts
discontinued at expiry, with no extension or replacement and
with no further cost mitigation. The group have extended at
a high level these forecasts to 3 years for the purposes of
considering viability.
In all scenarios, it was found that there was sufficient
headroom in cash flow to continue operating within
current resources for the next 3 years, and without the
requirement to utilise external funding or exercise cost
mitigation programmes. The Group was therefore found to
have sufficient financial strength to withstand considerable
financial headwinds.
The Board believes that the Group remains well placed to
navigate effectively a prolonged period of uncertainty and to
mitigate the risks presented by it.
Based upon the results of this analysis, the Board has a
reasonable expectation that the Group will be able to continue
in operation and be able to meet its liabilities over the next
3-year viability period. In reaching this assessment, the Board
has taken into account future trading, access to external
funding and cash flow expectations
Performance assessment, financial review
and outlook
Financial and non-financial key performance indicators
(KPIs) used by the Board to monitor progress are revenue,
profit/(loss) from operations, EBITDA, gross margin and
average headcount. Financial KPIs are discussed in more
detail in the Financial review below. The outlook for the
Group is discussed in the Chairman’s statement on page 2.
The non-GAAP KPI’s that the Directors consider the users
of the financial statements to be interested in are profit/
(loss) from operations and EBITDA. The Directors consider
that the users of the financial statements are focused on
profitable growth and dividend distribution and as such
profit/(loss) from operations is a KPI. The Directors consider
that EBITDA is a KPI as it indicates the results that will
translate to cash balances.

10 | Triad Group Plc | Annual Report and Accounts 2025
Strategic report
The KPIs are as follows;
2025
2024
Revenue
£21,421,000
£14,046,000
Profit/(Loss) from
operations
£1,500,000
(£1,278,000)
Earnings/(Loss) before
interest, tax, depreciation
and amortisation
(EBITDA)¹
£1,710,000
(£1,028,000)
Gross margin
28.6%
20.1%
Average headcount
155
117

EBITDA – Profit from operations of £1,500,000 (2024: loss
£1,278,000) adding back the depreciation and amortisation
charge in the year of £210,000 (2024: £250,000)
Corporate social responsibility
Our employees
The Group is committed to equal opportunities and
operates employment policies which are designed to
attract, retain and motivate high quality staff, regardless
of gender, age, race, religion or disability. The Group has a
policy of supporting staff in long term career development.
Culture and engagement
The Group recognises the importance of having effective
communication and consultation with, and of providing
leadership to, all its employees. The Group promotes the
involvement of its employees in understanding the aims and
performance of the business. An assessment of culture,
engagement and future contribution made to the business by
employees is made at each Board meeting and is considered a
key aspect of the meetings. The Board has been satisfied with
policies and practices and they are aligned with the Group’s
purpose and strategy and no corrective action is required.
The Group strives to recruit and retain high quality employees
at the cutting edge of technology. A key engagement factor
is the continuous professional development of all staff and
the Group is committed to providing increased training and
development opportunities, to enhance both the expertise and
engagement of our workforce, and improving the quality of our
services to our clients.
Diversity and inclusion
Diversity and inclusion is a key component of working life
in the Group. Employees are encouraged to take an active
role in decision making and driving the business forward,
including several platforms within the business to share good
practice, successes and potential improvements.
We continue to include diversity within our recruitment
policies and make improvements as appropriate.
The following table shows the average number of persons
employed during the year, by gender, who were Directors,
senior managers or employees of the Company.
Male Female Tot a l
Directors 5 2 7
Senior managers 4 –
4
Employees 100 44
144
Tot a l 109 46 155
At 31 March 2025 there were 7 Board members, of which 5
(2024: 5) were male (71%) and 2 (2024: 2) were female (29%).
During the year, there was for a period 3 female Directors as
Ceris Gardner was appointed as an Independent Non-Executive
Director on 1 July 2024 and stepped down from the Board
on 19 September 2024. As a result, during the year female
representation on the Board reached a high of 38%. Overall, the
proportion of female Directors was approximately in line with the
average Group female representation of 27% (2024: 30%).
Board composition is reviewed regularly to ensure that there
is a suitable range of skills and experience amongst the
Directors. The Board consists of mainly long tenured Triad
Group Directors, and with respect to both female and non
– white British Directors, the Group operates a meritocracy
and there are currently no specific Board diversity targets in
place. Management continue to recruit and nurture the best
available talent, regardless of gender or ethnicity. We will,
however, continue to keep the Board’s composition and in
particular the diversity and blend of backgrounds, skills, and
experience under review.
For the purposes of UK Listing Rule 6.6.6R (9), as at 31 March
2025, the Company did not meet the requisite targets. The
targets are specifically that:
•
Female representation on the Board is 40%;
•
At least 1 senior Board member is a female; and
•
1 individual is from a minority ethnic background
Charlotte Rigg was appointed to the senior position on
the Board as Deputy Executive Chairman on 1 June 2023.
Although we note that UK Listing Rule 6.6.6R (9) (ii) does not
include this specific role, we can confirm that this is not only
a senior role in the Company and on the Board of Directors,
but also one of significant importance.
As required by UK Listing Rule 6.6.6R (10), our gender and
ethnicity data as at 31 March 2025 (in the format set out in
UKLR6 Annex 1R) is detailed below. The Board members
were asked to confirm which of the categories set out in the
below they identify with. Any new appointees to the Board in
the future will be asked to provide this information.

Triad Group Plc | Annual Report and Accounts 2025 | 11
Strategic report
Number of Board
members
Percentage of
the Board
Number of senior
positions on the
Board
Number in
Non-Executive
positions on the
Board
Percentage
of executive
management
Men 5 71% 4 1 80%
Women 2 29% 1 1 20%
Not specified / prefer not
to say
– 0% – – 0%
Environment and greenhouse gas reporting
This statement contains the Group’s TCFD aligned disclosure in accordance with FCA requirements of Premium Listed UK
Corporates in line with UKLR 6.6.6(8)R. The Group is required to report on a ‘comply or explain’ basis against the 11 recommended
TCFD disclosures. The Board have assessed the requirements and have concluded that climate related risks are negligible
to the Group. The Board have taken this into account when applying the TCFD framework, to ensure the level of disclosure
is commensurate to the level of risk, and the Group have therefore not yet completed planning for different climate related
scenarios, including 2 degree or lower. The Group has provided responses across the TCFD’s pillars and aims to advance the
maturity of its climate-related actions and disclosures on an annual basis.
The Board have assessed interim measures to achieve the 2050 net zero targets. Given the nature of the Group’s operating
model, a key contribution to emissions is driven by its supply network and notably, public transport. The Board expect these
emissions to reduce as transport moves towards net zero.
The Group’s key metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and
risk management processes are Scope 1, Scope 2 and Scope 3 emissions.
The Group has provided responses across the TCFD’s pillars and aims to advance the maturity of its climate-related actions and
disclosures on an annual basis.
Number of Board
members
Percentage of
the Board
Number of senior
positions on the
Board
Number in
Non-Executive
positions on the
Board
Percentage
of executive
management
White British or other White
(including minority-white
groups)
7 100% 5 2 100%
Mixed / Multiple ethnic
groups
– 0% – – 0%
Asian / Asian British – 0% – – 0%
Black/African/ Caribbean/
Black British
– 0% – – 0%
Other ethnic group – 0% – – 0%
Not specified/ prefer not
to say
– 0% – – 0%

12 | Triad Group Plc | Annual Report and Accounts 2025
Governance – Governance
of climate related risks and
opportunities
Assessing, identifying, and managing climate related issues is part of the management team’s
responsibilities. They run a formal review each year in line with the production of the Company’s
Carbon Reduction Plan and also review during regular project audits. Triad’s ISO9001 audits also
provide a biannual review of issues and risks. The Board are informed of any climate related issues
identified by the management team as and when they arise. When an issue is identified, the Board
will monitor the progress of addressing this issue on a relevant basis.
The Directors considered climate-related issues when reviewing its strategy, risk management and
business plans, but have found no issues impacting these items. It has also considered climate-
related issues when setting the budget and organisational performance, identifying increased costs
of utilities and social value commitments. These social value commitments have a dedicated project
manager which are reviewed by management each quarter, along with individual project audits
facilitating a continuous review during the year.
Strategy – Impacts of actual
or potential climate related
risks and opportunities
No actual or potential impacts on the Group have been analysed due to the limited and negligible
impact of climate related issues over the short, medium and long term, including lower carbon economy
considerations and a 2°C or lower scenario, and these have not been considered when making
strategic decisions. If, and when a risk is deemed to have a greater impact, the Group will follow the
same process as identifying and assessing other risks, described on page 6.
The service nature of the business and the potential downtime of consultants in between assignments,
means that climate risk is mitigated in this situation.
With the Group’s workforce currently working remotely from locations across the country and having in
excess of 5 years’ remote working experience, no localised climate issues will have a material impact.
As an example, the management team has assessed the impact of potential localised planned three-
hour outages to the National Grid and have deemed this to have no material impact. National climate
related risks, including electrical supply issues to the entire country at a single time, have been deemed
exceptionally remote and not assessed.
There are no financial related disclosures due to the immateriality of the risks, in line with the TCFD
recommendations.
The Group has been involved in climate related projects, such as the Department for Transport’s
Renewable Transport Fuels Obligation Operating System (ROS) and Sustainable Aviation Fuels
projects, and with the Department for Energy Security and Net Zero’s Clean Heat Market Mechanism
discovery and alpha phases. The Directors are proud of the Group’s achievements and contribution to
the green agenda, and our increased expertise in this area provides further opportunities to be involved
in projects of this nature in the future.
Risk Management –
identification, assessment,
and management of climate
related risks
Climate related risks are assessed as per other risks to the Group, and described on page 6.
Other than this disclosure requirement, there are no other regulatory requirements that would have a
material impact on the Group, and in line with our Carbon Reduction Plan and detailed in the Metrics
sections, the Group is moving towards zero rated emissions by 2050. Triad’s Carbon Reduction Plan
can be found on the Company website.
The four pillars are as follows:
Strategic report

Strategic report
Metrics – metrics and
targets used to assess,
manage and report relevant
climate-related risks and
opportunities
As stated in the Strategy section, no actual or potential impacts have been analysed, therefore no
metrics have been produced.
The Group’s emissions per scope are detailed below in line with SECR requirements, along with our
KPIs of tCO2e per £1m of revenue and per average total headcount, using the emission factors from
the Government’s GHG Conversion Factors 2024.
Scope 1 – Combustion of fuel; one of the Group’s offices uses gas for heating, which due to the
current remote nature of the workforce is being used at a minimum level for both properties. A single
company car is also being used where public transport is not available.
Scope 2 – Electricity; both offices now are now supplied by renewable energy suppliers.
Scope 3; this covers business travel and employee commuting. Our employees are encouraged to
use public transport where available.
In February 2025 the Group published its latest Carbon Reduction Plan, available on our website,
committing to achieving Net Zero emissions by 2050. During the year, we have continued to promote
remote collaborative working to minimise travel, finalised our progression to a paperless office,
facilitated electric vehicle charging points at our Milton Keynes office, continued the provision of a
cycle to work scheme, rebuilding laptops for reuse and disposing only when no longer suitable, and
where possible that disposal is to a third party such as a school and as a final recourse, to recycling.
The continuing reduction will be achieved by continuing to embed a degree of working from home as
an ongoing policy, increasing the profile of environmental issues and the promotion of good practices
through staff communication environmental channels and introducing additional, client specific social
value initiatives, such as carbon offsetting. The management team will continue to review the scope
1 and 2 emissions from office activities and identify and implement reductions through changes to
policies and practices. The current measurements remain on target against this plan.
Triad has set no specific targets or commitments, or incorporated climate related performance
metrics into remuneration policies. Our key competitors would also have the same low generation of
emissions and their climate related strategies and commitments have no impact on the Group.
Triad Group Plc | Annual Report and Accounts 2025 | 13

14 | Triad Group Plc | Annual Report and Accounts 2025
Strategic report
The Group has used mileage reports, public transport
journey details and meter readings converted to tCO
2
e
using the 2024 UK Government’s conversion factors for
company reporting of greenhouse gas emissions.
The annual quantity of greenhouse gas (GHG) emissions
for the period 1 April 2024 to 31 March 2025 in tonnes of
carbon dioxide equivalents (tCO
2
e) for the Group is shown
in the table below:
GHG emissions
2025
tCOe¹
2024
tCOe¹
Emission source:
Scope 1 – Combustion of
fuel
45
8
Scope 2 – Electricity and
heat purchased for own use
25
25
Tot a l 70
33
Scope 3 – Including
business travel and
commuting
68
27
Total 138 60
tCO
2
e per £1m revenue
6.4
4.3
FTE
155 117
Intensity ratio (tCO
2
e per FTE)
0.9
0.5
  The calculation of tCO
2
e for each source has been prepared
in accordance with DEFRA guidelines for GHG reporting.
The tCO
2
e per £1m of revenue has increased to 6.4 (2024:
4.3) due to the increase in heating leased properties and
certain clients requiring site visits due to the nature of the
assignment. The intensity ratio has increased by a smaller
proportion to 0.9 (2024: 0.5) due to a material increase in
FTE. Both KPIs are still relatively low and as the Company
continues to grow in size with no further outlay in scope
emissions, it is expected these ratios will reduce.
The annual energy consumed as a result of the purchase of
electricity and heat for the period 1 April 2024 to 31 March
2025 in kWh is shown in the table below:
2025
2024
Energy consumed (kWh)
123,277
120,955
kWh per £1m revenue
5,761 8,640
FTE
155
117
Intensity ratio (kWh per FTE)
795 1,034
The emissions are generated solely by activities in the UK.
Emissions generated by electricity consumption is 18%
(2024: 40%).
The Group has not been subject to any environmental fines
during the year ended 31 March 2025 (2024: nil).
Social, community and human rights issues
Triad takes its responsibilities to the community and society
as a whole very seriously. With people at the core of our
values, during 2020 Triad was proud to have achieved its
first Disability Confident badge – Disability Confident Level
1 (“Committed”). To show our continued commitment in this
area, during 2023 we achieved Disability Confident Level 2
(“Employer”) and in 2025 moved to the highest level (level
3 – “Leader”).
We are using this to guide our practices, particularly with
regards to equality of opportunity for disabled staff and
through our recruitment process. An example of this is the
introduction of a Disability & Accessibility Network, which
has been set up to support Triad employees including
those with physical and mental impairments. The Group
also actively engages with its supply chain partners and
tech industry bodies to advocate the principles of Disability
Confident employers.
Triad Group is committed to supporting the mental health
and wellbeing of its staff. All staff have access to our
Employee Assistance Programme, which provides access to
confidential advice and emotional support 24 hours a day,
365 days a year, via online resources and telephone helpline.
In line with a client specific social value commitment, we
launched a wellness survey in December 2024 for one of
our delivery teams. The aim is for a combined Diversity,
Disability & Wellbeing survey to be issued to all staff
annually from Autumn 2025. During the year, the Group
also supported another client social value commitment
with the planting of 600 ‘Triad’ sapling trees in the Lake
District, contributing to future net zero efforts. A group of
Triad employees also spent a day maintaining an important
stretch of canal in Bedfordshire, supporting local wildlife
and improving the local environment.
Further details of our work in these areas, alongside details
of staff surveys will be able to be viewed on our website.
The Group actively supports charities. Managing Director
Adrian Leer is a board member of Action for Children, and
our staff participate in regular fund-raising activities for the
charity, promoted and supported by Triad. During the year,
the Group continued to support The City of London Police
Cadets, which helped to fund extra-curricular development
activities for young people within the organisation.
There are no human rights issues that impact upon
operations.
There were no political donations made in the year (2024: nil).

