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Vebnet (Hldgs) PLC (VBT)

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Wednesday 28 November, 2007

Vebnet (Hldgs) PLC

Chairman's AGM Statement

Vebnet Holdings PLC
28 November 2007



Wednesday 28 November 2007

                             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,
reported continuing strong growth in its core business.

'Since 1 July 2007, the commencement of the current financial year, FIX&FLEX(R),
the Group's software application, has been implemented by 20 new clients
covering over 42,000 employees. These new clients include Ernst & Young,
Liverpool Victoria and First Group's Scotrail and TransPennine Express train
operating companies. A further 17 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 2007, was
277,345 - a 13% increase since the year-end.

On 24 September 2007 Mercer entered into a ten-year licence agreement to use
Vebnet's FIX&FLEX(R) technology as the core application of its UK based flexible
benefits services. Mercer is one of the top four global employee benefit
consultants operating in over 40 countries. This significant, milestone
agreement covers the migration of Mercer's existing UK client base to FIX&FLEX
(R) as well as giving Mercer the option to extend the execution of the agreement
into other European markets.

For the current financial year Vebnet will adopt international accounting
standards - IFRS, and report on this basis for the first time with its Interim
Report in February 2008.



Notes for Editors:

Vebnet, which was founded in July 2000 and is based in Edinburgh and London,
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 2007, Vebnet reported an increased
turnover to £5.245m and a pre-tax profit of £329k.


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]




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