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Vebnet (Hldgs) PLC (VBT)

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Tuesday 30 November, 2004

Vebnet (Hldgs) PLC

AGM Statement

Vebnet Holdings PLC
30 November 2004


                On track to double turnover in 2004/05 H1 and FY

At the AGM in Edinburgh this morning of Vebnet, the AIM-traded employee benefits
software company, non-executive Chairman, Derek Scott, will announce further
growth in revenues, new client wins, and an update on current trading and

'With the preliminary announcement, on 9 September 2004, of the results for the
year ended 30 June 2004, we said that we were seeing a strong increase in the
number of enquiries from company prospects regarding our core FIX&FLEX(R)
technology. I am, therefore, pleased to confirm significant growth in new client
employee numbers. New clients which have gone live since year-end include:

   • Nationwide Building Society
   • Honda
   • Wrigleys
   • Capital International (global investment management company)
   • Novar (building control systems)
   • EdP (Energias de Portugal - state owned utility)

'In addition, we have won our first client in Ireland. The pipeline for both
direct business and indirect business, through our several licence partners,
remains strong.

'Unaudited revenues for the four months ended 31 October 2004 increased by 67%
in comparison with the equivalent four months in 2003.
'On 19 October 2004, we announced a material contract win to the market. This
partnership, with a major UK financial institution to develop a work site
marketing solution based around FIX&FLEX(R), is progressing well and will
contribute significant revenues in the current year ending 30 June 2005.
Consequently, we are on track to achieve our objective of doubling turnover for
both the half year ending 31 December 2004 and the full financial year.'

Notes for Editors

Vebnet develops and deploys technology for the management and administration of
fixed, flexible and voluntary employee benefit programmes, using internet/
intranet delivery platforms. Vebnet was founded in July 2000 with seed funding
from Cross Atlantic Capital Partners. Vebnet's core product, FIX&FLEX(R), was
launched in September 2001. This product is sold to corporate customers through
both licence and direct channels.


Vebnet (Holdings) plc
Gerry O'Neill (Chief Executive Officer)                          07990-584 096
Stephen Thurlow (Chief Financial Officer)                        0131-270 5503

Seymour Pierce Limited
Jonathan Wright                                                  020-7107 8050

Bankside Consultants Limited
Charles Ponsonby                                                 020-7444 4166

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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