eg Solutions PLC Regulatory News (EGS)

17 Jun 2008 07:00

Date: Tuesday 17th June 2008

Embargoed: 7.00am

eg solutions plc

("eg solutions" or "the Company")

Annual General Meeting Statement

At the Annual General Meeting of IT Software and Services company eg solutions plc (AIM: egs) to be held today at 10.30am, the Company's Non-Executive Chairman, Rodney Baker-Bates, will read the following statement:

"In the Preliminary results statement of 26th March 2008, the Board provided a cautious future outlook to shareholders given the prevailing unpredictable market environment.

"It is therefore pleasing to report that trading in the current financial year has been positive. Sales of £2.2 million have already been closed for the first half period to 31st July 2008, which is in line with market expectations.

"At the same time, initiatives to ensure overheads remain under strict control will continue to be a key focus for the foreseeable future.

"Although UK market conditions remain challenging, we secured three new contract wins within the first trading month of the 2008 financial year. These agreements with Nationwide Building Society, Co-operative Financial Services and the Co-operative Travel Group continue to progress well and we remain firmly focused on securing other similar new business opportunities in the UK. 

"Our overseas expansion also continues to progress well with South Africa proving to be a particularly worthwhile target market; both in terms of an investment and as focal point for on-going business development. In April 2008, we announced another new contract win in this country with a major life office - the fourth to be secured by the Company since the start of the current financial year.

"Finally, shareholders will be aware that Violetta Parylo was appointed Finance Director and Company Secretary of eg solutions from 19th May 2008. Violetta is a welcome addition to our Main Board and I look forward to working with her going forward."