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Vebnet (Hldgs) PLC (VBT)

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Thursday 30 November, 2006

Vebnet (Hldgs) PLC

AGM Statement

Vebnet Holdings PLC
30 November 2006


 

                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 new client numbers.

'Since 1 July 2006, the commencement of the current financial year, FIX&FLEX(R),
the Group's core product, has been implemented by 18 new clients covering 39,736
employees. These new clients include AON, ICI, ING Direct and Royal London. A
further 13 new client implementations are already scheduled for the remainder of
the current financial year.

The total number of employees using FIX&FLEX(R), as at 1 November 2006, was
211,730 - a 23% increase in the four months since the year end. Additionally,
the integration of 4th Contact, which Vebnet acquired on 2 October 2006,
progresses well. Their employees have relocated to our London office. We are at
an early stage of reviewing our platform strategy, with a view to convergence on
a single application (for both sets of clients) and will update the market in
the new year.

The sales pipeline for both self-generated direct clients and indirect business
through our several licence partners is healthy and growing and we remain
confident of meeting market forecasts for this and the next financial 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 2006, Vebnet reported an increased turnover to £3.91m and
a pre-tax profit of £180k.
 

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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