AGM Statement

Auxinet PLC
29 May 2002


                            Auxinet plc ('Auxinet')

David Bailey, Chairman of Auxinet plc, the AIM-listed Payments-Service-Provider, 
stated at today's Annual General Meeting:

'The Board of Auxinet re-confirms the expectation stated in the accounts that we
expect to achieve profitability in the course of 2002. Transactions processed
have grown at 5% compound per month so far in 2002 and, in anticipation of a
surge in activity from our clients over the World Cup we have increased our
capacity more than 5 fold over the previous recorded peak.

We have in excess of £0.75m in cash, our cash burn rate is now minimal and we
expect to move into positive cash generation later this year.

We are delighted with the new functionality that we have recently released, and
the extremely high quality of our service delivery which is further enhancing
our leadership in the market place.'



29 May 2002



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