Change of accounting reference date and Trading...

1 April 2009

                                Eurovestech plc                                

                       ("Eurovestech" or "the Company")                        

            Change of accounting reference date and Trading update             


Eurovestech wishes to inform investors of its intention to change its
accounting reference date from 31 March to 30 June. The change will enable it
to report its consolidated results in a more prompt and efficient manner and is
in keeping with accounting standards and Companies Act regulations.


The Company has reported on a 31 March year end basis since its incorporation
in 2000. The results of its three main trading subsidiaries have been
consolidated in the group results since 2006. Of the three main subsidiaries,
Toluna plc has a 31 December year end, while KSS Limited and KSS Retail Limited
have June year ends.


The directors of Eurovestech believe that changing the Company's accounting
reference date to 30 June will align the reporting pattern of the group and its
main subsidiaries, in accordance with applicable accounting standards and
Companies Act regulations. This should shorten the timeline for reporting the
group results and enable them to be completed more efficiently and
cost-effectively.


In consequence, the Company will publish its results for the fifteen months to
30 June 2009 at approximately the same time as its results for the year ended
31 March 2009 would have been reported - in the latter part of September 2009.


Trading Update


In view of the planned change of year end, Eurovestech wishes to provide a
trading update on its portfolio companies for the six months to 31 March 2009.


Both Eurovestech and the managements of its portfolio companies regularly
review the respective companies' growth strategies and financial strength. In a
more challenging economic climate, the recent focus has been on delivery of
sales growth, on cash and balance sheet strength and, where necessary, on
adjusting costs.


Investee managements, in consultation with Eurovestech, have initiated a
thorough review of the companies' resilience to volatile or adverse trading
conditions, while strengthening the capacity to expand and service new
customers. As a consequence of these timely actions, our portfolio companies
are prepared for an economic outlook that remains extremely challenging. Their
technological advantages have helped several of our portfolio companies to
continue winning significant new business.


Eurovestech and its wholly-owned subsidiaries are debt free and hold
significant cash balances, currently amounting to in excess of £4 million.


Overall, while keenly aware of the challenges, we are confident that our
portfolio companies will be resilient and will continue to make progress
through the coming months.


The portfolio companies are discussed in more detail below.


Toluna plc ("Toluna")


Toluna provides online panels, communities and technology services to the
market research industry and is quoted on the AIM market. Eurovestech owns 50.4
per cent of the share capital of Toluna.


On 12 February 2009, Toluna disclosed, in a pre-close trading update for the
year ended 31 December 2008, that revenues had increased more than 70 per cent
to more than £21 million. Excluding acquisitions, revenue growth for the year
was 34 per cent. Operating profit for the year, excluding share based payments,
was estimated to have increased by more than 60 per cent at approximately £5
million, in line with market expectations.


The completion of its US acquisition, Common Knowledge Inc, consolidated
Toluna's position as a global provider of digital data collection solutions.
Toluna expects to report its final results for the year to 31 December 2008 in
mid-April.


KSS Limited ("KSS")


KSS provides price optimisation solutions for fuel retailers and refiners and
is wholly-owned by Eurovestech.


KSS achieved substantial progress in the six months to 27 December 2008, with a
double digit increase in revenues. It benefited from the extreme volatility in
fuel markets, which meant that petrol retailers and refiners had an increased
interest in replacing ineffective legacy systems. This enabled KSS to close
many deals in its pipeline successfully.


Although some decisions to close deals have slowed in early 2009, the pipeline
remains very strong for the core markets in the US and Europe. The partnership
with SAP as the exclusive endorsed business solution for fuels pricing systems
continues to grow. Recognising the challenge of current economic conditions,
KSS has taken several important steps to adjust, including a significant
reduction in , its costs. To help it close deals more quickly, it has adopted a
more flexible business model, offering a subscription-based service to reduce
customers' upfront capital cost. It has launched a new consultancy division to
offer strategic and advisory services independent of its software offer. This
should allow it to generate additional value-added services to existing and new
customers.


The seasonal pattern of KSS's trading means that a loss is normally recorded
during the six months to December. For the period under review the loss was
significantly lower than in the six months to December 2007. The management of
KSS is confident of reporting both sales growth and profitability for the full
year to 30 June 2009. In the year to 27 June 2008, KSS achieved revenues in
excess of £5.5 million.


KSS Retail Limited ("KSS Retail")


KSS Retail provides price optimisation solutions to retailers and is
wholly-owned by Eurovestech.


