Information  X 
Enter a valid email address

Vebnet (Hldgs) PLC (VBT)

  Print      Mail a friend

Friday 24 June, 2005

Vebnet (Hldgs) PLC

Trading Update

Vebnet Holdings PLC
24 June 2005

                              VEBNET (HOLDINGS) PLC

                            Continuing strong growth

Vebnet, the AIM-traded UK market leader in employee benefit technology solutions, 
announces that the strong trading trend reported in the Interim Announcement of 
18 February 2005 has continued through the second half of the year, which 
ends on 30 June 2005.

Unaudited turnover for the ten months to 30 April 2005 increased by 206% against 
the comparable period of the prior year, and like-for-like EBITDA has now moved 
to positive from a negative position for the comparable period of the 
prior year. Net cash balances at 30 April 2005 stood at £0.9m, which compares 
with £1.0m at 30 April 2004.

Since the half-year end, Vebnet has:

   •signed an agreement with Prudential UK, which manages more than 4,000
    occupational pension schemes, to build the [email protected] system, an innovative
    employee benefit solution for the corporate market, based on Vebnet's core
    FIX&FLEX technology. IBM will host the system;
   •successfully implemented programs for Heineken, Jacobs Babtie,
    Nationwide Building Society (Total Remuneration Statements), Capital
    Group International, Gleeds and KPMG;
   •added new clients directly, including Britannia Building Society
    and Sony BMG;
   •added other major new clients through partners: AOL and
    Computershare (both through KPMG) and Schroders (through Watson

The Board anticipates that the increased turnover and very significantly reduced 
trading losses for the year to 30 June 2005 will be materially better than market 
expectations. The Board also expects Vebnet to continue its record of progress in 
the coming financial year, based on a strengthening sales base and implementation 

Vebnet proposes to make its preliminary announcement of results for the year to 
30 June 2005 in September 2005.


Vebnet's business is to develop and implement internet-based technology
solutions and services to support the provision of flexible employee
benefit schemes and Total Remuneration Statements. Vebnet distributes
its technology both on a direct basis and through partnerships,
including those with Aon, KPMG, and Watson Wyatt.

Vebnet, which is based in Edinburgh, was founded less than five years ago, in
July 2000, through seed funding from Cross Atlantic Capital Partners, a US
venture capitalist, and floated on AIM in January 2003 through the reverse
take-over of Stockbourne plc.


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