Rolfe & Nolan Announces Record Profits As Derivatives Markets Power Ahead

London, 26 May 2004. Rolfe & Nolan, the world's leading independent supplier of specialist software to the exchange traded derivatives market, announced a highly successful first year's trading as a private company. In the year ended 29th February 2004 the company recorded its best ever operating profit of £3.03m (2003 - £1.20m) on turnover of £21.8m. These results follow the public-to-private management buy-out backed by private equity firm HgCapital in March 2003 and reflect buoyant and dynamic market conditions in the world's derivatives markets, with continuing increases in volumes, migration to electronic trading and new exchange launches, such as Eurex US.

Rolfe & Nolan Group's Chief Executive, Bob Freeman, commented: "It is most gratifying that we have been able to achieve our best ever result in our first year as a private company whilst also investing over £2m in our back and front-office initiatives, Merlin and Edge. Our licence renewal for another five years of a long-standing global client, HSBC, illustrates the strength of our commercial relationships. Our backers, HgCapital, have given unstinting support to our development plans and the business is exceptionally well-positioned for future growth.

"The new financial year has also started well and we have secured licence
renewals with other major clients, including Commerzbank, Goldenberg-Hehmeyer, Triland USA and Pioneer Futures. These wins, together with our high recurring revenue stream and new managed services and product initiatives give us exceptional visibility for a further material improvement on last year's excellent result against a backdrop of a growing and vibrant derivatives marketplace".

The Company is expecting a substantial increase in revenue and profitability
for the current financial year.

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