KSS Retail's offering continues to make advances in the marketplace. Recent
contract wins include Spartan Stores, a large retailer and wholesaler based in
Grand Rapids, Michigan, USA.

KSS Retail has also won contracts from Associated Food Stores, a wholesaler
supplying more than 450 independent grocery stores and based in Salt Lake City,
Utah, USA from Lunds and Byerly's, a grocery retailer based in Minneapolis,
Minnesota , USA and from a number of other retailers. In the eight months to 28
February 2009, KSS Retail's revenue more than doubled compared to the
corresponding period a year earlier.

KSS Retail remains cautiously optimistic about its prospects as the retail
grocery sector continues to be relatively robust.


Magenta Corporation Limited ("Magenta")


Magenta provides automated scheduling and resource allocation technology for
real time optimisation of transport fleets and advertising networks.
Eurovestech owns 46.9 per cent of Magenta.


We are pleased to report that Magenta's Maxoptra Software-as-a-Service ("SaaS")
scheduling solution has been sold for use by a region of the UK National Health
Service, where it is designed to improve the efficiency of patient transport
services. This is undergoing final trials and is expected to become operational
in June 2009. There is potential for several other regions of the NHS to adopt
the Maxoptra solution and further deliveries are expected during 2009, both in
the UK and overseas. Magenta has developed a pipeline of SaaS scheduling
opportunities for Maxoptra within transport, service and repair operations.


In recent months, Magenta's Maxifier offering to internet publishers has been
sold to Channel 4 and the Bauer media group. For some types of advertising
campaign Maxifier is delivering substantial improvements in "click-through
rates". Magenta's directors believe that this creates strong prospects for the
growth of this business, with opportunities to sell Maxifier across Europe and
the United States.


During the first quarter of 2009, Magenta's project development outsourcing
business won new contracts from its existing customers and gained a new
customer, Metiscan Inc.
Both Maxoptra and Maxifier have been designed for rapid, low cost
implementation without significant capital spend by customers, while creating
recurrent annuity based long term revenues for Magenta.


Magenta expects overall revenues for calendar year 2009 of around £3 million,
with operational profitability.

Lognet Information Systems plc ("LogNet")


LogNet provides e-billing and customer self-service solutions to some of the
world's leading telecoms companies. Eurovestech owns 25.4 per cent of LogNet.


In the year to 31 December 2008, LogNet's revenues rose by more than 50 per
cent and the number of customers doubled. The pipeline of potential orders has
grown substantially.


LogNet's management took early action to protect the company from an
anticipated slowdown in economic activity. By the end of January 2009 this
action had reduced its salary costs by more than 40 per cent. In consequence of
this and of its strong pipeline, LogNet's management predicts profitability in
2009.


Following its MaxBill acquisition in 2008, LogNet now offers a unified platform
for billing, rating, customer relations management and other services for small
and medium sized communications service companies.


Arkex Limited ("ARKeX")


ARKeX conducts geophysical surveys for oil, gas and mineral explorers using
airborne gravity gradiometry. Eurovestech owns 2.4 per cent of ARKeX.

ARKeX is continuing to expand the operational capabilities of its gravity
gradiometry imaging and to accelerate the production of its proprietary
technology. It has begun its first survey in the Middle East for a national oil
company. It has also introduced its first twin-engined aircraft, a DeHavilland
Twin Otter. This allows ARKeX to meet demand for its surveys over the
"transition zone" between land and sea, where traditional land based surveys
are particularly difficult and expensive. The £15.4 million raised by ARKeX in
June 2008 has put it in a strong position to fund its expansion.


Mist Technologies SA ("Mist Technologies")


Mist Technologies has developed a sound separation technology that enables
music and film files to be remastered into high definition surround sound.
Following a fundraising in November 2008, Eurovestech owns 37 per cent of Mist
Technologies.

The products are now being marketed under the name of Mist Technologies' US
subsidiary, Audionamix. Extensive research and development work has enabled the
launch of UnMixing Station, a new source separation solution which offers the
separation of audio sources for major film studios and record companies though
proprietary technology. It has also led to the lodging of four patent
applications.


Audionamix has begun collaborations with key post production facilities in the
film industry which have become either licensees of or partners in its
solutions. In pursuit of this opportunity, it has opened offices in New York
and Los Angeles. Its sales and business development team are focusing on the
fast increasing market for quality audio and video releases on Blu-ray and high
definition TV.

Further information:

Eurovestech plc
Richard Bernstein Tel: [phone]
Chief Executive



John East & Partners Limited
Simon Clements / David Worlidge Tel: [phone]