AGM Statement - Axon sees Continued Growth in Core Markets           28/05/2004

London, 28th May 2004: Axon, the Business Transformation consultancy, reported a successful start to the current financial year at its Annual General Meeting held today.

Mark Hunter, Chairman and Chief Executive, made the following comments regarding current trading:

'Our strategy is continuing to enable us to deliver results which outperform the market. During 2004, we have already won contracts with several new clients including CarpetRight and Hampshire County Council and we continue to win additional work with existing clients including Xerox and The Post Office by consistently meeting or exceeding their expectations.

'We have further broadened both our proposition and the markets that we service. In 2004, we have expanded our offshore development services and grown our presence in the Public Sector. Most notably, we are winning projects which extend well beyond the delivery of services which relate directly to SAP and we are taking on increasingly broad programmes of work which incorporate a growing range of consulting and management services.

'We have taken an important step forward in our efforts to sustain margins. In April we acquired MyDruid, an offshore services partner, in Malaysia, thereby providing access to a low cost source of talented consultants. Most of our proposals now incorporate a delivery model which makes use of this new resource. Our Malaysian Service Centre has almost doubled in size already and is helping us to maintain margins, remain competitive and continue to deliver excellent customer service.

'In summary, we have had a good start to the year and we are winning customers, growing headcount and expanding our market proposition. I look forward to maintaining the momentum in the business for the remainder of 2004 and into 2005.'