CODA Coda

RNS Number:0680X
CODA plc
23 May 2007


Embargoed until 7.00am 23 May 2007

Chippenham, UK - 23 May 2007

CODA plc


Trading Update Prior to Annual General Meeting


CODA plc, the finance systems specialist quoted on the Alternative Investment
Market (AIM; stock code: CODA), is issuing this trading update ahead of its
first Annual General Meeting later today.

CODA plc is pleased to report that the business has continued to perform well
and, at this stage of the year, both revenues and profits are expected to be in
line with market expectations. Cash flows have continued to be very positive and
at the end of April cash balances were approximately #13m (31st December #1.8m).
These include an exceptional receipt of #8.4m in relation to the disposal of
the freehold at Methuen Park, Chippenham.

CODA has enjoyed a good start to the year, with strong sales across the group,
major projects proceeding well and the launch of Neon our latest major product
release on target for later this year. Pipelines remain healthy across all
regions.  The market landscape has seen consolidation amongst many of our
competitors.  As a consequence these pipelines now include an increasing number
of organisations concerned over the support and future direction of the products
they use.

The Caterpillar implementation project announced in late 2006 is proceeding to
plan.  The initial phases of the roll-out are going well and we have already
secured a number of new orders from the organisation's dealership network.

New clients already secured in 2007 include Ofsted, the inspectorate for
children and learners in England; Damart, the French garment maker; Style Group,
the doors and windows manufacturer and Delta Lloyd ABN AMRO Verzekeringen
Holding BV in the Netherlands.

We are also announcing today a contract with car rental company, Avis Europe.
CODA-Financials will provide financial management for Avis Europe's corporate
operations including its shared services centre in Budapest.

The Dublin office opened in April, giving CODA a direct presence in 14 countries
around the world.  This office has enjoyed early success with an order from a
major client and several new sales in the region.

Preparations are well underway for the launch of Neon.  Neon represents a
significant release of CODA's core product suite including Financials, a new
e-Procurement system and other applications, which will be marketed both as
integrated with CODA-Financials and as standalone offerings.  A large number of
clients have been assisting in the beta test programme bringing further
improvements to the product prior to external release, and a number of advanced
orders for the product have already been received from new clients.

The Business Collaborator division has continued to grow across all areas of its
business. Highlights include a new release (version 5.1) of the core Business
Collaborator product.  This has helped to secure new contracts such as with
Westfield for the Stratford City project (currently the UK's largest
construction project) and has seen increased usage of our products and services
throughout the customer base. There has also been a relaunch of the
"WideXchange" Property Refurbishment software already deployed in the Nationwide
Building Society; and further enhancements to Sedex (Suppliers' Ethical Data
Exchange) used by Tesco, M & S, Debenhams, John Lewis and other major retailers
and suppliers. Sedex now has over 12,000 member sites worldwide and continues to
grow at the rate of over 500 sites per month.

For the remainder of the year, CODA will focus its efforts on ensuring a highly
successful delivery of Neon, a continued strengthening of its offices around the
world; and on the identification of targeted acquisitions to support its long
term profitable growth.


FOR FURTHER INFORMATION PLEASE CONTACT:

Graham Steinsberg, Executive Chairman                              01249 467 302

Archie Berens, Pelham                                              020 7743 6679


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 with their business applications.

CODA was founded in 1979, has around 550 employees working from 13 global
locations, and is listed on AIM in London under the ticker "CODA". 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 in a variety of markets and within both
public and commercial sectors.



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