Triad’s social value contributions include the planting
of 600 sapling trees in the Lake District.
Triad Group Plc | Annual Report and Accounts 2025 | 15

16 | Triad Group Plc | Annual Report and Accounts 2025
Strategic report
Financial review
Group performance
Group revenue in the year increased to £21.4m (2024:
£14.0m) which was a direct outcome of the successful
delivery of new contracts wins made in the previous year.
With tight control of hiring appropriately skilled consultants
in step with assignments, this delivered an increase in gross
profit to £6.1m (2024: £2.8m) at an overall gross profit as a
percentage of revenue increasing to 28.6% (2024: 20.1%).
During the year, a tenant of one of the Group’s properties
settled their lease liability in advance of the lease end date.
The consideration received by the tenant settled in total the
finance lease receivable balance outstanding of £0.4m (see
note 5) and a net premium of £0.08m. Both amounts are
disclosed as other income (see note 5). A Right of Use asset
was then reinstated with respect to this lease of £0.4m and
then impaired by £0.4m (see note 14).
The Group reports a profit from operations before taxation of
£1.5m (2024: loss £1.3m). The increase in profitability was due
to an increase in gross profit of £3.3m offset with an increase
in administrative expenses of £0.6m. The Group reports a
profit after tax of £1.7m (2024: loss £1.0m), which includes a
reversal of previously recognised deferred tax on losses of
£0.4m (2024: recognition £0.3m) and a deferred tax asset
relating to restricted stock units of £0.6m (2024: nil).
The balance sheet remains strong with no external debt,
with the exception of the lease liabilities arising due to the
application of IFRS16, and the Group enjoys reserves of cash
at £3.4m (2024: £2.1m) and no bad debts (2024: nil).
Administrative expenses
Administrative expenses for the year are £4.7m (2024: £4.1m).
The increase of £0.6m was mainly due to increased personnel
costs of £0.3m and property cost increases of £0.3m driven
by the loss of a tenant and general inflation.
Staff costs
Total staff costs have increased to £13.9m (2024: £10.7m)
(note 8) which is due to the increase in the average fee earning
consultant number to 131 (2024: 95) and salary inflation. The
growth in consultant numbers has materially improved the ratio
of fee earners to administration staff to 27:1 (2024: 23:1). As in
prior years, new permanent consultants are hired in step with
new contract wins to match skills with client requirements and
also to reduce benched consultant time and costs. The number
of fee earning consultants increased to 147 (2024: 116) at the
close of the year.
Cash
Cash and cash equivalents as at 31 March 2025 increased to
£3.4m (2024: £2.1m). Much improved profitability combined with
robust invoicing and credit control processes resulted in a net
inflow from operating activities of £2.2m (2024: outflow £1.5m).
The net cash outflow from financing activities was £1.2m (2024:
£1.3m), which included dividends paid of £1.0m (2024: £1.0m).
The net cash inflow from investing activities was £0.3m (2024:
£0.1m) and was mainly due to the cash received from a tenant
as the finance lease receivable was derecognised of £0.4m
(2024: nil) offset with investment in IT equipment for new hires
of £0.04m (2024: £0.04m).
During the year ending 31 March 2024, a Lloyds invoicing
facility was deemed to be not appropriate to support the
business model and was terminated. Due to the robust cash
flow forecasts, the Directors do not believe a replacement
facility is required in the foreseeable future. No external funding
or overdraft facilities were utilised in the period (2024: nil).
Non-current assets
Non-current assets excluding taxation decreased by £0.4m
(2024: £0.3m). This was due to the amortisation of the
right of use asset of £0.1m (2024: decrease £0.2m) and
the derecognition of the finance lease receivable of £0.3m
(2024: reduction £0.1m). See note 14.
Taxation
The Group adopts a low-risk approach to its tax affairs.
The Group does not employ any complex tax structures
or engage in any aggressive tax planning or tax avoidance
schemes. The deferred tax asset increased to £1.0m (2024:
£0.4m) in the year. This increase was mainly as a result
of the recognition that there would be a future deduction
from taxable profits in the following financial year, due to
the allocation of restricted stock units (RSUs) that vested
during the year. The Directors expect that tax losses brought
forward will be utilised against future taxable income (see
note 9).
Net assets
The net asset position of the Group at 31 March 2025 was
£4.8m (2024: £3.4m). Further movements during the year are
detailed on page 48.

Triad Group Plc | Annual Report and Accounts 2025 | 17
Share options and restricted stock units
A total of 40,607 options were exercised by staff during the
year and refer to note 20 for details (2024: 47,118). No further
options were granted in the year (2024: nil).
On 28 March 2025, all 750,000 shares vested to the
Executive Directors and certain employees (see note 21).
The employer’s national insurance contributions, as per
the conditions of the scheme, are borne by the recipients
and at the balance sheet date within other debtors there is
an amount of £377k and a corresponding creditor due to
HMRC of £377k associated with this transaction. No further
restricted stock options (RSUs) were granted to either
Directors or staff during the year (2024: nil).
A share-based expense has been recognised in the year of
£262k (2024: £202k).
Dividends
With the expectation of future profitability and improving cash
flows, the Board are proposing a final dividend of 4p per share
(2024: 4p per share), which together with the interim dividend
already paid of 2p per share (2024: 2p per share), totals 6p per
share for the financial year (2024: 6p per share). See note 10.
By order of the Board
James McDonald
Finance Director
13 June 2025
Strategic report

18 | Triad Group Plc | Annual Report and Accounts 2025
Directors’ report
The Directors present their Annual report on the activities of the
Group, together with the financial statements for the year ended
31 March 2025. The Board confirms that these, taken as a whole,
are fair, balanced and understandable, and that they provide the
information necessary for shareholders to assess the Group’s
and Company’s position and performance, business model
and strategy, and that the narrative sections of the report are
consistent with the financial statements and accurately reflect
the Group’s performance and financial position.
The Strategic report provides information relating to the
Group’s activities, its business and strategy and the principal
risks and uncertainties faced by the business, including
analysis using financial and other KPIs where necessary.
These sections, together with the Directors’ remuneration and
Corporate Governance reports, provide an overview of the
Group, including the employment, training, career development,
treatment of disabled persons and environmental matters,
and give an indication of future developments in the Group’s
business, so providing a balanced assessment of the Group’s
position and prospects, in accordance with the latest narrative
reporting requirements. The Group’s subsidiary undertakings
are disclosed in the note 15 to the financial statements.
Corporate Governance disclosures required within the Directors’
report, including details of Directors holding office, have been
included within our Corporate Governance report beginning on
page 22 and form part of this report. Disclosures with respect to
political donations and streamlined energy and carbon reporting
(SECR) also required within the Directors’ report have also been
included in the Strategic report beginning on page 2.
Share capital and substantial
shareholdings
Share capital
As at 31 March 2025, the Company’s issued share capital
comprised a single class of shares referred to as ordinary
shares. Details of the ordinary share capital can be found in
note 20 to these financial statements.
Voting rights
The Group’s articles provide that on a show of hands at a
general meeting of the Company every member who (being
an individual) is present in person and entitled to vote shall
have one vote and on a poll, every member who is present
in person or by proxy shall have one vote for every share
held. The notice of the Annual General Meeting specifies
deadlines for exercising voting rights and appointing a
proxy or proxies to vote in relation to resolutions to be
passed at the Annual General Meeting.
Transfer of shares
There are no restrictions on the transfer of ordinary shares
in the Company other than as contained in the Articles:
The Board may, in its absolute discretion, and without
giving any reason for its decision, refuse to register any
transfer of a share which is not fully paid up (but not so as
to prevent dealing in listed shares from taking place) and on
which the Company has a lien. The Board may also refuse
to register any transfer unless it is in respect of only one
class of shares, in favour of no more than four transferees,
lodged at the Registered office, or such other place as
the Board may decide, for registration, accompanied by a
certificate for the shares to be transferred (except where
the shares are registered in the name of a market nominee
and no certificate has been issued for them) and such other
evidence as the Board may reasonably require to prove the
title of the intending transferor or his right to transfer the
shares.
Certain restrictions may from time to time be imposed by
laws and regulations, for example:
•
Insider trading laws; and
•
Whereby certain employees of the Group require the
approval of the Company to deal in the Company’s
ordinary shares.
Appointment and replacement of Directors
The Board may appoint Directors. Any Directors so appointed
shall retire from office at the next Annual General Meeting of
the Company but shall then be eligible for re-appointment.
The current Articles require that at the Annual General
Meeting one third of the Directors shall retire from office but
shall be eligible for re-appointment. The Directors to retire
by rotation at each Annual General Meeting shall include any
Director who wishes to retire and not offer themselves for re-
election and otherwise shall be the Directors who, at the date
of the meeting, have been longest in office since their last
appointment or re-appointment.
A Director may be removed from office by the service of a
notice to that effect signed by at least three quarters of all the
other Directors.
Amendment of the Company’s Articles of Association
The Company’s Articles may only be amended by a special
resolution passed at a general meeting of shareholders.
Substantial shareholdings
The Board consider that a shareholder who holds more than
20% of the Company’s issued share capital is a significant
shareholder. As at 31 March 2025, M Makar is a significant
shareholder with a holding of 3,476,452 and 20.85% of the
issued share capital.

Triad Group Plc | Annual Report and Accounts 2025 | 19
As at 31 March 2025, since the date of the last annual report
in June 2024, the Company had received the following
notifications relating to interests in the Company’s issued share
capital, as required under the Disclosure and Transparency
Rules (DTR 5) when a notifiable threshold is crossed.
Percentage of issued share capital
JC Rigg 17.93%
M and D Dixon 11.05%
C Rigg 9.26%
E Rigg 7.64%
T Charlton 5.00%
Shareholdings that have fallen below the minimum 3%
required under DTR5 are not disclosed.
As at 13 June 2025, no further notifications have been
received since the year end.
Dividends
There was a 2p per share interim dividend paid during the
year (2024: 2p per share). For the year ended 31 March
2025 the Directors propose a final dividend of 4p per share
(2024: 4p per share).
Financial instruments
The Board reviews and agrees policies for managing
financial risk. These policies, together with an analysis of the
Group’s exposure to financial risks are summarised in note 3
of these financial statements.
Research and development activity
Research and development activities are undertaken with
the prospect of gaining new technical knowledge and
understanding and developing new software. During the
year, our activities included the tracking of AI and Large
Language Models, exploring the use of the Government’s
Redbox implementation as well as researching how AI based
tools can improve our productivity from design through to
code. As part of our commitment to keeping apace with
development in AI, the Company also published a number of
thought leadership papers this year on AI related topics. We
also launched of a new information platform internally within
Triad. Partnering with a third party, we've used the platform
as our Triad own proof of concept to help drive opportunities
with current and future clients in the CMS/Intranet space.
Directors’ report
Directors’ interests in contracts
Directors’ interests in contracts are shown in note 22 to
the accounts.
Directors’ insurance and indemnities
The Company maintains Directors’ and Officers’ liability
insurance which gives appropriate cover for any legal action
brought against its Directors and Officers. The Directors also
have the benefit of the indemnity provisions contained in the
Company’s Articles of Association. These provisions, which
are qualifying third-party indemnity provisions as defined
by Section 236 of the Companies Act 2006, were in force
throughout the year and are currently in force.
Disclosure of information to auditor
All of the current Directors have taken all the steps that
they ought to have taken to make themselves aware of
any information needed by the Company’s auditor for the
purposes of their audit and to establish that the auditor is
aware of that information. The Directors are not aware of any
relevant audit information of which the auditor is unaware.
Forward-looking statements
The Strategic report contains forward-looking statements.
Due to the inherent uncertainties, including both economic
and business risk factors, underlying such forward-looking
information, the actual results of operations, financial
position and liquidity may differ materially from those
expressed or implied by these forward-looking statements.
Going concern
The Group’s business activities (including the Parent Company),
together with the factors likely to affect its future development,
performance and position, are set out in the Strategic report.
The financial position of the Group, its cash flows, liquidity
position and available working capital are described in the
Strategic report. In addition, note 3 to the financial statements
includes the Group’s objectives, policies and processes for
managing its capital, its financial risk management objectives,
details of its financial instruments and its exposure to credit
risk and liquidity risk. The Group meets its day to day working
capital requirements through cash reserves.
The Group operates an efficient low-cost operating model.
The client base generally consists of large blue-chip entities,
particularly within the public sector, enjoying long-term and
productive client relationships. As such, debtor recovery has
been reliable and predictable with a very low exposure to bad
debts. For the year ended 31 March 2025, the Group has not
utilised, nor anticipates prospectively utilising, any external
debt or financing instruments.

20 | Triad Group Plc | Annual Report and Accounts 2025
The going concern assessment considered a number of
realistic scenarios covering the period ending 30 September
2026, including the ability of future client acquisition, and the
impact of the reduction in services of key clients upon future
cash flows. In addition, the most severe scenario possible
modelled, assumed all current client contracts discontinued
at expiry with no extension or replacement and with no cost
mitigation. Even in this most extreme scenario, the Group
has enough liquidity and long-term contracts to support the
business through the going concern period. The Directors
have concluded from these assessments that the Group
would have sufficient headroom in cash balances to continue
in operation.
After making enquiries, including a review of the wider
economy including inflationary pressures, the impact
of global tariffs, geopolitical events impacting the wider
economy, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future and at least twelve
months from the date of approval of the financial statements.
Accordingly, they continue to adopt the going concern basis
in preparing the annual report and accounts.
Auditor
The last accounting period permissible for BDO LLP to
continue in office is for the year ending 31 March 2025. The
Group have been actively engaged in a search for a new
auditor and accordingly, a resolution to appoint HaysMac
LLP as auditors of the Company will be proposed at the next
Annual General Meeting.
Environment and greenhouse
gas reporting
Carbon dioxide emissions data is contained in the Corporate
social responsibility section of the Strategic report.
Statement of Directors’ responsibilities
The Directors are responsible for preparing the annual report
and the financial statements in accordance with UK adopted
international accounting standards in conformity with the
requirements of the Companies Act 2006 and applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
are required to prepare the Group financial statements
and have elected to prepare the Parent Company financial
statements in accordance with UK adopted international
accounting standards. Under company law the Directors must
not approve the financial statements unless they are satisfied
that they give a true and fair view of the state of affairs of the
Group and Parent Company and of the profit or loss for the
Group and Parent Company for that period.
In preparing these financial statements, the Directors are
required to:
•
select suitable accounting policies and then apply them
consistently;
•
make judgements and accounting estimates that are
reasonable and prudent;
•
state whether they have been prepared in accordance
with UK adopted international accounting standards,
subject to any material departures disclosed and
explained in the financial statements;
•
prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Group and Parent Company will continue in business;
•
prepare a directors’ report, a strategic report and
directors’ remuneration report which comply with the
requirements of the Companies Act 2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the Company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Company
and enable them to ensure that the financial statements
comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of
the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for ensuring that the
annual report and accounts, taken as a whole, are fair,
balanced, and understandable and provides the information
necessary for shareholders to assess the Group’s
performance, business model and strategy.
Directors’ report

Triad Group Plc | Annual Report and Accounts 2025 | 21
Directors’ report
Website publication
The Directors are responsible for ensuring the annual report
and the financial statements are made available on a website.
Financial statements are published on the Company’s
website in accordance with legislation in the United Kingdom
governing the preparation and dissemination of financial
statements, which may vary from legislation in other
jurisdictions. The maintenance and integrity of the Company's
website is the responsibility of the Directors. The Directors'
responsibility also extends to the ongoing integrity of the
financial statements contained therein.
Post balance sheet events and future developments
There are no post balance sheet events.
Details of the Group’s business activities and the factors
likely to affect its future development, performance and
position are set out in the Strategic Report on pages 2 to 17.
Other
There are no branches opened or employees working
outside of the United Kingdom subsequent to the year end.
There have been no purchases of own shares subsequent
to the year end.
Directors’ responsibilities pursuant to DTR4
The Directors confirm to the best of their knowledge:
•
The financial statements have been prepared in
accordance with the applicable set of accounting
standards, give a true and fair view of the assets,
liabilities, financial position and profit and loss of the
Group and Parent Company.
•
The annual report includes a fair review of the
development and performance of the business and the
financial position of the Group and Parent Company,
together with a description of the principal risks and
uncertainties that they face.
By order of the Board
James McDonald
Company Secretary
13 June 2025

22 | Triad Group Plc | Annual Report and Accounts 2025
The Board has considered the principles and provisions of the
UK Corporate Governance Code 2018 (“the Code”) applicable
for this financial period. The changes made in the revised Code
attempt to improve corporate governance processes and
encourage companies to demonstrate how good governance
contributes to the achievement of long-term success for
stakeholders. The Group keep governance matters under
constant review. Despite the changes in the Code requiring a
review of processes, there has not been a requirement to make
fundamental changes to strategy or working practices.
The following statement sets out the Group’s application of the
principles of the Code and the extent of compliance with the
Code’s provisions, made in accordance with the requirements
of the Listing Rules.
The Board
The Board is responsible for the long-term and sustainable
success of the business, and considers all opportunities and
risks as set out in the principal risks and uncertainties on
page 6. Further, the Board considers how good governance
can assist in promoting the delivery of the strategy, by
reference to strong stakeholder engagement. Details of how
the Board drive this engagement can be found within the
S172 statement on page 8.
The Directors who held office during the financial year were:
Executive Directors
Dr John Rigg, Chairman
Charlotte Rigg, Deputy Executive Chairman
Adrian Leer, Managing Director
James McDonald, Finance Director
Tim Eckes, Client Services Director
Independent non-Executive Directors
Chris Duckworth, senior independent non-Executive Director
Alison Lander
Ceris Gardner (appointed 1 July 2024, left the Board 19
September 2024)
On 1 July 2024 Ceris Gardner was appointed to the Board as
non-Executive Director and left the Board on 19 September
2024.
Current directorships are as follows:
John Rigg is Chairman. He is a Chartered Accountant. He was
a founder of Marcol Group Plc and was its Managing Director
from 1983 until 1988. Marcol was floated on the Unlisted
Securities Market in 1987. He was Chairman of Vega Group
plc from 1989 until 1996, holding the post of Chief Executive
for much of this period. Vega floated on the main market in
1992. He was a founder shareholder of Triad and served as
the Chairman of the Company from 1988 up to just before its
flotation in 1996, when he resigned to develop new business
interests overseas. He was appointed as non-Executive
Chairman in June 1999: in May 2004 he became part-time
Executive Chairman.
Adrian Leer is Managing Director. He was appointed to the
Board on 3 March 2015. He initially joined Triad in 2009 in
a consultative capacity, providing advice to the business
regarding its fledgling geospatial product, Zubed, and
helping to secure significant wins with major clients. In 2010,
he became General Manager of Zubed Geospatial. Adrian
became Commercial Director of Triad Consulting & Solutions
in 2012.
Tim Eckes is Client Services Director. He was appointed
to the Board on 1 January 2020. Tim Eckes joined Triad in
1991 as a graduate software engineer before moving into a
number of technical and commercial roles. He has multi-
sector experience, having been involved in engagements
across finance, telecoms, travel and central government.
In 5 years preceding his appointment to the Board, as
Managing Consultant he played a significant role in growing
the business, through the development of long lasting and
profitable relationships with key clients.
Chris Duckworth is a non-Executive Director and was
appointed on 1 July 2017. He has held numerous positions
within public and private companies as Finance Director,
Managing Director, non-Executive Director and Chairman.
He was a founding shareholder and from 1989 to 1994 was
Finance Director of Triad where he remained as a non-
Executive Director until 1999. From 1989 to 1994 he was
also Finance Director of Vega Group PLC after which he
served as a non-Executive Director until 1997. He was a
founding shareholder and Chairman of Telecity PLC in May
1998 and subsequently acted as a non-Executive Director
until August 2001. Chris was appointed as chairman of both
the Audit Committee and Remuneration Committee in July
2023 and stepped down from these roles on 1 November
2024 and retains the senior independent non-Executive
Director role.
Charlotte Rigg is Deputy Executive Chairman and was
appointed to this position on 1 June 2023. She was appointed
to the Board as non-Executive Director on 1 January 2020.
On 1 November 2024 Charlotte was appointed to the position
of Chairman of the Audit Committee. Charlotte Rigg’s
experience is both extensive and diverse. Over the last 25
Corporate governance report

