Further to the trading update announced on 20 May 2009 at the time of the Company's Annual General Meeting, the Board is pleased to report that trading for the first half of 2009 was ahead of the Directors' expectations and significantly ahead of the first half of 2008.

A particular highlight has been the securing of new business in the first half that has been better than was expected at the beginning of the year. As a result, this has enabled the Group to invest further in its sales and marketing infrastructure with a view to improving overall future growth whilst maintaining its current profit and cash generation objectives.

Operating cash inflow in H1 2009 continued to be strong resulting in a reduction in net debt to approximately £10.8 million at 30 June 2009 compared with £14.6 million (£13.4 million on a pro-forma basis after re-financing) at 31 December 2008. During the period we paid the final 2008 dividend of approximately £0.8 million and deferred consideration relating to previous acquisitions amounting to approximately £0.5 million.

Market conditions in the fund management sector appear, at this stage, likely to remain stable for the second half of 2009. As a result, we therefore remain confident of a successful outcome for the year.

Justin Wheatley, Chief Executive, commented: 'This is very encouraging and certainly endorses the strength of our product offering in a challenging business environment. Not only has it enabled us to further reduce net debt but also to invest in our sales and marketing functions to help build on our success. We have a product offering which is of great value to our customers and we wish to ensure that we take full advantage of its popularity. We look forward to our continued success.'