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Vebnet (Hldgs) PLC (VBT)

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Wednesday 30 November, 2005

Vebnet (Hldgs) PLC

AGM Statement

Vebnet Holdings PLC
30 November 2005






                VEBNET (HOLDINGS) PLC - CHAIRMAN'S AGM STATEMENT

At the AGM in Edinburgh this morning, of Vebnet, the AIM-traded leading provider
of technology for flexible employee benefit schemes, the Chairman, Derek Scott,
will report continuing strong growth in clients and turnover.

'Since 1 July 2005, the commencement of the current financial year, FIX&FLEX(R),
the Group's core product, has been implemented by 15 new clients including
Britannia Building Society, the UK's second largest building society. A further
20 new client implementations are scheduled for the current financial year.

The total number of employees using FIX&FLEX(R), as at 31 October 2005, was
131,000 - a 41% increase since the year end. In addition, the cash position was
£1.4m, an increase of £100k on the year end.

Vebnet also continues to be heavily involved in the applications development of
the Prudential Flexible Benefits Solution, an innovative service for the
corporate market, based on FIX&FLEX(R) and being marketed by Prudential UK.

The sales pipeline for both direct and indirect business, through our several
licence partners, is healthy and growing.

Accordingly, turnover is expected to double in the first half and is well on
track to meet market expectations for the full year.'

Notes for Editors:

Vebnet, which was founded in July 2000 and is based in Edinburgh, develops and
implements internet-based technology solutions and services to support the
communication, delivery and administration of flexible employee benefit schemes.
In the year to 30 June 2005, Vebnet reported its initial profit on a
substantially increased turnover of £3.24m, of which £1.06m was in H1.

Enquiries:

Vebnet
Gerry O'Neill (CEO)                                               0131-270 5502
                                                                  07990-584 096
                                                              [email protected]
Stephen Thurlow (Finance Director)                                0131-270 5503
                                                                  07899-912 522
                                                            [email protected]

Seymour Pierce (NOMAD and broker)
Jonathan Wright                                                   0207-107 8000
                                               [email protected]

Bankside Consultants
Charles Ponsonby                                                  020-7367 8851
                                                  [email protected]




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