Triad Group Plc | Annual Report and Accounts 2025 | 23
years she has built an internationally recognised stud farm
and runs a sizeable upland grazing farm in Cumbria where
the stud is based. In addition, Charlotte runs a successful
and expanding investment property portfolio which has been
established for over 20 years.
James McDonald is Finance Director and was appointed
to the Board on 16 June 2020. He joined the Company in
February 2020 and, in March 2020, assumed the position
of Company Secretary and acting Finance Director. He is a
Chartered Certified Accountant and has previously held a
senior finance position at Foxtons Group plc, prior to which
he was Group Finance Director and Company Secretary at
Brook Street Bureau Plc. He qualified with EY in London.
Alison Lander is a non-Executive Director and was
appointed to this position on 1 June 2023 and appointed
Chairman of the Remuneration Committee of 1 November
2024. She is a science graduate with many years’
experience of working with blue-chip organisations within
the IT sector, including Vickers Shipbuilding, Fokker Space
and Triad Group Plc. She has also had a continuous
relationship with the Group, assisting the Chairman and
Board for over 20 years.
The Board exercises full and effective control of the Group
and has a formal schedule of matters specifically reserved to
it for decision making, including responsibility for formulating,
reviewing and approving Group strategy, budgets and major
items of capital expenditure.
Regularly the Board will consider and discuss matters that
include, but are not limited to:
•
Strategy;
•
Shareholder value;
•
Financial performance and forecasts;
•
Alignment of culture to Group values;
•
Employee engagement;
•
Human resources; and
•
City and compliance matters.
The Executive Chairman, John Rigg, is responsible for
the leadership and efficient operation of the Board. This
entails ensuring that Board meetings are held in an open
manner and allow sufficient time for agenda points to be
discussed. It also entails the regular appraisal of each
Director, providing feedback and reviewing any training or
development needs.
Employee engagement is taken very seriously by the Board,
and the need to engage with the workforce is even more
important since the onset of the pandemic. Bi-weekly Group-
wide communication meetings chaired by the Managing
Director take place where there is a forum available for all
staff to participate and contribute directly with management.
Senior management meet daily to discuss the business and
create appropriate communications that predominantly seek
to enhance the well-being of staff, but also look to align
Group values to strategy. Further, on-line platforms exist
that enable constructive discussions concerning operational
delivery and best practice. Given the size of the Group, it
is not appropriate to develop any sub-committees for this
purpose and direct Group forums encourage all staff to
participate without dilution of message.
In a competitive marketplace for talent, the Board ensure
further engagement via regular pay reviews and formal staff
development processes, which enable training and career
aspirations to be discussed along with the facilitation of
individual career paths. The Board are firmly of the view that
the culture centred around the recruitment and retention of
quality staff, their wellbeing, development and future career
and remuneration aspirations will drive the strategic aims of
the business and drive stakeholder value in the long-term.
The Board meets regularly with senior management to
discuss operational matters. The non-Executive Directors
must satisfy themselves on the integrity of financial
information and that financial controls and systems of
risk management are robust. Following presentations by
senior management and a disciplined process of review
and challenge by the Board, clear decisions on the policy
or strategy are adopted that preserve Group values and
are sustainable over the long-term. The responsibility for
implementing Board decisions is delegated to management
on a structured basis and monitored at subsequent meetings.
During the period under review, and to date, the Executive
Chairman has not held any business commitments outside
the Group.
Chris Duckworth is the nominated senior independent
non-Executive Director. Charlotte Rigg is Deputy Executive
Chairman and Alison Lander is a non-Executive Director. All
have long-standing experience as company directors and
are free from any business or other relationship that could
materially interfere with the exercise of their independent
judgement. The Board benefits from their experience and
independence, when they bring their judgement to Board
decisions. The Board considers that all continue to remain
independent for the reasons stated above.
The Group has a procedure for Directors to take independent
professional advice in connection with the affairs of the Group
and the discharge of their duties as Directors.
The Board has an Audit Committee, comprised of the
Executive Chairman John Rigg, Deputy Executive Chairman
Charlotte Rigg and the independent non-Executive
Directors, Alison Lander and Chris Duckworth. The
Committee is chaired by Charlotte Rigg.
Corporate governance report

24 | Triad Group Plc | Annual Report and Accounts 2025
Corporate governance report
The Board has a Remuneration Committee, comprised of
the Executive Chairman John Rigg, the independent non-
Executive Directors Chris Duckworth and Alison Lander.
No third-party advisors have a position on the committee or
have provided services to the Committee during the year.
The Committee is chaired by Alison Lander.
The following table shows the attendance of Directors at
scheduled meetings of the Board and Audit and Remuneration
Committees during the year ended 31 March 2025 and shows
that the Board are able to allocate sufficient time to the
Company to discharge their responsibilities effectively.
Board
Audit
Committee
Remuneration
Committee
Number of meetings held 15 4 1
Number of meetings attended
Executive Directors:
John Rigg (Chairman) 13 4 1
Charlotte Rigg (Deputy
Executive Chairman)
14 1 –
Adrian Leer 15 – –
Tim Eckes 15 – –
James McDonald 14 – –
Non-Executive Directors:
Chris Duckworth 15 3 1
Alison Lander 15 4 1
Ceris Gardner
(appointed 1 July
2024 left the Board 19
September 2024)
2 – –
Audit Committee
The members of the Audit Committee are shown above.
The Board believe that John Rigg, a Chartered Accountant
with broad experience of the IT industry, Chris Duckworth,
with many years of experience in senior finance positions
in listed companies, Charlotte Rigg with many years of
business experience and sector experience and Alison
Lander, who has a qualification in ESG, has joined
the Committee to reflect the increasing non-financial
disclosures required for compliance with listing rules,
particularly sustainability and climate change, have recent
and relevant financial experience, as required by the Code.
The Audit Committee is responsible for reviewing the
Group’s annual and interim financial statements and
other announcements. It is also responsible for reviewing
the Group’s internal financial controls and its internal
control and risk management systems. It considers the
appointment and fees of the external auditor and discusses
the audit scope and findings arising from audits. The
Committee is also responsible for assessing the Group’s
need for an internal audit function.
Consideration of significant issues in relation to the
financial statements
The Audit Committee have considered the following
significant issues in relation to the preparation of these
financial statements:
Revenue recognition: The Committee has considered
revenue recognised in projects during, and active at the
end of the financial year to ensure revenue has been
recognised correctly. Furthermore, the Committee has also
assessed whether the Group is acting as agent or principle
in a transaction.
IFRS 16 ‘Leases’: The Committee have considered
the accounting treatment with respect to the critical
accounting estimates. This included reinstatement of a
Right of Use Asset (ROU) and subsequent impairment of
one of its leased premises.
Dilapidations provisions: The Committee have considered
the accounting treatment with respect to the critical
accounting estimates.
Going concern: The Committee have reviewed budgets and
cash flow projections, taking into account of working capital
facilities available to the Group, to ensure the going concern
basis of preparation of the results remains appropriate.
Deferred tax: The Committee have reviewed budgets
and taxable profits expectations and the likelihood that
deductions from taxable profits and tax losses brought
forward will be utilised against these profits.
Restricted Stock Units (RSUs): The Committee have
considered all matters with respect to the assets and
liabilities related to the vesting of the 2022 RSU awards.
Meetings with auditor and senior finance team
Members of the Audit Committee met with the senior
finance team in advance of their meeting with the auditor,
prior to commencement of the year-end audit to discuss;
•
Audit scope, strategy and objectives
•
Key audit and accounting matters
•
Independence and audit fee
A meeting was held prior to the completion of the audit
with the senior finance team and the auditor to assess the
effectiveness of the audit and discuss audit findings.
Effectiveness of external audit process
The Committee conducts an annual review of the
effectiveness of the annual report process. Inputs into the
review include feedback from the finance team, planning
and scope of the audit process and identification of risk, the

Triad Group Plc | Annual Report and Accounts 2025 | 25
execution of the audit, communication by the auditor with
the Committee, how the audit adds value and a review of
auditor independence and objectivity. Feedback is provided
to the external auditor and management by the Committee,
with any actions reviewed by the Committee.
Auditor independence and objectivity
The Committee has procedures in place to ensure that
independence and objectivity is not impaired. These include
restrictions on the types of services which the external
auditor can provide, in line with the FRC Ethical Standards
on Auditing. The external auditor has safeguards in place
to ensure that objectivity and independence is maintained
and the Committee regularly reviews independence taking
into consideration relevant UK professional and regulatory
requirements. The external auditor is required to rotate the
audit partner responsible for the Group audit every five years.
Non-audit fees
During the year the Group did not engage its auditor for
any non-audit work.
The Committee is responsible for reviewing any non-audit
work to ensure it is permissible under UK audit regulations
and that fees charged are justified, thus ensuring auditor
independence is preserved.
Appointment of external auditor
BDO LLP was reappointed external auditor in 2017
following a tendering process.
BDO LLP has confirmed to the Committee that they remain
independent and have maintained internal safeguards to
ensure that the objectivity of the engagement partner and
audit staff is not impaired.
Mandatory rotation of the auditor is required for the year
ending 31 March 2025 and the Board are seeking approval
of the shareholders at the AGM to appoint HaysMac LLP as
new auditors.
Internal audit
The Audit Committee has considered the need for a
separate internal audit function this year but does not
consider it appropriate in view of the size of the Group. The
Group is certified to ISO 9001:2015 and ISO 27001:2022.
Internal controls and risk management
The Board has applied the internal control and risk
management provisions of the Code by establishing a
continuous process for identifying, evaluating and managing the
significant and emerging risks faced by the Group. The Board
regularly reviews the process, which has been in place from the
start of the year to the date of approval of this report and which
is in accordance with FRC guidance on risk management,
internal control and related financial and business reporting.
The Board is responsible for the Group's system of internal
control and for reviewing its effectiveness. Such a system is
designed to manage rather than eliminate risk of failure to
achieve business objectives and can only provide reasonable
and not absolute assurance against misstatement or loss.
In compliance with the Code, the Audit Committee regularly
reviews the effectiveness of the Group's systems of
internal financial control and risk management. The Board’s
monitoring covers all controls, including financial, operational
and compliance controls and risk management. It is based
principally on reviewing reports from management to consider
whether significant weaknesses and risks are effectively
managed and, if applicable, considering the need for more
extensive monitoring.
The Board has also performed a specific assessment for the
purpose of this annual report. This assessment considers all
significant aspects of internal control and risk management
arising during the period covered by the report.
The key elements of the internal control and risk
management systems are described below:
•
Clearly documented procedures contained in a series of
manuals covering Group operations and management,
which are subject to internal project audit and external
audit as well as regular Board review.
•
The Group’s controls include appropriate segregation of
duties which are embedded in the organisation
•
The Group has a formal process for planning, reporting
and reviewing financial performance against strategy,
budgets, forecasts and on a monthly, bi-annual and
annual basis.
•
An appropriate budgeting process where the business
prepares budgets for the coming year, which are
approved by the Board.
•
Close involvement in the day-to-day management of the
business by the Executive Directors.
•
Regular meetings between the Executive Chairman,
Executive Directors and senior managers to discuss and
monitor potential risks to the business, and to implement
mitigation plans to address them.
Remuneration Committee
The Remuneration Committee is responsible for setting
remuneration for Executive Directors and the Chairman in
accordance with the remuneration policy below. In addition, the
Committee is responsible for recommending and monitoring
the level and structure of remuneration for senior management.
The Group’s Remuneration Committee is authorised to take
appropriate counsel to enable it to discharge its duty to make
recommendations to the Board in respect of all aspects of the
remuneration package of Directors. The Committee also takes
into account the general workforce remuneration awards when
setting Director remuneration.
The Directors’ remuneration report can be found on page 27.
Corporate governance report

26 | Triad Group Plc | Annual Report and Accounts 2025
Corporate governance report
Whistleblowing
Staff may contact the senior independent non-Executive
Director, in confidence, to raise genuine concerns of possible
improprieties in financial reporting, or employee related matters.
Board evaluation
Board members are made fully aware of their duties and
responsibilities as Directors of listed companies and are
supported in understanding and applying these by established
and more experienced Directors. The Executive Chairman
continuously evaluates the ability of the Board to perform
its duties and recognises the strengths and addresses any
weaknesses of the Board. In addition, training is available
for any Director at the Group’s expense should the Board
consider it appropriate in the interests of the Group.
Relations with shareholders
Substantial time and effort is spent by Board members
on meetings with and presentations to existing and
prospective investors. The views of shareholders derived
from such meetings are disseminated by the Chairman to
other Board members.
Private shareholders are invited to attend and participate at
the Annual General Meeting.
Terms of reference
The terms of reference of the Audit and Remuneration
Committees are available on request from the Company
Secretary.
Statement of compliance
The Board considers that it has been compliant with the
provisions of the Code for the whole of the period, except
as detailed below:
Provision 9 The roles of chairman and chief executive should
not be exercised by the same individual. John
Rigg is the Executive Chairman. Adrian Leer is
Managing Director. The Board currently has no
plans to recruit a Chief Executive Officer as it
considers that the duties are being satisfactorily
covered by members of the Executive Board
and the Group’s senior management.
Provisions 17/23 There should be a nominations committee
which should lead the process for board
appointments and make recommendations to
the board. The Board considers that because
of its size, the whole Board should be involved in
Board appointments.
Provision 18 All directors should be subject to annual re-
election. The Board consider that because of
its size, re-election by rotation in accordance
with the Company’s Articles of Association at
the Annual General Meeting is sufficient.
Provision 19 The chair should not remain in post beyond nine
years from the date of their first appointment to
the board. The Board considers that because
of its size and critically, due to the experience
of the Executive Chairman, this would not
be appropriate. The Board believe that re-
election in accordance with the Company’s
Articles of Association is sufficient.
Provision 20 Open advertising and/or an external search
consultancy should generally be used for the
appointment of the chair and non-executive
directors. The Board has a strong culture
of promoting from within with relevant
experience to the Group.
Provisions 21/23 The board should undertake a formal and rigorous
annual evaluation of its own performance and that
of its committees and individual Directors. There
is a process of continuous informal evaluation,
due to the small size of the Board.
Provision 24 The chair of the board should not be a member
of the audit committee. The Board considers
that because of its size, and the relevant
knowledge and experience of the Executive
Chairman, that this is not appropriate.
DTR 7.2.8 ARR The requirement to detail performance against
a diversity policy. The Group has a diversity
policy which meets our legal requirements.
The monitoring of performance against this
policy is an area which the Board take very
seriously and continuously look to improve.
The size of the Group and the long tenure of
senior staff provide constraints to improving
ratios in the short-term.
By order of the Board
James McDonald
Company Secretary
13 June 2025

Triad Group Plc | Annual Report and Accounts 2025 | 27
Directors’ remuneration report
On the following pages we set out the remuneration report for the year ended 31 March 2025. The members of the
Remuneration Committee are shown in the Corporate Governance report on page 22.
This report has been prepared in accordance with the Companies Act 2006 and is split into two sections as follows;
1. The Directors’ remuneration policy.
2. The Annual report on remuneration. This will be subject to an advisory shareholder vote at this year’s Annual General Meeting.
During the year the Committee carefully reviewed Directors’ remuneration. Given the continued positive trajectory under strong
strategic and operational guidance, the Committee awarded salary increases to the Board that would be effective in the next
financial year.
Directors’ remuneration policy
The remuneration policy sets out the framework within which the Company remunerates its Directors. The Company’s remuneration
report was put to a shareholder vote at the 2024 Annual General Meeting of the Company and was approved by 69% of
shareholders with 2,175 votes withheld. See page 18 of the Directors’ report for further details of voting rights.
The Committee welcomed the approval of the shareholders, which represented 67% of the total shareholding. The Committee aims
to align meaningful remuneration with Group financial performance by taking into account the difficult trading environment, and to
ensure the long-term health of the business. The performance of the Directors has been deemed by the Committee to be more than
satisfactory, with progression on key strategic objectives and a return to profitability.
The Committee therefore concludes that the remuneration is fair and appropriate but will continue to seek shareholder feedback.
The remuneration policy will be put to a shareholder vote every three years unless any changes to the policy are proposed
before then.
The Committee intends to implement the Directors’ remuneration for the following year as agreed at the 2024 General Meeting.
The Policy agreed by the shareholders is as follows.

