Highlights

The appointment of Tony Stepanski as CEO is announced today. Tony has a strong track record and reputation for growing international technology businesses

During the year the number of customers for InTrade increased nearly six fold, from 7 to 40. There are also many other organisations using InTrade on an ASP basis

Customer wins during the period included the UK Government Buying Agency, Babcock Engineering, Brunel Holdings and TRW Aeronautical Systems, one of the world’s leading aerospace companies

Having started 2000 with only a UK operation, the Group now has a direct presence in 8 countries and strong partner distribution capabilities in a further 2

The industry has moved away from Public Exchanges and is now firmly behind Private Exchanges; Infobank’s latest product, InTradeV5, was designed specifically for Private Exchanges and is a demonstrably superior product to competitors

AMR Research has recently predicted that demand for Private Exchanges will create the largest software market ever, growing to $35 billion by 2005

The acquisition in January 2001 of an interest in HISL, a specialist applications development company, has significantly enhanced the Group’s software development capabilities

Group revenues from continuing operations rose more than 8 times over the previous year to £2.7 million. In addition, Infobank started 2001 with over £2 million of contracted revenue

The loss before tax for the year was £36 million (1999: £10.8 million)

The Group raised £130 million in April 2000. Cash resources at 31 December were £93 million

Martin Frost, Infobank Chairman, said:

We have made significant progress over the past year. Our prime focus for 2001 will be on stepping up our revenue generation, targeting our resources on those markets where we identify the best opportunities for early revenue growth.

Against a background of forecasts of massive demand for Private Exchange software, and with a strengthened management team and the strong capabilities of our new InTrade V5 product, I am confident in the long term future of the Group.

Tony Stepanski, incoming CEO, commented:

The opportunity exists for me to help take Infobank to a leadership position in the rapidly expanding field of collaborative supply chain management. Although this market is in its infancy, the technology is rapidly gaining acceptance as companies begin to recognise the economic rewards and competitive advantages to be achieved. Infobank, with its people, thought leadership, resources and knowledge of both the technology and the industry, is poised to capitalise on the burgeoning opportunity.