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September 17, 1998

MDIS MAKES PROGRESS BUT RESULTS STILL BLEAK

By CBR Staff Writer

MDIS Group Plc has reported mid-term net losses down from 4m pounds to 346,000 pounds on revenues which crept up 10.6% to 61.9m pounds. MDIS arrived on the stock market in 1994 and chief executive John Klein was brought in at the end of 1995. In the public sector, revenues showed only a modest increase and income was down but revenues in the private sector dropped 8.6% to 17.7m pounds and profits crashed from 1.7m pounds to 655,000 pounds. While losses have been cut from 3m pounds to 900,000, revenues have slumped 25.8% to 4.3m pounds. MDIS is continuing to search for a partner to help promote its human resources software, hoping to appeal to a company with marketing muscle and in need of a modern NT-compatible product. The model is the Glovia ERP business where a partnership with Fujitsu has helped to increase revenues by more than 70% to 16.3m pounds and brought losses down to 500,000 pounds. MDIS still has a long way to go to fulfill its potential and a skeptical market pushed the shares down 6% to 61.5 pence.

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