28 | Triad Group Plc | Annual Report and Accounts 2025
Directors’ remuneration report
Policy table – Executive Directors
Element & purpose Operation Maximum payable Performance metrics
Base salary
Reflects the
individual’s skills,
responsibilities and
experience.
Supports the
recruitment
and retention of
Executive Directors.
Reviewed annually taking into
consideration market data,
business performance, external
economic factors, the complexity
of the business and the role, cost,
and the incumbent’s experience
and performance as well as the
wider employee pay review.
Ordinarily, salary increases will
be in line with average increases
awarded to other employees in
the Company.
In certain circumstances, such
as a change in responsibility or
development in role increases
beyond this may be made subject
to the factors mentioned in the
Operation column.
None, although individual
performance is considered when
setting salary levels.
Benefits in kind
Protects the well-
being of Directors
and provides fair and
reasonable market
competitive benefits.
Benefits in kind include company
cars or allowances, private
medical insurance, life cover and
permanent health insurance.
Benefits are reviewed periodically.
The Remuneration Committee
retains discretion to provide
other benefits depending on the
circumstances which may include
but are not limited to relocation
costs or allowances to facilitate
recruitment.
Benefits are set at a level
considered to be appropriate
taking into account individual
circumstances.
None.
Pension
Provides competitive
post-retirement
benefits to support
the recruitment
and retention of
Executive Directors.
The Company pays contributions
into a personal pension scheme or
cash alternative.
The Company matches individual
contributions up to a maximum
of 5%.
This limit is in line with the limits
available for all employees.
None.
All employee share
scheme
To provide employees
with the opportunity
to own shares in the
Company.
Executive Directors shall be
eligible to participate in any future
all employee share schemes
(e.g. Save-as-you-earn or Share
Incentive Plan) if adopted by the
Company.
The limits will be in line with the
HMRC limits for the relevant
schemes.
Any conditions shall be in line
with HMRC guidance for such
schemes and there may be
no performance conditions if
appropriate.
Share option
scheme
Encourages share
ownership amongst
employees and aligns
their interests with
the shareholders.
The Company operates an EMI
share option scheme. Discretionary
awards are made in accordance
with the scheme rules.
The potential value of options
held rises as the Company’s share
price increases.
Specific performance criteria are
specified at the time of awarding
the share options to ensure
alignment with the interests of
shareholders.

Triad Group Plc | Annual Report and Accounts 2025 | 29
Element & purpose Operation Maximum payable Performance metrics
Employee Share
Incentive Plan
Incentivises long-
term value creation,
aligning the interests
of Executives and
shareholders through
share awards.
The Remuneration Committee
may make share awards annually
under the Plan.
The Plan will give the Remuneration
Committee flexibility to make
awards in the form of conditional
awards (performance share award).
Performance share awards shall
have a performance period of at
least 3 years.
Awards shall not vest in full any
earlier than 3 years, but the
Remuneration Committee retains
discretion to vest in tranches.
Awards made to Executive
Directors will have an additional
post-vesting holding period of 2
years during which shares cannot
be sold other than to settle tax
liabilities which may arise.
Malus and clawback provisions
apply.
The maximum award that may be
granted shall be 200% of salary.
Awards may have performance
conditions attached.
The Remuneration Committee
has discretion to determine
appropriate measures, targets and
ranges in respect of each award
when made.
The Remuneration Committee
may also adjust the formulaic
outcome of awards where it
deems that it is not reflective of
overall business performance.
The Remuneration Committee have the sole discretion to interpret the policy above and to award shares in line with the policy.
The Company currently operates 2 schemes (see note 21):
•
Shares under the Share Option Scheme – EMI Share Option Scheme
•
Employee Share Incentive Plan – Restricted Stock Units (RSUs)
There are no contractual entitlement for any Director to receive an award annually or otherwise. Restricted stock units (RSUs)
were awarded to the Executive Directors under the Plan in 2022 (see page 34).
The Group does not believe that a performance related annual cash bonus is appropriate at the present time and that solely
equity-based incentives are a more appropriate mechanism for incentivising, rewarding and retaining Executive Directors.
Shareholding Guidelines
The Remuneration Committee is introducing shareholding guidelines in order to encourage a build-up of shares over time for
the Executive Directors.
Whilst there is no formal requirement beyond the 2 year post-vesting holding period, the Remuneration Committee expects that a
substantial portion of shares earned from incentive arrangements will continue to be held by the Executive Directors in the longer term.
Policy table – non-Executive Directors
Element
Relevance to short and
long-term strategic
objectives
Operation Maximum payable Performance metrics
Fees Competitive fees to
attract experienced
Directors.
Reviewed annually. In general, the level of fee
increase for the non-
Executive Directors will be
set taking account of any
change in responsibility.
Not applicable.
Directors’ remuneration report

30 | Triad Group Plc | Annual Report and Accounts 2025
The remuneration of the non-Executive Directors is agreed by the Board. However, no Director is involved in deciding their
own remuneration.
Malus and Clawback provisions
The Plan contains malus and clawback provisions which may trigger in exceptional circumstances and which include:
•
material misstatement of company accounts;
•
fraud, gross misconduct or misbehaviour;
•
materially mistaken, misrepresented or incorrect information has been used to assess the value of an award;
•
an error in assessing or setting performance conditions;
•
material reputational damage or
•
a downturn in financial performance or corporate failure for which the relevant individual is responsible or has
significantly contributed to.
Malus may apply until settlement, and clawback may apply after vesting for up to 2 years, and these provisions allow the
Remuneration Committee to recover value delivered in connection with awards and amend or reduce awards in the above
circumstances (potentially to nil).
Discretion
The Remuneration Committee has discretion in several areas of the remuneration policy as set out in this report. The
Remuneration Committee may also exercise operational and administrative discretions under relevant plan rules approved
by shareholders as set out in those rules. In addition, the Remuneration Committee has the discretion to amend the
remuneration policy in respect of minor or administrative matters where it would be, in the opinion of the Remuneration
Committee, disproportionate to seek or await shareholder approval.
As noted, the Remuneration Committee reviews all incentive outturns to assess whether they align to the overall
performance of the business and the experience of its key stakeholders over the period e.g., shareholders and employees.
The Remuneration Committee retains discretion to adjust the formulaic outcome of incentives upwards or downwards to
reflect its judgement. Any such exercise of discretion will be disclosed in the relevant annual report.
Pre-existing remuneration arrangements and minor changes
The Remuneration Committee may make remuneration payments outside of the terms of this remuneration policy where the
terms of the payment were agreed prior to the introduction of this or prior remuneration policies, provided the terms were in
line with the remuneration policy in place at that time, or where the terms were agreed prior to the relevant Director being a
member of the Board. Any such payments may be satisfied in line with the terms agreed.
Approach to recruitment remuneration
The Group’s remuneration policy is to provide remuneration packages which secure and retain management of the highest
quality. Therefore, when determining the remuneration packages of new Executive Directors, the Remuneration Committee
will structure a package in accordance with the general policy for Executive Directors as shown above. In doing so the
Remuneration Committee will consider a number of factors including:
•
the salaries and benefits available to Executive Directors of comparable companies;
•
the need to ensure Executive Directors’ commitment to the continued success of the Group;
•
the experience of each Executive Director; and
•
the nature and complexity of the work of each Executive Director.
The Remuneration Committee may determine that an initial salary positioning below market is appropriate and in those circumstances,
may in the years following appointment award increases greater than levels awarded to the wider workforce in the short-term.
Incentive levels will be in line with the limits for Executive Directors and the structure will be as permissible under the policy.
If applicable, relocation allowances may be made in line with the policy.
Directors’ remuneration report

Triad Group Plc | Annual Report and Accounts 2025 | 31
The Company may offer to buy out incentives which have been forfeited from a previous employer. Where such awards are made,
they will seek to match the value and time horizons of foregone awards and will reflect any performance conditions attached.
The Company will not make any sign-on bonuses or “golden hello” payments when appointing Executive Directors.
Directors’ service contracts and policy
The details of the Directors’ contracts are summarised as follows:
Date of contract Notice period
J C Rigg 01/07/1999 1 month
A Leer 03/03/2015 6 months
C J Duckworth 01/07/2017 1 month
T J Eckes 01/01/2020 6 months
C M Rigg 01/01/2020 1 month
J McDonald 16/06/2020 6 months
A J Lander 01/06/2023 1 month
All contracts are for an indefinite period. No contract has any provision for the payment of compensation upon the
termination of that contract.
Illustrations of application of remuneration policy
As there are currently no performance related or variable elements of Executive Director remuneration it is not appropriate
to prepare illustrations required under the legislation.
Policy on payment for loss of office
The primary principle underpinning the determination of any payments on loss of office is that payments for failure will not
be made. Contracts and incentive plan rules have been drafted in such a way that the Remuneration Committee has the
necessary powers to ensure this.
It is the Group’s policy in relation to Directors’ contracts that:
•
Executive Directors should have contracts with an indefinite term providing for a maximum of six months’ notice by either party.
•
non-Executive Directors should have terms of engagement for an indefinite term providing for one month notice by either party.
•
there is no provision for termination payments to Directors.
In relation to the Plan, awards will normally lapse for a leaver and the plan rules contain Good Leaver provisions that shall
determine the treatment of awards in the following cases:
•
death,
•
ill-health, injury, disability
•
the employing company / business / part of the business being transferred outside of the Group
or
•
any other reason at the discretion of the Remuneration Committee
In such cases:
•
Awards will ordinarily be pro-rated based on time served over the vesting period.
•
Vesting will normally occur at the normal time except upon death where vesting may be accelerated.
•
Performance conditions shall still apply.
The Remuneration Committee reserves discretion however to determine the exact treatment of awards having due regard to the
circumstances at the relevant time.
Directors’ remuneration report

32 | Triad Group Plc | Annual Report and Accounts 2025
Consideration of employment conditions elsewhere in the Group
In setting the Executive Directors’ remuneration, the Committee takes into account the pay and employment conditions
applicable across the Group in the reported period. No consultation has been held with employees in respect of Executive
Directors’ remuneration.
Consideration of shareholders’ views
The Remuneration Committee considers the views of institutional investors and published guidelines of its shareholders
when making remuneration decisions. Furthermore, the Remuneration Committee is open to conversations with
shareholders on the design of the policy and any remuneration decisions made concerning Executive Directors.
Annual report on remuneration (audited)
Directors' remuneration - single total figure of remuneration
The remuneration of each of the Directors for the period they served as a Director are set out below. Salary sacrifice
amounts, deducted from gross salaries, are shown in pensions which also includes the Company contribution:
2025
Director
Basic salary
and fees
Benefits in
kind
Pension
Total Fixed
Pay
One-time
Discretionary
payment
Total
Variable Pay
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive
J C Rigg 75 – – 75 – – 75
C Rigg 60 – – 60 – – 60
A Leer ¹ 225 8 41 274 – – 274
T J Eckes ² 176 3 35 214 – – 214
J McDonald ³ 189 – 20 209 – – 209
Non-Executive
C J Duckworth 50 – – 50 – – 50
A Lander 50 – – 50 – – 50
C Gardner (appointed 1 July 2024,
left 19 September 2024)
17 – – 17 – – 17
Total 842 11 96 949 – – 949
¹ Adrian Leer’s basic salary was increased from £220,000 to £253,000 with effect from 1 May 2024
² Tim Eckes’ basic salary was increased from £165,000 to £190,000 with effect from 1 May 2024
³ James McDonald’s basic salary was increased from £165,000 to £190,000 with effect from 1 May 2024
Directors’ remuneration report

Triad Group Plc | Annual Report and Accounts 2025 | 33
2024
Director
Basic salary
and fees
Benefits in
kind
Pension
Total Fixed
Pay
One-time
Discretionary
payment
Total
Variable Pay
Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive
J C Rigg ¹ 74 – – 74 – – 74
C Rigg (effective 1 June 2023) ² 50 – – 50 – – 50
A Leer ³ 196 17 36 249 45 45 294
T J Eckes  156 2 26 184 35 35 219
J McDonald  166 – 18 184 35 35 219
Non-Executive
A M Fulton (retired 31 July 2023) 17 – – 17 – – 17
C J Duckworth  49 – – 49 – – 49
C Rigg (to 31 May 2023) 7 – – 7 – – 7
A Lander (appointed 1 June 2023)  42 – – 42 – – 42
Total 757 19 80 856 115 115 971
¹ John Rigg’s basic salary was increased from £60,000 to £75,000 with effect from 1 May 2023
² Charlotte Rigg became the Deputy Executive Chairman on 1 June 2023 and her basic salary was increased to £60,000.
³ Adrian Leer’s basic salary was increased from £200,000 to £220,000 with effect from 1 May 2023
 Tim Eckes’ basic salary was increased from £150,000 to £165,000 with effect from 1 May 2023
 James McDonald’s basic salary was increased from £150,000 to £165,000 with effect from 1 May 2023
 Non-Executive Directors were awarded an increase of £15,000 to £50,000 with effect from 1 May 2023
 Non-Executive Director Alison Lander’s annual salary is £50,000 and effective from 1 June 2023
Other Remuneration
No performance measures or targets were in place for either the year ended 31 March 2025 or any prior financial year, upon
which any variable pay elements could become payable during the year.
Benefits in kind include the provision of company car and medical insurance.
Pension includes a 5% employer contribution together with contributions made under an employee salary sacrifice scheme.
Three Directors are members of a money purchase pension scheme into which the Group contributed during the year.
Payments to past Directors
There were no payments to past Directors during the year.
Payment for loss of office
There were no payments for loss of office during the year.
Directors’ remuneration report

34 | Triad Group Plc | Annual Report and Accounts 2025
Directors’ remuneration report
Directors’ interests in shares
The Directors who held office at the end of the financial year had the following beneficial interests in the ordinary shares of
the Company.
1 April 2024 31 March 2025
J C Rigg 4,794,400 2,989,400
A Leer 305,379 305,379
C J Duckworth 22,026 22,026
T J Eckes 120,374 120,374
C M Rigg 329,779 1,543,477
J McDonald 27,600 27,600
A J Lander 147,290 177,248
Total 5,746,848 5,185,504
During the year 60,000 shares each (2024: nil) restricted stock units (RSUs) vested for each of Adrian Leer, Tim Eckes and
James McDonald. The holdings listed above do not recognise this award as at the balance sheet date, the shares had not yet
been issued and allocated to the Directors. This allocation will only occur when cash is received from sale of shares in order
to cover tax liabilities and other costs. When this transaction is complete, it is estimated that each Director’s holding would
increase by approximately 23,000 shares.
Directors’ restricted stock units (RSUs)
On 30 March 2022 the Committee awarded the Executive Directors the following restricted stock units (RSUs) under the Triad
Employee Share Incentive Plan:
Director Date award made Number
Performance
condition
Vesting date
Adrian Leer 30 March 2022 60,000 135.0p 30 March 2025
Tim Eckes 30 March 2022 60,000 135.0p 30 March 2025
James McDonald 30 March 2022 60,000 135.0p 30 March 2025
The Awards would vest if the Board determined that the Market Value of a Share on the third anniversary of the Award Date
is equal to or greater than the Market Value of a Share on the Award Date. The market value at the Award Date is 135p. On
28 March 2025, the closest working day to the vesting date, the market value of the shares was 335p and therefore the
awards vested.
The total share-based payment expense recognised in the year in respect of Directors’ RSU share options is £63,216
(2024: £53,447).
Malus, clawback and hold over periods are as per the Plan.
The market price of the Company’s shares was 325p at 31 March 2025 and the range during the year was between 242p and 400p.
Further details relating to share awards can be found in note 21.

