CODA Announces Strong Results for First Half-Year 2006

Harrogate, United Kingdom, September 29, 2006 --(PR.com)-- CODA Group, the finance systems specialist, today announced its half-year results for the 6 months to 30th June 2006. This forms part of the announcement of the results for CODASciSys plc (CODA’s parent group).

• Profit

o Profit up 6.5% to £4.9m (£4.6m - 2005)
o Margin 18.8% (19.1% - 2005)
o Year end outlook remains in line with market expectation

• Revenue

o Total revenue up 7.4% to £26.0m (£24.2m - 2005)

• CODA turnover by type

o A balanced stable business
- CODA Division operational headlines – H1 2006
o Business volumes continue to increase
o Over 7,000 new user licences issued in half year (of which 5,000 in Q2)
o Improving returns and continued investment:
- Larger opportunities
- Consolidation in market brings CODA more opportunities
- Increasing disenchantment with costs and timescales of ERP solutions
- Europe-wide marketing initiatives
- Client base attrition very low
- Maintenance growth substantial

Quoted on AIM (stock code: CSY), CODASciSys plc has its headquarters in Chippenham and is a supplier of specialist software, consultancy and IT services.

Jeremy Roche, CEO of CODA, said: “This has been a great first half for CODA, and a great way to launch CODA as an independent company. We float on AIM tomorrow in our own right, and I am confident that we can use this result as a springboard for our independence. We’ve spent the first half of the year consolidating the investments we made during 2005 and we believe that they are now fully integrated with the existing business and contributing to CODA’s development. This has helped us deliver growth in all key measures.”

These included:

• OCRA Version 3
• CODA-Control Version 2
• CODA-Intelligence Version 2
• CODA-Analytic Explorer

Mr Roche concluded: “I’m very confident for the outcome of the second half of this year. We’ve seen mixed signs from the market with price pressures in some sectors, and growth opportunities in others. However, we’ve also seen a number of key competitors fall by the wayside. We’re absolutely focused on meeting and exceeding market expectations for the rest of the year.”

[1][1] All figures incorporating Business Collaborator and CODA IT Services business units
[1][1] Excludes HO costs (proforma £0.5m (£0.5m - 2005))

ABOUT CODA

CODA creates, markets and implements a complete range of software systems designed specifically to meet the needs of Financial Directors and Finance Departments. These include financial management systems, analysis applications, and business process management and control software to implement compliance solutions. Its service oriented architecture also makes CODA software easy for clients and other vendors to integrate it with their business applications.

CODA was founded in 1979, has around 550 employees working from 13 global locations. CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by around 2,600 medium and large organizations in over 100 countries.

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