Information  X 
Enter a valid email address

Vebnet (Hldgs) PLC (VBT)

  Print      Mail a friend

Friday 23 June, 2006

Vebnet (Hldgs) PLC

PFYear Close Trading Update

Vebnet Holdings PLC
23 June 2006



                              VEBNET (HOLDINGS) PLC


                       PRE-FULL YEAR CLOSE TRADING UPDATE

                 Outcome expected to exceed market expectations
                                        

Vebnet, the AIM-traded UK market leader in employee benefit technology
solutions, announces that the strong trading trend reported in the Interim
Announcement of 22 February 2006 has continued through the second half of the
financial year, which ends on 30 June 2006.


Unaudited turnover for the ten months to 30 April 2006 increased by 28% against
the comparable period of the prior year, and EBITDA doubled, despite a much
reduced contribution from the Prudential (UK). Net cash balances at 30 April
2006 stood at £2.1m (including £1.0m net proceeds of the December 2005 placing),
which compares with £0.9m at 30 April 2005.


Since the half year-end, Vebnet has:


   • successfully implemented 21 new schemes, covering over 37,000 employees.
     New clients include AA, JP Morgan and Rio Tinto; and
   • strengthened the management team with appointments in both a senior
     consulting and a senior operational role.


The Board anticipates that the increased turnover and significantly increased
EBITDA for the year to 30 June 2006 are likely to be ahead of current market
expectations. The Board also expects Vebnet to continue its record of progress
in the coming financial year, based on a strong implementation pipeline and
through the addition of consultancy and communications services which will
enhance revenue opportunities with both existing and new clients.


Vebnet proposes to make its preliminary announcement of results for the year to
30 June 2006 in mid-September 2006.

NOTES FOR EDITORS:


Vebnet's business is to develop and implement internet-based technology
solutions and services to support the provision of flexible employee benefit
schemes and online Total Reward Statements. Vebnet distributes its technology,
whose core is FIX&FLEX(R), both on a direct basis and through partnerships,
including those with AON, KPMG and Watson Wyatt.


Vebnet was founded in July 2000 and floated on AIM in January 2003 through the
reverse take-over of Stockbourne plc.


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                        |                     020-7107 8000;|
|                                       |   [email protected]|
|                                       |                                   |
+---------------+-----------------------+-----------------------------------+
|               |                       |                                   |
+---------------+-----------------------+-----------------------------------+
|Bankside Consultants (PR)              |                                   |
|                                       |                                   |
+---------------------------------------+--+--------------------------------+
|Charles Ponsonby                          |                  020-7367 8851;|
|                                          |                                |
|                                          |   [email protected]|
+---------------+-----------------------+--+--------------------------------+









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

a d v e r t i s e m e n t