Triad Group Plc | Annual Report and Accounts 2025 | 35
Directors’ remuneration report
Annual report on remuneration (unaudited)
Performance graph
The following graph shows the Group’s performance, measured by total shareholder return, compared with the performance
of the FTSE Fledgling Index (“FTSEFI”) also measured by total shareholder return (“TSR”). The FTSEFI has been selected
for this comparison because it is an index of companies with similar current market capitalisation to Triad Group Plc.
200
400
600
800
1,000
1,200
Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 Mar 24 Mar 25
TRD v FTSE Fledgling Index
Fledgling
Triad
Year
Index
Chief Executive remuneration
For the financial year ended 31 March 2025 the salary of the Executive Chairman was £75,000 (2024: £73,750). Employee
salaries increased, on average, by 5.1% in the year (2024: 5.4%).
The remuneration paid to the Executive Chairman for the financial years 2016 to 2025 were as follows:
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
£25,000 £25,000 £60,000 £60,000 £60,000 £60,000 £60,000 £60,000 £73,750 £75,000
The annual amounts paid above relate to salary only. The Executive Chairman did not receive any discretionary payments
during these periods.
Relative importance of spend on pay
The total dividends or other cash distributions to shareholders during the year was £1.0m (2024: £996k), see note 10. The
total employee remuneration (including Directors) during the year was £13.947m (2024: £10.677m).

36 | Triad Group Plc | Annual Report and Accounts 2025
Percentage change in Directors’ remuneration
The tables below show the change in Directors’ remuneration for those that held office during the year, compared to the
employees of the Company, where Directors and employees have been employed by Triad for the full relevant financial years
(2021: 41 employees, 2022: 43 employees, 2023: 57 employees, 2024: 87 employees, 2025: 95 employees).
Basic salary and fees 2021 2022 2023 2024 2025
J C Rigg 0% 0% 0% 22.9% 1.7%
A Leer 0% 3.6% 10.3% 9.2% 14.6%
T J Eckes n/a 0.1% 10.3% 6.6% 16.0%
J McDonald n/a 9.4% 10.6% 8.6% 13.9%
C J Duckworth 0% 0% 0% 39.3% 2.6%
C Rigg n/a 0% 0% 63.1% 5.1%
A Lander n/a n/a n/a n/a n/a
Employees of the Company 3.7% 3.8% 6.5% 5.4% 5.1%
Benefits in kind ¹ 2021 2022 2023 2024 2025
J C Rigg n/a n/a n/a n/a n/a
A Leer (1.7%) 19.9%² 2.3% (7.5%) (56.1%)³
T J Eckes n/a (23.4%) 4.6% 10.8% 9.7%
J McDonald n/a n/a n/a n/a n/a
C J Duckworth n/a n/a n/a n/a n/a
C Rigg n/a n/a n/a n/a n/a
A Lander n/a n/a n/a n/a n/a
Employees of the Company (5.7%) (18.3%) (7.1%) 32.7% 8.1%
¹ The negative values in this table represent a reduction in costs for the provision of identical benefits
² Represents the increase in provision of company car
³ Represents the decrease in the taxable benefits attributable to provision of a hybrid company car
Other (includes commission and bonus
payments)
2021 2022 2023 2024 2025
J C Rigg n/a n/a n/a n/a n/a
A Leer n/a 100% (100%) 100% (100%)
T J Eckes n/a 100% (100%) 100% (100%)
J McDonald n/a 100% (100%) 100% (100%)
C J Duckworth n/a n/a n/a n/a n/a
C Rigg n/a n/a n/a n/a n/a
A Lander n/a n/a n/a n/a n/a
Employees of the Company (9.5%) (44.3%)⁴ (88.2%)⁴ 0.0% (44.0%)
 Represents cessation of a commission scheme for a small number of employees
The Group is exempt from disclosing data with respect to the CEO pay ratio due to employee numbers being less than 250.
Consideration of matters related to Directors’ remuneration
During the financial year, the Remuneration Committee met on one occasion to discuss Directors’ remuneration.
No external advice was sought in relation to matters discussed at this meeting.
Alison Lander
Chairman, Remuneration Committee
13 June 2025
Directors’ remuneration report

Triad Group Plc | Annual Report and Accounts 2025 | 37
Opinion on the financial statements
In our opinion:
•
the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31
March 2025 and of the Group’s and Parent Company’s profit for the year then ended;
•
the Group financial statements have been properly prepared in accordance with UK adopted international accounting
standards;
•
the Parent Company financial statements have been properly prepared in accordance with UK adopted international
accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and
•
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Triad Group Plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the year
ended 31 March 2025 which comprise Group and Parent Company statements of comprehensive income and expense, Group and
Parent Company statements of changes in equity, Group and Parent Company statements of financial position, Group and Parent
Company statements of cash flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international
accounting standards and as regards the Parent Company financial statements, as applied in accordance with the provisions of
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion. Our audit opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the Audit Committee, we were appointed by the Audit Committee to audit the financial
statements for the year ended 31 March 2006 and subsequent financial periods. The period of total uninterrupted
engagement including retenders and reappointments is 20 years, covering the years ended 31 March 2006 to 31 March
2025. We remain independent of the Group and the Parent Company in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public
interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The non-audit
services prohibited by that standard were not provided to the Group or the Parent Company.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and the
Parent Company’s ability to continue to adopt the going concern basis of accounting included:
•
We considered the nature of the Group, its business model and related risks arising to going concern;
•
We evaluated the Directors’ assessment of the Group’s ability to continue as a going concern by obtaining going
concern models, which included but was not limited to, a base case and stress test scenario covering the going concern
assessment period;
•
We assessed the adequacy of the going concern assessment period, considering whether any events or conditions
foreseeable after the period indicated that a longer review period would be appropriate;
•
We tested the integrity of the models by checking the formulae, the arithmetic accuracy and any hard coding;
•
We challenged the rationale for the key assumptions used, including the forecast levels of future revenue and staff
costs, by understanding existing contracts in place, the expectations of contract renewals and new wins, and by making
enquiries of management;
•
We examined the forecasts and stress test provided by the Group and the appropriateness of the sensitivities made by
challenging management and assessing the reasonableness of potential mitigating actions available;
Independent auditor’s report to the members of Triad Group Plc

38 | Triad Group Plc | Annual Report and Accounts 2025
•
We assessed the Directors’ historical ability to accurately forecast by comparing previous year forecasts with actual
performance achieved;
•
We made enquiries of management as to their knowledge of events, company specific or geo-political, or conditions
beyond the period of their assessment that may cast significant doubt on the Group’s ability to continue as a going
concern. We have also inspected the minutes of Board meetings to supplement our enquiries;
•
We assessed the availability of cash to the Group over the forecast period and the level of headroom available;
•
We reviewed post-balance sheet results, specifically the cash flow position against that budgeted; and
•
We considered the adequacy of the disclosures in the financial statements against our knowledge of the Group, the
Directors’ and our own independent going concern assessments and the requirements of the accounting standards.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
In relation to the Parent Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections
of this report.
Overview
Key audit matter Revenue recognition
2025 2024
X X
Materiality
Group financial statements as a whole
£160k (2024: £70k) based on 0.75% (2024: 0.50%) of revenue
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, the applicable financial
reporting framework and the Group’s system of internal control. On the basis of this, we identified and assessed the risks
of material misstatement of the Group financial statements including with respect to the consolidation process. We then
applied professional judgement to focus our audit procedures on the areas that posed the greatest risks to the group
financial statements. We continually assessed risks throughout our audit, revising the risks where necessary, with the aim of
reducing the group risk of material misstatement to an acceptable level, in order to provide a basis for our opinion.
The Group operates solely in the United Kingdom. The Group consists of six companies, five of which are dormant, with the
Parent Company being the only trading entity. The Group engagement team performed a full scope audit on the Parent Company.
Climate change
Our work on the assessment of potential impacts of climate-related risks on the Group’s operations and financial statements
included:
•
Enquiries and challenge of management to understand the actions they have taken to identify climate-related risks and
their potential impacts on the financial statements and adequately disclose climate-related risks within the annual report;
•
Our own qualitative risk assessment taking into consideration the sector in which the Group operates and how climate
change affects this particular sector;
•
A review of the minutes of Board and Audit Committee meetings and other papers related to climate change and
performing a risk assessment as to how the impact of the Group’s commitment as set out on pages 11-14 may affect the
financial statements and our audit;
Independent auditor’s report to the members of Triad Group Plc

Triad Group Plc | Annual Report and Accounts 2025 | 39
Independent auditor’s report to the members of Triad Group Plc
•
We challenged the extent to which climate-related considerations, including the expected cash flows from the initiatives
and commitments have been reflected, where appropriate, in management’s going concern assessment and viability
assessment; and
•
We also assessed the consistency of management’s disclosures included as ‘Other Information’ on pages 11-14 with the
financial statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters that were materially
affected by climate-related risks.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period and include the most significant assessed risks of material misstatement (whether
or not due to fraud) that we identified, including those which had the greatest effect on: the overall audit strategy, the
allocation of resources in the audit, and directing the efforts of the engagement team. These matters were addressed in
the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Key audit matter How the scope of our audit addressed the key audit matter
Revenue
recognition
As detailed in
notes 1 and 4
to the financial
statements.
We considered there to be a significant
risk of material misstatement due to
fraud relating to overstatement of
revenue throughout the year from
top-side adjustments to revenue
through management override and the
overstatement (cut-off) of consultancy and
contractors’ time and materials revenue
at year end. These risks are detailed as
follows:
Management override of controls – top-
side adjustments to revenue
Our fraud risk assessment found
there to be a significant risk relating to
management override of controls because
management are in a unique position
to manipulate the results by overriding
controls. This could be perpetrated either
by posting fraudulent journal entries to
manipulate financial reporting, or through
adding bias to accounting estimates or
judgements. Specifically for the Group
there is a management override risk
relating to the overstatement (existence)
of revenue that management may post
"top-side" journals to revenue (outside
of the normal contract invoice process)
to fictitiously inflate sales throughout the
year.
We obtained an understanding of the revenue process flow as
well as design and implementation of controls relating to these
significant risks.
Management override of controls – top-side adjustments to
revenue
The following detailed procedures were performed:
• Revenue journals testing
On the basis of our understanding of the revenue process
flow, the audit team built an expectation of the anticipated
journal pairings to revenue. All journals to revenue outside of
these set expectations were tested by vouching to supporting
documentation to substantiate that entries are supported by
appropriate business rationale, authorisation and have been
accounted for correctly.
Consultancy and contractors’ time and materials revenue –
overstatement cut-off risk
The following substantive detailed procedures were performed:
• March 2025 T&M revenue existence cut-off testing
In order to assess whether T&M revenue recognised before
year end was appropriate, the audit team considering the
monthly invoicing cadence, tested a sample of March 2025 T&M
revenue by comparing to supporting documentation including
signed contracts, sales invoices, remittance advices, and the
subsequent cash receipts. With reference to the timing of
invoicing and subsequent cash receipt the audit team assessed
whether the corresponding balance sheet position was
appropriate.

40 | Triad Group Plc | Annual Report and Accounts 2025
Independent auditor’s report to the members of Triad Group Plc
Key audit matter How the scope of our audit addressed the key audit matter
Revenue
recognition
As detailed in
notes 1 and 4
to the financial
statements.
Consultancy and contractors’
time and materials revenue -
overstatement cut-off risk
There is a risk of fraudulent
overstatement of revenue recognition
(existence) linked to either the
valuation of contract assets or
contract liabilities (depending on
timing of invoicing) for Time &
Materials (T&M) projects: There is a
risk that the cut-off of T&M revenue
is overstated due to incorrect cut off
applied in revenue amounts, resulting
in either missing contract liabilities or
fictitious contract assets for projects
that span the year end. The risk was
of these being recorded incorrectly
due to:
• revenue invoiced and recognised in
the final month of the financial year
that should have been deferred
as the services had not yet been
delivered; and/or
• revenue accrued at year end and
recognised in the audit period for
services that have not yet been
delivered (or invoiced);
For the contract assets the risk is
based on the project manager’s
estimate of the revenue that can
be recognised but has not yet been
invoiced by the year end and the
subsequent recovery of any post year
end bills raised.
In view of the significance of
revenue recognition to the audit of
the financial statements and the
related potential for fraud this was
considered to be a key audit matter.
• April 2025 credit notes testing
The audit team, considering the average payment terms, planned
testing over a sample of credit notes raised post-year end in April
2025 to confirm whether these indicated that revenue from the
audited period should not have been recorded. For each sample
item the audit team planned to obtain the related invoice, gain an
understanding of the reason for a credit note being required, confirm
whether the credit note was appropriately authorised, and assess
if any adjustment to revenue recognition was required within the
audited period. There were no credit notes raised in April 2025.
• Credit notes throughout the year
The audit team performed testing over a sample of credit notes
issued throughout the year to confirm whether the credit note had
been recorded in the correct period by reference to the original
invoices and the revenue recognised. For each sampled item the
audit team obtained the related invoice, gained an understanding
of the reason for a credit note being required, confirmed whether
the credit note was appropriately authorised, and assessed if any
adjustments to revenue recognition was required in the audit period.
• Testing of contract assets
The audit team performed testing over a sample of the year end
contract asset balances to confirm whether each sampled item
was accurately recorded and was recoverable. The existence and
accuracy of each item were confirmed by verifying each sample
item to supporting documentation such as signed contracts and
timecards. The recoverability of the contract assets sampled was
assessed by testing that they had been invoiced post-year end.
Where they had been subsequently paid within the audit period they
were tested back to bank receipts.
• Testing of contract liabilities
The audit team performed testing over a sample of the year end
contract liability balance to confirm whether each item sampled
was accurately recorded. To test the appropriateness of contract
liabilities they were agreed to supporting documentation such as
signed contracts, sales invoices and timecards. A recalculation was
performed to test the computational accuracy.
• Review of disclosures
We have considered the adequacy of the Group’s disclosures in
respect of revenue recognition policies, revenue disclosures and
related balance sheet contract disclosures by agreeing back to the
supporting data and our audit work.
Key observations
Based on the procedures performed we did not identify any evidence
that revenue recognition for the period was materially misstated.

Triad Group Plc | Annual Report and Accounts 2025 | 41
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements.
We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic
decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower
materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below these
levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements, and
the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance
materiality as follows:
Group and Parent Company financial statements
2025
£k
2024
£k
Materiality
160 70
Basis for determining materiality
0.75% of revenue 0.50% of revenue
Rationale for the benchmark applied
We consider revenue to be the most
appropriate benchmark as it is one of
the principal considerations for users of
the financial statements in assessing the
financial performance and development of
the Group and Parent Company.
We consider revenue to be the most
appropriate benchmark as it is one of
the principal considerations for users of
the financial statements in assessing the
financial performance and development of
the Group and Parent Company.
Performance materiality
120 52
Basis for determining performance
materiality
75% of materiality, the threshold was
selected to reflect the amount of balances
subject to estimation, the amount of audit
differences historically arising and the
mainly substantive approach to the audit.
75% of materiality, the threshold was
selected to reflect the amount of balances
subject to estimation, the amount of audit
differences historically arising and the
mainly substantive approach to the audit.
Rationale for the percentage applied for
performance materiality
We determined that 75% of materiality
would be appropriate based on our
risk assessment, together with our
assessment of the Group’s and Parent
Company’s overall control environment,
the low number of components, the low
value of brought forward adjustments
impacting the current year and the
acknowledgement that it is the final
year of auditing the Group and thus our
detailed understanding of the Group.
We determined that 75% of materiality
would be appropriate based on our
risk assessment, together with our
assessment of the Group’s and Parent
Company’s overall control environment,
the low number of components and the
low value of brought forward adjustments
impacting the current year.
The Group consists of six companies, five of which are dormant, with the Parent Company being the only trading entity. As
such, 100% of Group materiality was allocated to the Parent Company (2024: 100%).
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £8.0k (2024:
£3.5k). We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.
Independent auditor’s report to the members of Triad Group Plc

42 | Triad Group Plc | Annual Report and Accounts 2025
Independent auditor’s report to the members of Triad Group Plc
Other information
The directors are responsible for the other information. The other information comprises the information included in the
document entitled Annual Report other than the financial statements and our auditor’s report thereon. Our opinion on
the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our
report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
The UK Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that
part of the Corporate Governance Statement relating to the Parent Company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit.
Going concern and
longer-term viability
• The Directors' statement with regards to the appropriateness of adopting the going concern basis of
accounting and any material uncertainties identified set out on pages 9, 19 and 20;
• The Directors’ explanation as to their assessment of the Group’s prospects, the period this
assessment covers and why the period is appropriate set out on pages 19 and 20; and
• The Directors’ statement on whether they have a reasonable expectation that the Group will be able
to continue in operation and meet its liabilities set out on pages 9, 19 and 20.
Other Code provisions
• Directors' statement on fair, balanced and understandable set out on page 18;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks
set out on pages 6 and 7;
• The section of the Annual Report that describes the review of effectiveness of risk management and
internal control systems set out on page 25; and
• The section describing the work of the Audit Committee set out on pages 24-25.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by
the Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the Directors’ report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the Directors’ report have been prepared in accordance with applicable legal
requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment
obtained in the course of the audit, we have not identified material misstatements in the strategic report
or the Directors’ report.

