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Vebnet (Hldgs) PLC (VBT)

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Wednesday 09 June, 2004

Vebnet (Hldgs) PLC

Trading update

Vebnet Holdings PLC
09 June 2004

                          Continuing progress envisaged
Vebnet, the Edinburgh-based AIM-traded company which is the UK's leading
provider of flexible benefits technology, announces that the positive trading
trend reported in the Interim Announcement of 13 February 2004 has continued
into the second half of the year, which ends on 30 June 2004.

Unaudited turnover for the four months to 30 April 2004 increased by 98% against
the comparable period of the prior year, and like-for-like pre-tax losses
reduced by 76%. Net cash balances at 30 April 2004 stood at £1.01m, which
compares with £1.31m at 30 April 2003.

Since the half-year end, Vebnet has:

   • won its first clients in both Spain and Portugal through its employee
     benefit consultant partners;
   • successfully implemented Total Remuneration Statements ('TRS') for a
     28,000 employee population;
   • successfully launched, in partnership with Scottish Life, works4you, an
     online employee benefit communication and administration platform; and
   • (as announced on 12 May 2004) acquired the rights to Spektra's open
     transaction server ('OTS') technology to facilitate connectivity between FIX
    &FLEX(R) (Vebnet's core product) and life and pension companies in the UK.

The Board anticipates that increased turnover and reduced pre-tax losses for the
year ending 30 June 2004 will be in line with market expectations. The Board
also expects Vebnet to make further strides in the coming financial year.

Vebnet was notified yesterday that Gerry O'Neill (Chief Executive Officer) had
placed 40,000 Ordinary Shares (0.47% of  the issued share capital) at 113p per
share, reducing his holding to 1,061,634 Ordinary Shares (12.6% of the issued 
share capital). 35,000 of these Ordinary Shares have been placed equally with
Montague Samuels (a non-executive  Director) and Liontrust Asset Management (an
existing institutional shareholder), taking their shareholding to 189,385 
Ordinary Shares (2.25% of the issued share capital) and 493,500 Ordinary Shares
(5.8% of the issued share capital),  respectively. The balance of 5,000 Ordinary
Shares has been placed with market makers. The placing represents 3.6% of  Mr
O'Neill's holding of Ordinary Shares (excluding additional shares under option
of 63,000) and the first Ordinary  Shares that he has sold since Vebnet's
foundation in July 2000.


Vebnet (Holdings) plc
Gerry O'Neill (Chief Executive Officer)                   0131-270 5502
Stephen Thurlow (Chief Financial Officer)                 0131-270 5503

Bankside Consultants (PR to Vebnet)
Charles Ponsonby                                          020-7444 4166

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

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