Vipera Regulatory News (VIP)

VIPERA PLC

("VIPERA" or "THE COMPANY")

Interim results for period ended 30 June 2014

Vipera, the specialist provider of mobile financial services, today announces its interim results for the six months ended 30 June 2014. A copy of these can be found on the Company's website www.vipera.com

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Chairman's Statement

Group revenues in the first six months of 2014 have increased significantly, to €2.9M. Vipera has continued to reach out to rather larger financial institutions than before. We are selling into a rapidly growing market for mobile card management and payment solutions, addressing the ultimate goal of providing financial institutions with the ability to add value to their merchant relations as well as an option to provide additional cardholder benefits. This is reflected in the continued development of our product offering over the last six months.

Thanks to the acquisition in December 2013 of Codd & Date Srl, our team has grown to more than 80 employees and contractors as we scale up our capacity to deliver our customer projects. As well as a number of technologists, this includes consultants and senior sales people who help promote the Motif platform. In the last six months we have deeply extended the integration with them and I am pleased to report that they are performing to expectations.

Particularly after the acquisition of Codd and Date, a significant part of our group revenue is from consulting; providing advice at a senior level into the banking industry on technology and in particular new digital trends. Synergies with the consulting activities arise in a deeper body of technical and customer knowledge and support to sale of our Motif customer engagement and merchant loyalty solutions for banks. Consulting also gives us a source of more even stable income.

In February, we raised a further €1.3M of capital which, together with sums raised in December 2013 bring the additional capital available to some €2M. A key allocation of this has been deployment into recruiting additional resource. We intend to continue to invest in sales and strategic development resources.

On 1 January 2014, the presentation currency of the Group's results changed from Sterling to Euros and all historic comparatives have been translated into euros at the rate prevailing at 1 January 2014.

In looking to the rest of the year, the financial result will be significantly dependent on the timing of transactions and in particular the speed of customer decision-making. Nevertheless the response of some major banks to the more sophisticated functionalities and offering built on our Motif platform is generally positive; this response and the market reception being given to some of our newly developed ideas is encouraging and in due course we hope to make public announcements in relation to these, some of which have been under implementation for some time.

Luciano Martucci

Chairman

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2014

Consolidated Statement of Financial Position

As at 30 June 2013

Company number 05383355

Consolidated Statement of Changes in Equity

For the six months ended 30 June 2014

Attributable to equity shareholders of the parent

Group Cash Flow Statements

For the six months ended 30 June 2014

1 Basis of preparation

The financial information contained in this half year financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 June 2014 and 30 June 2013 has been neither audited nor reviewed by the auditors.

The figures and financial information for the period ended 31 December 2013 are derived and extracted from the latest published audited financial statements of the Group and do not constitute the statutory financial statements for that period.

The audited financial statements for the period ended 31 December 2012 have been filed with the Registrar of Companies. The report of the independent auditors on those financial statements contained no qualification or statement under section 498(2) or section 498(3) of the Companies Act 2006.

The financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRIC interpretations. The financial information has been prepared under the historical cost convention. The statutory financial statements are prepared in accordance with IFRSs as adopted by the European Union.

As from 1 January 2014, the Group's presentation currency has changed from Sterling to Euros. Prior period comparative financial data has been translated into Euros at the exchange rate prevailing at 31 December 2013.

The Group has applied consistent accounting policies in preparing the interim financial statements for the six months ended 30 June 2014, the comparative information for the six months ended 30 June 2013, and the financial statements for the period ended 31 December 2013.

As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these half-yearly financial statements.

2 Total revenue

Total revenue comprises:

3 Loss per share

Basic loss per share has been calculated by dividing the loss on ordinary activities after taxation by the weighted average number of shares in issue during the year. None of the share based payments were potentially dilutive at the year end and so there is no difference between the basic and diluted loss per share.

4 Share capital

Called up share capital

On 14 February 2014 the Company raised additional capital, issuing 17,648,363 new ordinary shares to raise £1,058,900 before expenses at a price of 6p per share.

On 26 February 2014 the Company raised additional capital, issuing 1,229,999 new ordinary shares to raise £73,800 before expenses at a price of 6p per share.

On 30 May 2014 the Company allotted 6,375,000 new Ordinary shares being deferred consideration for the acquisition of the Company's controlling stake in Codd & Date srl (formerly called AC&D Srl).

At 30 June 2014, there were 197,007,837 Ordinary shares of 1p each in the Company in issue.

Warrants and options

On 14 February 2014, the Company issued options to purchase a total of 4,000,000 New Ordinary Shares pursuant to a Share Option Plan, for the benefit of employees of the Group. These options are exercisable at a price of 6p per Ordinary Share, and are exercisable in 3 tranches as to 1/3rd from 31 December 2014, 1/3rd from 31 December 2015 and 1/3rd from 31 December 2015, in each case up and until 31 December 2017 subject to normal conditions as to the option holder being an eligible employee.

On each of 14 April 2014 and 19 May 2014, the Company issued options to purchase 300,000 New Ordinary Shares pursuant to a Share Option Plan, for the benefit of employees of the Group. These options are exercisable at a price of 6.875p per Ordinary Share, and are exercisable in 3 tranches as to 1/3rd from 31 December 2014, 1/3rd from 31 December 2015 and 1/3rd from 31 December 2015, in each case up and until 31 December 2017 subject to normal conditions as to the option holder being an eligible employee.

As at 30 June 2013, there were 8,169,932 warrants in issue and options to subscribe for 8,620,000 outstanding.