Triad Group Plc | Annual Report and Accounts 2025 | 43
Independent auditor’s report to the members of Triad Group Plc
Directors’ remuneration
In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared
in accordance with the Companies Act 2006.
Corporate governance
statement
In our opinion, based on the work undertaken in the course of the audit, the information about internal
control and risk management systems in relation to financial reporting processes and about share
capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and
Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent
with the financial statements and has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its
environment obtained in the course of the audit, we have not identified material misstatements in this
information.
In our opinion, based on the work undertaken in the course of the audit, information about the Parent
Company’s corporate governance code and practices and about its administrative, management and
supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.
We have nothing to report arising from our responsibility to report if a corporate governance statement
has not been prepared by the Parent Company.
Matters on which we are
required to report by
exception
We have nothing to report in respect of the following matters in relation to which 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 financial statements and the part of the Directors’ remuneration report to be
audited are not in agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the statement of Directors’ responsibilities within the Directors’ report, the Directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for
such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.

44 | Triad Group Plc | Annual Report and Accounts 2025
Independent auditor’s report to the members of Triad Group Plc
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
•
Our understanding of the Group and the industry in which it operates;
•
Discussion with management, those charged with governance and the Company Secretary; and
•
Obtaining an understanding of the Group’s policies and procedures regarding compliance with laws and regulations;
We considered the significant laws and regulations to be UK adopted international accounting standards, UK tax legislation,
UK Corporate Governance and UK Listing Rules.
The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect
on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We
identified such laws and regulations to be General Data Protection Regulation, Data Protection Act 1998, Health and Safety
at Work Act 1974 and Official Secrets Acts.
Our procedures in respect of the above included:
•
Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and
regulations;
•
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and
regulations;
•
Review of financial statement disclosures and agreeing to supporting documentation;
•
Involvement of tax specialists in the audit; and
•
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment
procedures included:
•
Enquiry with management, those charged with governance and the Company Secretary regarding any known or
suspected instances of fraud;
•
Obtaining an understanding of the Group’s policies and procedures relating to:
• Detecting and responding to the risks of fraud; and
• Internal controls established to mitigate risks related to fraud.
•
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
•
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
•
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud; and
•
Considering remuneration incentive schemes and performance targets and the related financial statement areas
impacted by these.

Triad Group Plc | Annual Report and Accounts 2025 | 45
Independent auditor’s report to the members of Triad Group Plc
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls
and overstatement of time and materials revenue through the incorrect application of cut-off around the year end.
Our procedures in respect of the above included:
•
Testing a sample of journal entries throughout the year, which met defined risk criteria, by agreeing to supporting
documentation;
•
Involvement of forensic specialists in the audit to assist with the risk assessment;
•
Assessing significant estimates made by management for bias; and
•
Testing a sample of time and materials revenue from March 2025 and credit notes around the year end by agreeing to
supporting documentation to confirm that the revenue has been recognised in the correct period and is not overstated.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-
compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising
that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and
regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware
of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s 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 Parent Company’s members those
matters we are required to state to them in an auditor’s 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 Parent Company and the Parent Company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
Owen Pettifor (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Gatwick, UK
13 June 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

46 | Triad Group Plc | Annual Report and Accounts 2025
Statements of comprehensive income and expense
for the year ended 31 March 2025
4
21,4 21
14,046
Cost of sales
(15,300)
(11,227)
6 ,1 2 1
2,819
Administrative expenses
(4, 699)
(4,0 97)
Other income
5
460
–
Impairment of right of use asset
14
(382)
–
Profit/(Loss) from operations
6
1,500
(1,27 8)
Finance income
7
57
40
Finance expense
7
(41)
(53)
Profit/(Loss) before tax
1,516
(1,291)
Tax credit
9
214
278
1,7 30
(1,0 13)
11
9.93p
(6. 10p)
Diluted earnings/(loss) per share
11
9.8 9p
(6. 10p)
All amounts relate to continuing activities.
The notes on pages 50 to 70 form part of the financial statements.

Triad Group Plc | Annual Report and Accounts 2025 | 47
Statements of changes in equity for the year ended 31 March 2025
At 1 April 2023
166
894
104
4,030
5, 194
–
–
–
(1,013)
(1,013)
Ordinary shares issued
–
12
–
–
12
Dividend paid (note 10)
–
–
–
(996)
(996)
Share-based payments (note 21)
–
–
–
202
202
At 1 April 2024
166
906
104
2,223
3,399
–
–
–
1, 730
1,730
Ordinary shares issued
1
13
–
–
14
Dividend paid (note 10)
–
–
–
(1,000)
(1, 000)
Share-based payments (note 21)
–
–
–
262
262
Tax on share-based payments (note 9)
–
–
–
442
442
At 31 March 2025
167
919
104
3,657
4,847
Parent Company
Share
Capital
£’000
Share premium
account
£’000
Capital redemption
reserve
£’000
Retained earnings
£’000
Total
£’000
At 1 April 2023 166 894 104 4,025 5,189
Loss for the year and total
comprehensive loss
– – – (1,013) (1,013)
Ordinary shares issued – 12 – – 12
Dividend paid (note 10) – – – (996) (996)
Share-based payments (note 21) – – – 202 202
At 1 April 2024 166 906 104 2,218 3,394
Profit for the year and total
comprehensive income
– – – 1,730 1,730
Ordinary shares issued 1 13 – – 14
Dividend paid (note 10) – – – (1,000) (1,000)
Share-based payments (note 21) – – – 262 262
Tax on share-based payments (note 9) – – – 442 442
At 31 March 2025 167 919 104 3,652 4,842
Share capital represents the amount subscribed for share capital at nominal value.
The share premium account represents the amount subscribed for share capital in excess of the nominal value.
The capital redemption reserve represents the nominal value of the purchase and cancellation of its own shares by the
Company in 2002.
Retained earnings represents the cumulative net gains and losses recognised in the statement of comprehensive income
and expense.
The notes on pages 50 to 70 form part of the financial statements.

48 | Triad Group Plc | Annual Report and Accounts 2025
Statements of financial position at 31 March 2025
Group
Parent Company
Intangible assets
12
-
-
-
-
Property, plant and equipment
13
Right-of-use assets
14
Finance lease receivables
14
Deferred tax
9
1,04 2
386
1,042
386
Trade and other receivables
16
Finance lease receivables
14
-
99
-
99
Cash and cash equivalents
17
Total assets
8,604
6,50 1
8,604
6,501
Trade and other payables
18
Short term provisions
19
Lease liabilities
14
(3,243)
(2,503)
(3,248)
(2,508)
Long term provisions
19
Lease liabilities
14
(514)
(599)
(514)
(599)
Total liabilities
(3,7 57)
(3, 102)
(3,762)
(3,107)
Net assets
4,847
Share capital
20
Share premium account
919
906
919
906
Total shareholders’ equity
4,84 7
Triad Group Plc is registered in England and Wales with registered number 02285049
The financial statements on pages 46 to 71 were approved by the Board of Directors and authorised for issue on 13 June
2025 and were signed on its behalf by:
Adrian Leer
Director
James McDonald
Director
The notes on pages 50 to 70 form part of the financial statements.

Triad Group Plc | Annual Report and Accounts 2025 | 49
Statements of cash flows for the year ended 31 March 2025
Depreciation of property, plant and equipment
13
Amortisation of right of use assets
14
Other income
5
Impairment of right of use asset
14
Amortisation of intangible assets
12
-
1
Interest received
7
(57)
(4 0)
Finance expense
7
41
52
Share-based payment expense
21
262
202
Increase in provisions
103
-
Cash generated/(used) by operations
2, 172
(1,508)
Deposit interest received
7
Foreign exchange loss
7
(3)
(2)
Net cash inflow/(outflow) from operating activities
2,220
Finance lease interest received
14
6
24
Finance lease payments received
14
Purchase of property, plant and equipment
13
Net cash generated from investing activities
339
Lease liabilities principal payments
14
Lease liabilities interest payments
14
Dividends paid
10
Net cash outflow from financing activities
(1,239)
Net increase/(decrease) in cash and cash equivalents
1,320
Cash and cash equivalents at end of the period
17
3,372
2, 052
The notes on pages 50 to 70 form part of the financial statements.

50 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
1. Material accounting policies
Basis of preparation for Group and Parent Company
The material accounting policies adopted in the preparation
of the financial statements are set out below. The policies
have been consistently applied to all the years presented,
unless otherwise stated.
These financial statements have been prepared in
accordance with UK adopted International Accounting
Standards and the provisions of the Companies Act 2006.
These financial statements have been prepared on
a historical cost basis and are presented in pounds
sterling, generally rounded to the nearest thousand, the
presentational currency of the Group. The functional
currency of the Parent Company is pounds sterling.
Going concern
The Group’s business activities (including the Parent Company),
together with the factors likely to affect its future development,
performance and position, are set out in the Strategic report.
The financial position of the Group, its cash flows, liquidity
position and available working capital are described in the
Strategic report. In addition, note 3 to the financial statements
includes the Group’s objectives, policies and processes for
managing its capital, its financial risk management objectives,
details of its financial instruments, and its exposure to credit
risk and liquidity risk. The Group meets its day to day working
capital requirements through cash reserves.
The Group operates an efficient low-cost operating model.
The client base generally consists of large blue-chip entities,
particularly within the public sector, enjoying long-term and
productive client relationships. As such, debtor recovery has
been reliable and predictable with a very low exposure to bad
debts. For the year ended 31 March 2025, the Group has not
utilised, nor anticipates prospectively utilising, any external
debt or financing instruments.
The going concern assessment considered a number of
realistic scenarios covering the period ending 30 September
2026, including the ability of future client acquisition, and the
impact of the reduction in services of key clients upon future
cash flows. In addition, the most severe scenario possible
modelled, assumed all current client contracts discontinued
at expiry with no extension or replacement and with no cost
mitigation. Even in this most extreme scenario, the Group
has enough liquidity and long-term contracts to support the
business through the going concern period. The Directors have
concluded from these assessments that the Group would have
sufficient headroom in cash balances to continue in operation.
After making enquiries, including a review of the wider
economy including inflationary pressures, the impact of global
tariffs, and the global geopolitical events impacting the wider
economy, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future and at least twelve
months from the date of approval of the financial statements.
Accordingly, they continue to adopt the going concern basis in
preparing the annual report and accounts.
Basis of consolidation
Where the Company has control over an investee, it is classified
as a subsidiary. The Company controls an investee if all three
of the following elements are present: power over the investee,
exposure to variable returns from the investee and the ability
of the investor to use its power to affect those variable returns.
The consolidated financial statements present the results
of the Company and its subsidiaries (“the Group”) as if they
formed a single entity. Intercompany transactions and balances
between Group companies are therefore eliminated in full.
Property, plant and equipment
Property, plant and equipment are stated at cost, net of
accumulated depreciation and any impairment in value.
Depreciation is calculated as to write off the cost of assets,
less their estimated residual values, on a straight-line basis
over the expected useful economic lives of the assets
concerned. Depreciation is charged to administrative
expenses in the statements of comprehensive income and
expense. The principal annual rates used for this purpose are:
Computer hardware
25-33
Fixtures and fittings
10-33
Motor vehicles
25-33
Leasehold improvements
10-33
Intangible assets
Intangible assets are stated at cost, net of accumulated
amortisation and any impairment in value. The cost of
internally developed software is the attributable salary
costs and directly attributable overheads.
Amortisation is calculated to write off the cost of assets, less
their estimated residual values, on a straight-line basis over
the expected useful economic lives of the assets concerned.
Amortisation is charged to administration expenses in the
statements of comprehensive income and expense. The
principal annual rates used for this purpose are:
Purchased computer software
25–33
Impairment of non-financial assets
Non-financial assets are subject to impairment tests whenever
events or changes in circumstances indicate that their carrying
amount may not be recoverable. Where the carrying value of an
asset exceeds its recoverable amount the asset is written down
accordingly. Impairment is charged to administration expenses
in the statements of comprehensive income and expense.

Triad Group Plc | Annual Report and Accounts 2025 | 51
Notes to the financial statements for the year ended 31 March 2025
Trade and other receivables
Trade and other receivables are initially recognised at fair
value plus transaction costs and subsequently measured
at amortised cost using the effective interest method, less
provision for impairment.
At each reporting date an amount of impairment is recognised
as lifetime expected credit losses (lifetime ECL’s).
Impairment provisions for trade receivables are recognised
based on the simplified approach within IFRS 9 using a
provision matrix in the determination of the lifetime expected
credit losses (lifetime ECL's). During this process the probability
of the non-payment of the trade receivables is assessed.
Lifetime ECL’s are calculated using a provision matrix that
groups trade receivables according to the time past due, and
at provision rates based on historical observed default rates,
adjusted for forward looking estimates affecting the Group’s
clients. At every reporting date, the historical observed
default rates and forward-looking estimates are updated.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and
highly liquid interest-bearing securities with maturities of three
months or less subject to insignificant risk of changes in value.
Trade and other payables
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method.
Leases
The Group as Lessee:
All leasing arrangements, where the Group is the lessee
(defined as leases that last more than one year or of a high
value), are recognised as a lease liability and corresponding
right-of-use asset.
Lease liability:
The lease liability is calculated as the discounted total fixed
payments for the lease term, termination payments, exercise
price of purchase options, residual value guarantee and
certain variable payments. An interest charge is recognised
in the statement of comprehensive income and expense
on the lease liability at an incremental borrowing rate. The
lease liability is presented across separate lines (current and
non-current) in the statement of financial position. The lease
liability increases to reflect the interest charge on the lease
liability, at an incremental borrowing rate. The lease liability
reduces over the period of the lease as payments are made.
The lease liability is re-calculated if there is a modification, a
change in the lease term, a change in the lease payments or a
change in the assessment to purchase the underlying assets.
Right-of-use assets:
The right-of-use asset is calculated as the original lease
liability, initial direct costs and amounts paid upfront.
The right of use asset is subsequently measured at
cost less accumulated amortisation. The amortisation is
charged on a straight-line basis over the life of the lease
to the administrative expenses within the statements of
comprehensive income and expense.
The Group as lessor:
For the years ended 31 March 2025 and 2024 lessor
arrangements follow the accounting treatment ‘IFRS 16
Leases’. Where the lease indicates a finance lease a lease
receivable is recognised and the right of use asset is
derecognised. The lease receivable is calculated as the
discounted total lease receipts for the lease term.
Interest income is subsequently recognised in the
statements of comprehensive income and expense and the
payment received against the lease receivable. The balance
reduces over the lease term as the initially recognised
asset is derecognised and receipts are received.
Foreign currencies
Assets and liabilities expressed in foreign currencies are
translated into sterling at the exchange rate ruling on the
date of the statement of financial position. Transactions
in foreign currencies are recorded at the exchange rate
ruling as at the date of the transaction. All differences on
exchange are taken to the statement of comprehensive
income and expense in the year in which they arise
Revenue
Revenue recognised in any financial period is based on the
delivery of performance obligations and an assessment
of when control is transferred to the customer. Revenue is
either recognised at a ‘point in time’ when a performance
obligation has been performed, or ‘over time’ as control of
the performance obligation is transferred to the customer.
The majority of the Group’s revenue is derived from the
provision of services under time and materials contracts.
Typically, contracts are long-term and greater than one year,
and work streams are managed by individual statements of
work within that contract up to and sometimes exceeding
the contract value, where this has been agreed with the
customer. Performance obligations under such contracts
relate to the provision of staff to customers. The transaction
price of the performance obligation is determined by
reference to charge-out rates and time worked for supplied
staff specified in the contract and any recoverable expenses.
Since the customer simultaneously receives and consumes
the benefits of the Group’s performance obligations under
such contracts, revenue is recognised over time based on
the agreed charge out rate per contract multiplied by the
days worked, which uses a direct measurement of value to
the customer of the services transferred to date.

