ACCUMULI PLC Interim Report

Accumuli, the provider of Advanced IT Security Services, is pleased to announce results for the six months ended 30 September 2011.

Highlights:

• Revenue of £5.5m (March 2011: £2.4m)
• Gross profit of £3.4m (March 2011: £1.3m)
• Gross profit margin of 62% (March 2011: 53%)
• Trading group EBITDA¹ £1.3m (March 2011: £0.4m)
• EBITDA² of £1.0m (March 2011: £0.1m)
• Profit before tax of £0.2m (March 2011: loss £0.7m)
• Cash of £0.5m at period end (March 2011: £2.0m)Acquisition of Boxing Orange Limited completed on 15 April 2011 for initial consideration of £5.48m and deferred consideration of a maximum of £1.3m³

All comparatives relate to the seven month period ended 31 March 2011.

1. Trading group EBITDA = earnings before interest, tax, depreciation and amortisation and separately identifiable costs (acquisition costs and one off costs/income) and plc costs of £0.3m (March 2011:£0.3m)

2. EBITDA = earnings before interest, tax, depreciation and amortisation and separately identifiable costs (including acquisition costs and other non-recurring costs/income).

3. As varied by Deed of Variation dated 28 September 2011

Nick Kingsbury, Chairman of Accumuli, commented: “This has been a period of considerable progress for Accumuli, having grown the business in a short time. The consolidation and rebranding of the business is now complete and this gives us a good foundation from which to move forward. We have made good progress to date in the first part of our strategy to create a successful Managed Security Services business with a significant component of recurring revenues and we are well placed to achieve results in line with expectations for the full year. Whilst the general economic outlook continues to look mixed at best, we have identified specific market segments which we believe offer growth opportunities to us.”