Interim Results for 6 months ended 30 September 2006

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 results since its admission to trading on AIM in July 2006.

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Signed supply agreements with Tier One Telecommunication Carriers and sales have begun through Tier Two and Three Carrier's distribution channels.

Tier One Telecommunication Carriers

• Secured supply agreements with two of the world's largest Carriers
• Both Carriers have revealed a strong pipeline of potential VoIP customers, drawn principally from government and education markets
• Positive feedback from current pilot and lab testing work with major Carriers
• Good progress on securing supply contracts with other Tier One Carriers

Tier Two and Three Telecommunications Carriers and ISPs

• Smaller Carriers aggressively rolling out hosted VoIP
• Carriers including OneStream, CommPartners and PennTel launched and winning initial customer sales
• Channel marketing program implemented to recruit telecommunication equipment resellers to market hosted VoIP to their installed bases
• First orders received from resellers for hosted VoIP

Financial Performance

• Sales of £1.1 million (predominantly reflecting sales of legacy PBX EXTender product)
• Portico TVA revenue impacted by Tier One Carriers delayed roll-outs
• Revenues from Tier One Carrier supply agreements likely to commence in early 2007
• Gross profit of £0.7 million
• Strong balance sheet with net cash of £6.3 million

Product and Technology Enhancements

• SIP Portico TVA now certified with Avaya's next generation SIP IP platform
• New model PBX EXTender enables easy upgrade path to Portico TVA

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