52 | Triad Group Plc | Annual Report and Accounts 2025
Where temporary workers are supplied to customers, the
associated revenue is recognised gross (inclusive of the
cost of the temporary workers) since the Group is acting
as principal. Under IFRS 15, in order to be recognised
as principal, there must be a transfer of control from
the vendor to the customer. Where the Group provides
temporary contractors, the Group is acting as principal
since it receives resourcing requirements directly from
the customer, has prime responsibility to find suitable
candidates and negotiate pay rates with them, and delivers
the resources to the client including acceptance that the
service provided meets the client’s expectations.
In relation to time and materials contracts, the Group has a right
to consideration from a customer in an amount that corresponds
directly with the value to the customer of the Group’s
performance completed to date. The Group then recognises
revenue in the amount to which it has a right to invoice.
Revenue from fixed price contracts, which may include
software and product development or support contracts,
is determined by reference to those fixed prices, agreed at
inception of the contract. For fixed price contracts revenue is
recognised on an over time basis using the straight-line basis or
the input (percentage completion) method. Straight line basis
is calculated by dividing the agreed value over the number of
periods covered. Percentage completion is calculated as the
total hours worked as at the statement of financial position date
divided by the total expected hours to be worked to complete
the project. Milestones are set deliverables or time-based and
are agreed at inception of the contract.
Revenue for permanent recruitment services is based on
a percentage of a successful candidate’s remuneration
package, as agreed with the customer at inception of the
contract. Revenue is recognised at a point in time when the
performance obligation has been satisfied which is deemed
to be at the time the candidate commences employment
and subject to a provision for clawback of fees for
candidates that leave prior to the notice period ending.
Revenue and the cost of sale from licences are recognised
on a net basis as the Group is acting as agent in a
transaction. The Group enters into a distinct contract with a
client for the licences. The Group acts as a reseller and the
client is bound by the terms and conditions of the end user
agreement of the licence provider. As control of the licences
are transferred to the client at contract agreement, the
Group is acting as agent which enables the recognition of
revenue at the point of transaction.
The Company has taken advantage of the practical
exemption not to disclose the value of unfilled performance
obligations as the contracts ongoing at the period end are
for less than 12 months.
Notes to the financial statements for the year ended 31 March 2025
Taxation
The charge for taxation is based on the profit or loss for
the year as adjusted for disallowable items. It is calculated
using tax rates that have been enacted or substantively
enacted by the statement of financial position date.
Full provision is made for deferred tax on all temporary
differences resulting from the difference between the carrying
value of an asset or liability and its tax base, and on tax
losses carried forward indefinitely. Deferred tax assets are
recognised to the extent that it is probable that the deferred
tax asset will be recovered in the foreseeable future based
on taxable profits being available against which the difference
can be utilised. Deferred tax is calculated at the tax rates that
have been enacted or substantively enacted by the reporting
date and are expected to apply to the period when the asset
is realised or liability is settled.
Pension costs
Defined contribution plans are charged to the statements
of comprehensive income as an expense.
Share-based payments
Equity-settled, share-based incentive arrangements are provided
to employees under the Group’s share option and conditional
share incentive award scheme. Both awards granted to
employees are based on fair value at the date of grant using an
appropriate option pricing model and are charged to operating
profit over the performance or vesting period of the scheme. The
annual charge is not modified for shares lapsed but is modified
to take account of shares forfeited by employees who leave
during the performance or vesting period and, in the case of
non-market related performance conditions, where it becomes
unlikely the option will vest.
Provisions
A provision is recognised when the Group has a legal or
constructive obligation as a result of a past event and it is
probable that an outflow of economic benefits will be required
to settle the obligation. If the effect is material, expected
future cash flows are discounted using a current pre-tax rate
that reflects current market assessments of the time value of
money and risks specific to the liability. Calculations of these
provisions require judgements to be made. The Group has
provided for property dilapidation as detailed in note 19.
Dividends
Dividends are recognised in the financial statements when they
become legally payable. In the case of interim dividends, this is
when declared by the Directors. Final dividends become payable
when they have been approved by shareholders at the AGM.

Triad Group Plc | Annual Report and Accounts 2025 | 53
Notes to the financial statements for the year ended 31 March 2025
New standards and interpretations
A number of amendments to existing standards have been
issued but which are not yet mandatory, and have not been
adopted by the Group and Parent Company in these financial
statements. The Directors do not anticipate that their
adoption in future periods will have a material impact on the
financial statements of the Group and Parent Company.
The Group and Parent Company has also considered the
following standards and amendments to published standards are
effective for periods on or after 1 January 2024, and concluded
they do not have a material impact upon the financial statements:
•
Amendments to IFRS 16 Accounting for Leases: Lease
liability in a sale and leaseback
•
Amendments to IAS 1 Presentation of financial
statements: Non-current Liabilities with Covenants
•
Amendments to IAS 7 and IFRS 7 Supplier Finance
Arrangements
Statements of cash flows
The Group and Parent Company considers that share
based payment expense is a key staff reward mechanism
to encourage profitable growth and is therefore classified
within cash flows from operating activities in the cash flow
statement. Deposit interest received is derived from short-
term and typically overnight interest-bearing accounts and is
generated as a consequence of excess cash balances and
is therefore classified within operating activities. Finance
lease interest received is generated by the recognition of a
finance lease receivable associated with a sub-tenant in one
property and is therefore classified as an investing activity.
2. Critical accounting estimates and
judgements
Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. The Group makes estimates and assumptions
concerning the future. The resulting accounting estimates will, by
definition, seldom equal the related actual results. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
Key judgements and sources of estimation uncertainty
IFRS 16 leases
A right-of-use asset of £0.2m (2024: £0.4m), a total lease liability
of £0.5m (2024: £0.8m) and a finance lease receivable of nil
(2024: £0.4m) have been recognised in accordance with the
accounting policies on page 51 with respect to IFRS 16 ‘Leases’.
The Directors have made the following critical accounting
estimates and judgements in relation to these balances:
•
Lease term: The Directors are of the opinion that
property lease assets and liabilities should generally
be calculated with relation to the first available break
date as the expectation is that the lease break may be
taken. During the lease break review period, trading
and market conditions will be taken into account and
assets and liabilities will be calculated.
•
Impairment of the Right of Use asset. During the
period, the Parent Company terminated the sub-leasing
arrangement with a tenant and at the balance sheet
date a Right of Use asset of £382k has been reinstated
and impaired by the same amount. The Directors’
opinion is that in the absence of a new tenant and
hence vacant property, the asset is impaired, and this
will be reviewed when a new tenant is found.
•
Incremental borrowing rate (IBR): The Directors have
calculated the IBR at 5.0%, based upon readily available
credit facilities and Bank of England base rate, covering
a time frame commensurate with the time to the first
available break date. Would the IBR calculation at inception
of the leases have increased by 20% (100 basis points
or 1%) to 6.0%, then at the balance sheet date the Right
of Use asset would reduce by £7k to £241k and the lease
liability would reduce by £29k to £509k.
Dilapidation provisions:
The Directors have recognised a dilapidation provision for
both the leases held totalling £300k (2024: £197k). The
provision is required to recognise the best estimate of costs
at the balance sheet date of restoring the properties to their
original state at the end of the lease period as a consequence
of wear and tear during tenancy, as required under the lease
obligations. The provision has been calculated based upon
industry accepted current averages on floor space by price
per square meter and the Directors’ experience with the
landlords, as well as experience in similar negotiations. Should
the average price per square metre vary by 20% the provision
required would increase or decrease by £60k.

54 | Triad Group Plc | Annual Report and Accounts 2025
Deferred taxation:
The Directors have recognised a deferred tax asset of
£1,042k (2024: £386k). This asset is recognised based upon
the following:
•
Corporation tax losses brought forward: It is expected
that corporation tax losses brought forward will be
utilised against future probable taxable profits. The
Directors have based this upon an estimation of the
level of taxable profits in the proceeding 3 years. If
the estimated future taxable profits varies by 20% the
deferred tax asset would increase or decrease by £72k.
•
Restricted stock units: It is expected that when the
restricted stock units (RSUs) are allocated in the year
ended 31 March 2026 there will be a deduction from taxable
profits. It is estimated that if the share price at allocation
varies by 20% from that calculated at 28 March 2025 of
325p this deduction would increase or decrease by £122k.
A plausible downside case of taxable profits was also
modelled which included reduced sales and increased
costs; this downside case modelling showed that the
deferred tax asset would still be recovered within the next
3 years up to an amount of £601k.
Restricted Stock Units (RSUs):
During the year-ending 31 March 2026 the Directors expect
that employees in receipt of the Group’s 2022 RSUs will sell
approximately 420,000 shares to the market to cover listing
costs, subscription price, personal taxes, and per the terms
of the scheme, employer’s national insurance contributions.
On this date, the Group will become liable for employer’s
national insurance contributions. The Group will collect
these taxes from the employees and the Group has chosen
to account for this agreement with the employees as a
reimbursement right under IAS 37. At the year end, the Group
has recognised a liability and corresponding reimbursement
asset in accordance with IAS 37 of £377k with respect to this.
The amount of income recognised will be equal to the actual
payment. Together with the expenses recognised for the tax
payment recognised as a current liability, the total net effect
on profit or loss of the payment to the tax authorities and the
tax reimbursement from the employees is zero.
Operating Segment:
The Directors consider that there is only a single operating
segment of the entity.
3. Financial risk management
There have been no substantive changes in the Group's
exposure to financial instrument risks, its objectives,
policies and processes for managing those risks or the
methods used to measure them from previous periods
unless otherwise stated in this note.
The Group uses financial instruments that are necessary to
facilitate its ordinary purchase and sale activities, namely
cash and trade payables and receivables: the resultant risks
are foreign exchange risk, interest rate risk, credit risk and
liquidity risk. The Group does not use financial derivatives in
its management of these risks.
The Board reviews and agrees policies for managing these
risks and they are summarised below. These policies are
consistent with last year.
3.1 Financial risk factors
Foreign exchange risk
There are a small number of routine trading contracts with both
suppliers and clients in euros. In all such circumstances the
contracts with supplier and client will be in the same currency
thereby mitigating the Group’s exposure to movements in
exchange rates. Payments and receipts are made through
a bank account in the currency of the contract therefore
balances held in any foreign currency are to facilitate day to day
transactions. With the trading Company’s functional currency of
sterling there are the following foreign currency net assets:
Cash and cash equivalents
17
Trade and other receivables
16
–
1
Trade and other payables
18
–
(5)
Any changes in foreign exchange rates would not have a
significant impact on the results of the Group.
Interest rate risk
During the year ending 31 March 2024, the Group had
access to a financing facility with a major UK bank. During
that year, the Lloyds invoicing facility was unutilised and
therefore deemed to be not appropriate to support the
business model and was terminated. The facility borrowing
rate was 1.75% above base rate and so when required to be
utilised, this represented an interest rate risk.
Notes to the financial statements for the year ended 31 March 2025

Triad Group Plc | Annual Report and Accounts 2025 | 55
Notes to the financial statements for the year ended 31 March 2025
Cash balances are held on deposit from time to time
overnight in short-term interest-bearing accounts,
repayable on demand: these attract interest rates which
fluctuate in relation to movements in bank base rate. This
maintains liquidity and does not commit the Group to long
term deposits at fixed rates of interest.
There were no borrowings, aside from lease liabilities
arising from the application of IFRS 16, during the year.
Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails to
meet its contractual obligations. The Group is mainly exposed
to credit risk from credit sales. It is Group policy to assess the
credit risk of new customers before entering into contracts.
Each new customer is assessed, using external ratings and
relevant information in the public domain before any credit
limit is granted. In addition, trade receivables balances are
monitored on a regular basis to minimise exposure to credit
losses. There was no charge to the income statement during
the year (2024: no charge to the income statement).
The Group is also exposed to credit risk from contract assets,
being revenue earned but not yet invoiced (note 16).
The Group also has credit risk from cash deposits with banks
(note 17).
The Group’s maximum exposure to credit risk is based on the
following undiscounted financial assets and liabilities measured at
amortised cost based on disclosure requirements per IFRS 7.8:
Finance lease receivable
14
Trade receivables
16
Contract assets
16
132
203
Other debtors
16
448
–
Cash and cash equivalents
17
Lease liability
14
538
753
Trade payables
18
Accruals
18
Total financial liabilities
1,691
1,678
Liquidity risk
The Group’s liquidity risk arises from its management of
working capital. The Board receives regular cash flow
and working capital projections to enable it to monitor its
cash flow. At the statement of financial position date these
projections indicated that the Group expected to have
sufficient liquid resources to meet its reasonably expected
obligations. Maturity of financial liabilities is set out in note 18.
Capital risk management
The Group’s capital comprises of shareholders’ equity. Its
objectives when managing capital are to safeguard the Group’s
ability to continue as a going concern in order to maximise
shareholder value. To maintain or adjust the capital structure
the Group may adjust the dividend payment to shareholders,
return capital to shareholders, issue new shares or alter the
level of borrowings.
3.2 Fair value estimation
The carrying value of financial assets and liabilities
approximate their fair values.

56 | Triad Group Plc | Annual Report and Accounts 2025
4. Revenue
The Group operates solely in the UK. All material revenues are generated in the UK.
The largest single customer contributed 24% of Group revenue (2024: 20%) and was in the public sector. Five other
customers, all in the public sector, contributed more than 10% of Group revenue (2024: four, three in the public sector and
one private).
Disaggregation of revenue
In accordance with IFRS 15, the Group disaggregates revenue by contract type as the Directors believe this best depicts how
the nature, timing and uncertainty of the Group’s revenue and cash flows are affected by economic factors. Accordingly, the
following table disaggregates the Group’s revenue by contract type:
Group and Parent Company
2025
Time and materials
21,114
Fixed price
276
708
Licences
31
(6)
21,421
14,046
Licence revenue of -£6k in the previous year was due to adverse foreign exchange rates differences in the contract period.
The Group also disaggregates revenue by operating sector reflecting the different commercial risks (e.g. credit risk) associated
with each.
Group and Parent Company
2025
Private sector
1,378
2,661
21,421
14,046
Contract balances
For all contracts, the Group recognises a contract liability to the extent that payments made are greater than the revenue
recognised at the period end date. When payments are made less than the revenue recognised at the period end date and has
not yet been invoiced to the client, the Group recognises a contract asset for the difference.
Contract assets and contract liabilities are included within ‘trade and other receivables’ and ‘trade and other payables’
respectively on the face of the statement of financial position.
Contract assets
Contract liabilities
Transfers in the period from contract assets to trade receivables
(203)
(375)
–
–
Excess of revenue recognised over cash (or right to cash) being
recognised in the period
Amounts included in contract liabilities that was recognised as
revenue in the period
–
–
68
37
Cash received in advance of performance and not recognised as
revenue in the period
There is no expectation of a material expected lifetime credit loss arising in relation to contract assets.
One contract (2024: none) has both contract assets and liabilities.
Notes to the financial statements for the year ended 31 March 2025

Triad Group Plc | Annual Report and Accounts 2025 | 57
Notes to the financial statements for the year ended 31 March 2025
5. Other Income
Dilapidations income
78
–
6. Profit/(Loss) from operations
Depreciation of owned assets (note 13)
69
66
Impairment of right of use assets (note 14)
382
–
Amortisation of intangible assets (note 12)
–
1
7. Finance income and expense
Finance income
2025
Bank interest received
51
16
Finance lease interest received (note 14)
6
24
Finance expense
2025
Interest expense on lease liability (note 14)
38
51
Net foreign exchange loss
3
2

58 | Triad Group Plc | Annual Report and Accounts 2025
8. Employees and Directors
Senior management
11
9
Sales
8
8
At the year end, the number of permanent fee earners as at 31 March 2025 was 147 (2024: 116). Included in senior
management are two non-Board members who may be fee earning from time to time.
Wages and salaries
10,994
8,461
Equity settled share-based payments
262
202
Money purchase pension contributions
96
79
Three Directors (2024: three) had retirement benefits accruing under money purchase pension schemes. Key management
personnel are considered to be the Directors. Further information on Directors’ remuneration can be found on page 27.
Notes to the financial statements for the year ended 31 March 2025

Triad Group Plc | Annual Report and Accounts 2025 | 59
Notes to the financial statements for the year ended 31 March 2025
9. Taxation
Increase in recognised deferred tax asset
(214)
(278)
Total tax credit for the year
(214)
(278)
The differences between the actual tax credit for the year and the standard rate of corporation tax in the UK applied to profits/
(losses) for the year are as follows:
Profit/(Loss) before tax multiplied by standard rate of corporation tax in the
UK of 25% (2024: 25%)
Expenses not deductible for tax purposes
17
67
Recognition of deferred tax on losses
–
(4)
Use of brought forward losses
(436)
–
The following are the deferred tax assets recognised by the Group and movements thereon during the current period:
At beginning of the year
413
–
(27)
386
17
166
31
214
–
442
430
608
4
1,042
Deferred tax assets of £1,042k (2024: £386k) have been recognised in respect of tax losses, restricted stock units and other
temporary differences where the Directors believe it is probable that the assets will be recovered. This expectation of recovery
is calculated by modelling estimates of future taxable profit forecasts that can be offset with historic trading losses brought
forward. In calculating this taxable profit, forecasts that have been used for both the going concern and viability assessment and
adjustments to taxable profits are taken into consideration.
There are no unrecognised deferred tax assets in respect to trading losses (2024: unrecognised deferred tax asset of £461k in
respect of trading losses of £1,842k).
Deferred tax assets have not been recognised for potential temporary differences arising from unexercised share options of £66k
(2024: £296k) and general provisions of nil (2024: £27k) as the Directors believe it is not certain these assets will be recovered.

60 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
10. Dividends
667
664
Total dividend paid
1,000
996
The Directors propose a final dividend of 4p per share (2024: 4p per share), bringing the total dividend to 6p per share for
the financial year (2024: 6p per share).
11. Earnings per ordinary share
Earnings per share have been calculated on the profit/(loss) for the year divided by the weighted average number of shares
in issue during the period based on the following:
Average number of shares in issue
16,665,877
16,600,680
Diluted earnings/(loss) per share
9.89p
(6.10p)
The average number of shares in issue has been increased for restricted stock units that have vested but have not yet
been issued.

