Trading Update
24 Junho 2005 - 4:01AM
UK Regulatory
RNS Number:9935N
Vebnet Holdings PLC
24 June 2005
VEBNET (HOLDINGS) PLC
PRE-FULL YEAR CLOSE TRADING UPDATE
Continuing strong growth
Vebnet, the AIM-traded UK market leader in employee benefit technology solutions,
announces that the strong trading trend reported in the Interim Announcement of
18 February 2005 has continued through the second half of the year, which
ends on 30 June 2005.
Unaudited turnover for the ten months to 30 April 2005 increased by 206% against
the comparable period of the prior year, and like-for-like EBITDA has now moved
to positive from a negative position for the comparable period of the
prior year. Net cash balances at 30 April 2005 stood at #0.9m, which compares
with #1.0m at 30 April 2004.
Since the half-year end, Vebnet has:
*signed an agreement with Prudential UK, which manages more than 4,000
occupational pension schemes, to build the Pru@Work system, an innovative
employee benefit solution for the corporate market, based on Vebnet's core
FIX&FLEX technology. IBM will host the system;
*successfully implemented programs for Heineken, Jacobs Babtie,
Nationwide Building Society (Total Remuneration Statements), Capital
Group International, Gleeds and KPMG;
*added new clients directly, including Britannia Building Society
and Sony BMG;
*added other major new clients through partners: AOL and
Computershare (both through KPMG) and Schroders (through Watson
Wyatt).
The Board anticipates that the increased turnover and very significantly reduced
trading losses for the year to 30 June 2005 will be materially better than market
expectations. The Board also expects Vebnet to continue its record of progress in
the coming financial year, based on a strengthening sales base and implementation
pipeline.
Vebnet proposes to make its preliminary announcement of results for the year to
30 June 2005 in September 2005.
NOTES FOR EDITORS:
Vebnet's business is to develop and implement internet-based technology
solutions and services to support the provision of flexible employee
benefit schemes and Total Remuneration Statements. Vebnet distributes
its technology both on a direct basis and through partnerships,
including those with Aon, KPMG, and Watson Wyatt.
Vebnet, which is based in Edinburgh, was founded less than five years ago, in
July 2000, through seed funding from Cross Atlantic Capital Partners, a US
venture capitalist, and floated on AIM in January 2003 through the reverse
take-over of Stockbourne plc.
ENQUIRIES:
Vebnet
Gerry O'Neill (CEO) 0131-270 5502;
07990-584 096;
gerryo@vebnet.com
Stephen Thurlow (Finance Director) 0131-270 5503;
07899-912 522;
stephent@vebnet.com
Seymour Pierce (NOMAD and broker)
Jonathan Wright 020-7107 8000;
jonathanwright@seymourpierce.com
Bankside Consultants (PR)
Charles Ponsonby 020-7367 8851;
charles.ponsonby@bankside.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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