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AXON GROUP PLC

('Axon' or 'the Group')

INTERIM MANAGEMENT STATEMENT 

Axon Group plc, today publishes its interim management statement for the period from 1 July 2008 to date. 

Operational Highlights

EMEA

In EMEA, new client wins include Mouchel Group in professional services and Domestic & General in the insurance sector.

Americas

In the US, the EnterSys and SCM acquisitions have been integrated into the business. New wins include Insurance Company of the West and Snohomish County Public Utility.

Financial performance

The business has continued to perform well, with chargeability remaining high.

Commenting on Axon's performance, Chief Executive Steve Cardell said:

'I am very pleased that Axon has continued to perform strongly during the period, delivering well to existing clients and winning new ones, despite the potential distractions of two competing takeover bids.

Although the macroeconomic environment continues to deteriorate, trading has been encouraging and outlook for the full year is in line with our expectations.'

On 20 October the Axon board announced that it had, with the agreement of Infosys and the Panel on Takeovers and Mergers, resolved to no longer proceed with the Infosys Scheme. The Axon Board is continuing to take steps to implement the acquisition of the Company by HCL EAS Limited, an indirect wholly owned subsidiary of HCL Technologies Limited by way of a Scheme of arrangement (the 'HCL Scheme'). In this regard the HCL Scheme document has been posted to shareholders today. The Court Meeting and the General Meeting relating to the HCL Scheme will be held at the offices of Osborne Clarke, One London Wall, London EC2Y 5EB on 24 November at 10.00 a.m. and 10.15 a.m. respectively.

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For further information please contact:

Steve Cardell / Iain McIntosh                                   Chris Hamilton/Mike Davies

Axon Group plc                                                        Bell Pottinger Corporate & Financial

01784 480 800                                                         020 7861 3232

Notes to editors:

 

Axon is a Business Transformation consultancy that designs, implements and supports solutions to complex issues faced by organisations that have chosen SAP as their strategic enterprise platform. Axon has over 2,000 experienced professionals specialising in the delivery of change through technology enabled transformation programmes. Axon's consultants bring in-depth industry expertise alongside best practice functional knowledge to address the strategic, operational, information management and organisation effectiveness challenges faced by organisations today. Axon is renowned for its ability to help clients define more ambitious strategies, build more effective organisations and shape more successful futures. Founded in 1994, today Axon has offices in the United Kingdom, North America, Malaysia, Singapore, China and Australia.

Market consensus of the analyst research notes the year to 31 December 2008 are revenues of £248m, adjusted operating profit £40.3m and adjusted profit before tax £40.0m.

Adjusted operating profit is profit from continuing operations excluding amortisation of intangible assets on acquisition and share based payments. Adjusted profit before tax is profit before tax excluding amortisation of intangible assets on acquisition and share based payments.

All financial information is based on unaudited management accounts. Certain statements made in this interim management statement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward-looking statements.

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