Preliminary results for the period ended 31 March 2007

Citel designs, develops and markets a range of VoIP solutions for the business telephony market that enable enterprises to migrate their telephone systems from the traditional voice network to an IP-based data network, without replacing existing handsets and wiring infrastructure. These are Citel's first full year results since its admission to trading on AIM in July 2006.

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Financial Highlights

• Turnover of £2.5 million
• Portico (formerly Handset Gateway) revenue impacted by Tier One delayed roll outs but increased focus on Tier Two and Three carriers yielding results
• Gross margin as a percentage of turnover improved to 62% from 58% in the prior year
• Operating charges pre goodwill impairment and share option expenses decreased year-on-year
• Strong balance sheet with cash of £4.6 million

Operational Highlights

• Secured supply agreements with two of the world’s largest carriers, AT&T and Sprint
• Both carriers have revealed strong pipeline of potential VoIP customers, drawn from principally government and education markets
• Smaller carriers aggressively rolling out hosted VoIP, orders received and installed
• Recent orders from Centennial Business Solutions and Phonoscope
• Implementation of direct selling strategy towards the latter half of the fiscal year has resulted in significant increased sales of the Portico product in FYE 2008

Product and Technology Enhancements

• Portico now certified with Avaya’s next generation SIP IP platform
• Internet Telephony magazine has named the Citel EXTender IP6000 recipient of the 2006 Product of the Year
• Introduction of private-label low density PBX EXTender for NEC and Panasonic
• Two patents and two seminal patents pending

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