Triad Group Plc | Annual Report and Accounts 2025 | 61
Notes to the financial statements for the year ended 31 March 2025
12. Intangible assets
At 31 March 2023
128
Additions
–
Disposals
–
At 31 March 2024
128
Additions
–
Disposals
–
At 31 March 2025
128
At 31 March 2023
127
Charge for the year
1
Disposals
–
At 31 March 2024
128
Charge for the year
–
Disposals
–
At 31 March 2025
128
At 31 March 2025
–
At 31 March 2024
–

62 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
13. Property, plant and equipment
At 31 March 2023
241
592
4
837
Additions
36
4
–
40
Disposals
–
–
–
-
At 31 March 2024
277
596
4
877
Additions
38
25
–
63
Disposals
–
(7)
–
(7)
At 31 March 2025
315
614
4
933
At 31 March 2023
193
441
4
638
Charge for the year
26
40
–
66
Disposals
–
–
–
–
At 31 March 2024
219
481
4
704
Charge for the year
32
37
–
69
Disposals
–
(7)
–
(7)
At 31 March 2025
251
511
4
766
At 31 March 2025
64
103
–
167
At 31 March 2024
58
115
–
173
14. Leases
The Group and Parent Company as a lessee:
The Group has a lease contract for 1 of its office premises with a term remaining of 3 years. The lease liability for this
property has been calculated on the basis of the termination option being taken. There are no other future cash outflows in
relation to the lease to which the Group is potentially exposed. The lease is represented on the balance sheet as a right of
use asset and a lease liability.
During the period, the Parent Company terminated the sub-leasing arrangement with a tenant. As a result, the finance lease
held was extinguished and a right-of-use asset of £382k has been reinstated that has been impaired by the same amount
until a new tenant is established. As part of this settlement dilapidations income was received of £78k which has been
recorded as other income (see note 5).
A lease term with another property expired during the year, and the Company is now holding a short-term lease with this
property. Short-term leases are not recognised and expensed to the profit and loss statement.

Triad Group Plc | Annual Report and Accounts 2025 | 63
Notes to the financial statements for the year ended 31 March 2025
Right-of-use assets
The carrying amounts of the right-of-use assets are as follows:
Land and buildings
Tot al
£'000
£'000
Opening position
572
572
Amortisation
(183)
(183)
At 31 March 2024
389
Reinstatement
382
382
Impairment
(382)
(382)
Amortisation
(141)
(141)
At 31 March 2025
248
Lease liabilities
The carrying amount of the lease liabilities recognised are as follows:
Land and buildings
Tot al
£'000
£'000
Opening position
1,046
1,046
Interest expense
51
51
Lease payments
(344)
(344)
Interest expense
38
38
Lease payments
(253)
(253)
At the balance sheet date, the Group and Parent Company had outstanding commitments for future lease payments
as follows:
Discounted lease liabilities
75
140
188
350
Undiscounted lease liabilities
86
167
215
376
Discounted lease liabilities
46
142
197
153
Undiscounted lease liabilities
54
161
215
161
For the year ended 31 March 2025 cash outflows for leases amount to £253k (2024: £344k).

64 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
The Group and Parent Company as a lessor:
Finance lease receivables
The Group entered into a lease arrangement considered to be a finance lease, representing rentals payable to the Group for
a rental of a proportion of a leased property for the period to 23 March 2028. During the year ending 31 March 2025, this
finance lease was terminated and the total finance lease receivable asset of £402k was derecognised.
The resulting office space will not be used by the business for its own use and the Company is exploring opportunities to
re-let the space.
The carrying amounts of the lease receivable asset are as follows:
Land and buildings
Tot al
£'000
£'000
Opening position
490
490
Interest income
24
24
Payments received
(118)
(118)
At 31 March 2024
396
396
Interest income
6
6
Disposals
(402)
(402)
At 31 March 2025
–
–
At the balance sheet date, the Group and Parent Company had no future lease receivables. The prior year was as follows:
24
75
104
193
30
89
119
208
The total lease receivable of nil (2024: £396k) is disclosed as non-current assets of nil (2024: £297k) and current assets of
nil (2024: £99k).

Triad Group Plc | Annual Report and Accounts 2025 | 65
Notes to the financial statements for the year ended 31 March 2025
15. Investments
Parent Company
Investments are:
(a) Generic Software Consultants Limited (“Generic”), a 100% subsidiary undertaking, in respect of both voting rights and
issued shares, which is registered in England and Wales and has an issued share capital of 5,610 US$1 ordinary shares.
The investment is stated in the Company’s books at £440.
Up to 31 March 2009 Generic acted as an agent for the business, but did not enter into any transactions in its own
right: its business was included within the figures reported by the Company. On 1 April 2009 the agency agreement was
terminated and all business is now conducted directly by the Parent Company including its Generic business.
(b) Triad Special Systems Limited, Generic Online Limited, Zubed Geospatial Limited, Zubed Sales Limited, are all 100%
subsidiaries which are registered in England and Wales. They are dormant companies, which have never traded. Each
has a share capital of £1.
The registered office of Triad Special Systems Limited is Huxley House, Weyside Park, Catteshall Lane, Godalming,
Surrey GU7 1XE. The registered office of the other subsidiaries is 3 Caldecotte Lake Business Park, Caldecotte Lake
Drive, Caldecotte, Milton Keynes MK7 8LF .
16. Trade and other receivables
Group and Parent Company
2025
Trade receivables
3,000
2,734
Less: provision for expected credit losses
(5)
(5)
Contract assets (see note 4)
132
203
Other debtors
448
–
Current asset
3,775
3,105
The fair value of trade and other receivables approximates closely to their book value.
Other debtors includes an amount of £377k (2024: nil) relating to the amounts owed by the recipients of the 2022
RSU award, which will be payable when the corresponding employers national insurance liability of the same amount is
crystallised and paid to HMRC.
Trade receivables represent an unconditional right to consideration.
The Group applies IFRS 9 in measuring expected credit losses and forward-looking estimates at the close of each reporting
period. This is based upon previous experience of losses and forward-looking estimates is consistently applied each year.
Trade receivable losses are written-off when there is no reasonable expectation of recovery.

66 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
The lifetime expected credit losses on trade receivables as at 31 March 2025 is calculated as follows:
Group and Parent Company
Expected
Current
0.15
2,374
4
0.20
606
1
Up to 60 days past due
2.50
16
–
5.00
4
–
3,000
5
No provision has been recognised for contract assets and other debtors as they are expected to be fully recovered.
The lifetime expected credit losses on trade receivables as at 31 March 2024 were calculated as follows:
Group and Parent Company
Expected
Current
0.15
2,357
4
–
319
–
Up to 60 days past due
–
27
–
5.00
31
1
2,734
5
Movements on the provision for expected credit loss are as follows:
Group and Parent Company
2025
At end of the year (credit loss allowance)
5
5
The carrying amount of the Group’s trade and other receivables are denominated in the following currencies:
Group and Parent Company
2025
3,575
2,932

Triad Group Plc | Annual Report and Accounts 2025 | 67
Notes to the financial statements for the year ended 31 March 2025
17. Cash and cash equivalents
Group and Parent Company
2025
The fair value of cash and cash equivalents approximates closely to their book value.
The carrying amount of the Group’s cash and cash equivalents is denominated in the following currencies:
Group and Parent Company
2025
Euros
1
44
For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash, as detailed above.
During the year, the Group did not utilise external funding or have immediate access to a financing facility. In March 2024 the
Group terminated access to an invoicing facility with a major UK bank at a borrowing rate of 1.75% above base rate. In that
year, the facility was not utilised.
18. Trade and other payables
Group
Parent Company
Trade payables
578
419
578
419
Owed to subsidiary
-
-
5
5
1,153
925
1,158
930
Other taxation and social security
1,642
1,159
1,642
1,159
The majority of trade and other payables are settled within three months from the year end. With respect to employment tax
liabilities generated from restricted stock units is expected to be settled within 3 to 6 months from the year end.
The fair value of trade and other payables approximates closely to their book value.

68 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
The carrying amount of trade and other payables is denominated in the following currencies:
Group
Parent Company
Sterling
1,153
920
1,158
925
Euros
–
5
–
5
19. Provisions
At 31 March 2023 and 1 April 2024
197
Additions
103
Charged to income statement
–
Utilised in year
–
The maturity profile of the present value of provisions is as follows:
Group and Parent Company
2025
The provision for property dilapidation covers the estimated future costs at the balance sheet date required to meet
obligations under property leases to redecorate and repair property.
20. Share capital
During the year 40,607 1p ordinary shares were issued as a result of the exercise by employees of share options:
Number
Option price
Increase in Increase in share capital
Increase in Increase in share premium
20,000
11.0p
£200
£2,000
20,607
53.5p
£206
£10,819
40,607
£406
£12,819

Triad Group Plc | Annual Report and Accounts 2025 | 69
Notes to the financial statements for the year ended 31 March 2025
21. Share-based payments
The Group operated 2 incentive plans during the year; EMI Share Option Scheme and a Restricted Stock Unit (RSU)
Employee Share Incentive Plan scheme, which are both equity settled schemes. The Company issues new shares to satisfy
vesting outcomes and holds no shares in treasury (2024: nil).
EMI Share Option Scheme
At 31 March 2025, 97,191 (2024: 137,798) options granted under employee share option schemes remain outstanding:
Date option granted
Number
Exercise price
Period options exercisable
9 March 2018
97,191
53.5p
1 April 2021 to 9 March 2028
Under the terms of the scheme, options vest after a period of three years continued employment and were subject to the
following:
For options granted on 9 March 2018: 100% of the shares granted under an option vested as the Company’s share price
at 31 March 2021 increased by 30% or more from the share price as at the date of grant. 50% of shares granted under an
option vested if the Company’s share price at 31 March 2021 increased by 15% from the share price as at the date of grant.
Between these upper and lower thresholds, awards were to vest on a straight-line basis. Given the share price as at 31
March 2021, 100% of these options vested on 31 March 2021.
Options have been valued using the Black-Scholes option-pricing model.
The contractual life of all vested options is 7 years.
No options were granted during the year (2024: none).
Restricted Stock Units (RSUs) Employee Share Incentive Plan
In March 2022 a number of restricted stock units (RSUs) were granted under the new Triad Employee Share Incentive Plan
and vested on the effective date of 28 March 2025, which was the last working date prior to the third anniversary of the
award date of 30 March 2022:
Date award made
Number
Performance condition
Vesting date
30 March 2022
750,000
135.0p
30 March 2025
The Award would vest following 3 years continuous employment and if the Board determines that the Market Value of a Share on
the third anniversary of the Award Date is equal to or greater than the Market Value of a Share on the Award Date. These shares
vest automatically after 3 years. The market value at the Award Date was 135.0p and the fair value of the RSUs was 88.8p. The
market value at the effective vesting date was 335.0p and these RSUs vested.
The 750,000 shares had not been allocated to the beneficial owners as of the date of signing these accounts and the ordinary
share capital has therefore not increased at the balance sheet date.
The RSUs have been valued using the Monte Carlo pricing model. The performance condition included in the fair value calculation
was the share price at grant of 135p.
The total expense recognised in the year is £262,000 (2024: £202,000).
No RSUs were granted during the year (2024: nil).

70 | Triad Group Plc | Annual Report and Accounts 2025
Notes to the financial statements for the year ended 31 March 2025
A reconciliation of the total share award movements over the year to 31 March 2025 is shown below:
2025
2024
Outstanding at start of year
887,798
8.2
934,916
9.1
–
–
–
–
EMI share options exercised
(40,607)
32.6
(47,118)
26.4
–
–
–
–
Outstanding at end of year
847,191
7.0
887,798
8.2
847,191
7.0
137,798
47.3
There were 40,607 EMI share options exercised during the year.
There are EMI share options exercisable of 97,191 relating to the 2018 grants which have all vested (2024: 117,798 all vested)
and 750,000 restricted stock units (RSUs) relating to the 2022 awards that have met the performance conditions, but not
yet been issued and allocated (2024: nil) There is a total of 180,000 RSU’s held by Directors (2024: 180,000). Transactions
with Directors are set out in the Directors’ remuneration report on page 30.
The weighted average share price at the date of exercise for share options exercised during the period was 272.3p (2024:
145.1p). The options outstanding as at 31 March 2025 had an exercise price of 53.5p, and with respect to the RSUs, 1.0p. The
weighted average remaining contractual life is 0.3 years (2024: 1.4 years).
The inputs into the share-based payments model to calculate the RSU awards were as follows:
Expected volatility
77%
Expected life
3 years
Risk-free rate
1.4%
Exercise price
1.0p
Share price at grant date
135.0p
Fair value
88.8p
Dividend Yield
4.4%
Expected volatility is calculated by reference to the historical share price for the 3-year period ending on the award date of
29 March 2022.
22. Related party transactions and ultimate control
The Group and Parent Company rents one of its offices under a lease with a sub-tenant in occupation on one floor during
the year that had terminated the lease by year end. The current annual rent of £215,000 was fixed, by independent valuation,
at the last rent review in 2008. J C Rigg, a Director, has notified the Board that he has a 50% beneficial interest in this
contract. The balance owed at the year-end was £nil (2024: £nil). There is no ultimate controlling party.

Triad Group Plc | Annual Report and Accounts 2025 | 71
Five year record
Consolidated income statement
Years ended 31 March
2025
£’000
2024
£’000
2023
£’000
2022
£’000
2021
£’000
Revenue
21,421
14,046 14,858 17,015 17,815
Gross profit
6,121
2,819 3,504 4,784 3,810
Profit/(Loss) before tax 1,516 (1,291) 9 1,081 644
Tax credit/(charge)
214
278 (53) 88 41
Profit/(Loss) after tax
1,730
(1,013) (44) 1,169 685
Retained profit/(loss) for the financial year
1,730
(1,013) (44) 1,169 685
Basic earnings/(loss) per share (pence) 9.93 (6.10) (0.27) 7.16 4.28
Balance sheet
As at 31 March
2025
£’000
2024
£’000
2023
£’000
2022
£’000
2021
£’000
Non-current assets
1,457
1,245 1,276 916 921
Current assets
7,147
5,256 7,430 7,963 7,540
Current liabilities (3,243) (2,503) (2,561) (2,464) (2,555)
Non-current liabilities
(514)
(599) (951) (397) (623)
Net assets 4,847 3,399 5,194 6,018 5,283
Share capital
167
166 166 165 160
Share premium account
919
906 894 880 666
Capital redemption reserve 104 104 104 104 104
Retained earnings
3,657
2,223 4,030 4,869 4,353
Equity shareholders’ funds 4,847 3,399 5,194 6,018 5,283

72 | Triad Group Plc | Annual Report and Accounts 2025
Shareholders’ information and financial calendar
Share register
EQ maintain the register of members of the Company. If you have
any questions about your personal holding of the Company’s shares,
please contact:
EQ
Highdown House
Yeoman Way
Worthing
West Sussex
BN99 3HH
Telephone: 0371 384 2486
If you change your name or address or if the details on the envelope
enclosing the report, including your postcode, are incorrect or
incomplete, please notify the registrar in writing.
Shareholders’ enquiries
If you have an enquiry about the Group’s business, or about something
affecting you as a shareholder (other than queries that are dealt with
by the registrar) you should contact the Company Secretary, by letter
or telephone at the Company’s registered office.
Company Secretary and registered office:
James McDonald
Triad Group Plc
Weyside Park
Catteshall Lane
Godalming
Surrey
GU7 1XE
Telephone: 01908 278450
Email: investors@triad.co.uk
Website: www.triad.co.uk
Financial calendar
Annual General Meeting The date of the AGM is to be confirmed.
Financial year ended 31 March 2026: expected announcement of results
Half-year November 2025
Full-year June 2026

Executive Directors
John Rigg, Chairman
Charlotte Rigg, Deputy Executive Chairman
Adrian Leer, Managing Director
Tim Eckes, Client Services Director
James McDonald, Finance Director
Non-Executive Directors
Chris Duckworth
Alison Lander
Secretary and registered office
James McDonald
Triad Group Plc
Weyside Park
Catteshall Lane
Godalming
Surrey
GU7 1XE
Telephone: 01908 278450
Email: investors@triad.co.uk
Website: www.triad.co.uk
Country of incorporation and domicile of
Parent Company
United Kingdom
Legal form
Public limited company
Company number
02285049
Registered Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
Brokers
Zeus Capital Ltd
125 Old Broad Street
London
EC2N 1AR
Solicitors
Freeths
Davy Avenue
Knowlhill
Milton Keynes
MK5 8HJ
Bankers
Lloyds Bank plc
City Office
11–15 Monument Street
London
EC3V 9JA
Registrars
EQ
Highdown House
Yeoman Way
Worthing
West Sussex
BN99 3HH
Corporate information
Triad Group Plc | Annual Report and Accounts 2025 | 73

01908 278450
www.triad.co.uk
01908 278450
www.triad.co.uk
Godalming office:
Huxley House
Weyside Park
Catteshall Lane
Godalming
Surrey GU7 1XE
Milton Keynes office:
Building 3 Caldecotte Lake Business Park
Caldecotte Lake Drive
Milton Keynes MK7 8LF