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September 2007

Interim results for the six months ended 30 June 2007

In September, our parent company CODA plc (“CODA”) announced its unaudited results for the six months ended 30 June 2007, reporting that revenues for the CODA plc group increased by 8.1% to £28.1m (June 2006: £26.0m).

Business Collaborator (BCL) continued to perform well in the period delivering strong growth in both revenues and profits. Revenues for the period increased by 18% to £1.4m (June 2006: £1.2m) while profits increased by 4% to £240k (June 2006: £232k).

Approximately 85% of BCL's business is now derived from recurring or more visible revenue streams such as maintenance, hosting and professional services; with the latter rising sharply in the period following contract awards by a number of major clients including Nationwide Building Society, Balfour Beatty and United Utilities. A new release of the core software (BC 5.1) in the period also created increased demand for training and implementation services.

Within SEDEX (Supplier Ethical Data Exchange), the number of registered suppliers have grown by approximately 70% in the last 12 months and now stands at over 12,000 sites. This follows the addition of a number of high profile companies such as Whitbread, Early Learning Centre and Mothercare. SEDEX have recently announced a programme of system enhancements commissioning BCL to undertake the work. These include delivery of a multi-language version with initial translations in Simple Chinese, French, Spanish and Arabic.

Prospects for BCL remain very positive with some significant wins reported and a number of existing clients purchasing additional licences.

Click here to view the full CODA plc Interim Results press release.