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Vebnet confident as revenues surge

Thursday, September 13, 2007

Vebnet, the AIM-listed provider of technology and other employee benefit solutions, announced substantial full-year growth in revenues and pre-tax profits today. Revenues from continuing operations increased by 34% to £5.2 million in the year to June, with pre tax profits topping £0.3 million.

The company said its customer base had grown by 38%, with nearly 250,000 employees now use its core FIX &FLEX technology. It added that it had profitably extended its range of services to include consultancy, communications, helpdesk and outsourced administration, as well as successfully turning around its 2006 acquisition, 4th Contact, into profit.

Chairman Derek Scott said the business had again grown substantially over the course of 12 months and had exceeded market expectations in both top line and bottom line measures.

He noted: “Business in the first ten weeks of the new financial year has been very encouraging. The Board remain confident that this rate of growth will be sustainable in future years. We continue to look out for opportunities to add shareholder value through profitable sales growth both here in the UK and in certain key overseas markets.”