RS2 Software plc - Interim Directors’ Statement

On 18 November, RS2 Software plc published its Interim Directors’ Statement revealing a 7% rise in customers since the half-year end on 30 June 2010. The Directors explained that revenue from services provided to existing clients is expected to reach targets set for the second half of the year.

The Directors also revealed that through Transworks LLC (the American subsidiary) the Company has managed to conclude a licence and management agreement with a US client. The intention of the Company is further increase its efforts in the region.

RS2 also managed to enter the German market through the signing of a 3-year CPA agreement which will enable the Company to work with German clients on functionalities and interfaces that are particular to this market.

Both these new clients are expected to begin contributing to revenue streams in 2011.

In conclusion, the Directors stated that they expect earnings for the second half of 2010 to be better than those registered in the corresponding period last year as well as than those in the first six months of 2010 when RS2 registered a pre-tax profit of €78,055. However the Directors remain cautiously optimistic about the level of activity for 2011.

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