City Networks Announces 2003 Financial Results and a Fourth Consecutive Year of Growth

London, 12th January 2004 - City Networks, provider of software and services to the treasury, securities and derivatives markets starts 2004 with the positive news of its continued growth as it enters its 18th year of trading. The company has increased both revenue and operating profit over the 2002 financial year, making 2003 the fourth consecutive year of growth.

For the fiscal year ending June 2003, City Networks delivered a positive financial performance with revenue in excess of US$21,800,000 and an operating profit of over US$4,000,000. The latest results contribute to a CAGR between 2000 and 2003 of 8% and 16% for revenue and operating profit growth respectively.

By way of example, 2003 included sales and implementations at Bank of Tokyo-Mitsubishi, Commonwealth Bank of Australia, Credit Lyonnais, Fortis Clearing, HBOS, HVB Group, Lloyds TSB, Raiffeisenbank, Schroders Private Bank and SG Corporate and Investment Bank. The year also saw the successful introduction of two new products; CityNet Conversation Checker and CityNet Enterprise Reconciliation and continued expansion in Central and Eastern Europe, with 20 customers in the region.

2004 will see the company continue its strong R&D programme, with initiatives focused on real time cash and exposure management, demonstrated by the recent projects with Cable & Wireless and SWIFT. Leadership in the treasury and derivatives sectors will continue with announcements to come on trader notifications, electronic trading integration and financial messaging.

Costa Christodoulou, CEO at City Networks says "The latest results serve testament to the endorsement and recognition we have from our customers and the quality of our service and staff. We continue with the company's investment in enhancing our products with a paramount objective to deliver maximum earnings improvement and risk mitigation to our customers in a cost effective manner."

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