£2.5m Mkt Cap massive potential 3 bagger expected

no mention of the google..........must still be talking numbers......else they would have said.............talks are off......wouldnt they ??????????????????


Independent International Investment Research Plc ("the Group")


Trading Update

Since publication of the Group's interim results on 25 October 2006, marking the
attainment of maiden interim operating profitability, revenues have continued to
grow significantly, outpacing our expectations.

The outlook for independent investment research firms, especially in the
international equity space, appears to be bright: recent regulatory changes,
including the introduction of Commission Sharing Agreements (CSA's), are widely
accepted to be a very positive driver for independents; whilst the successful
IPO earlier this month of Japaninvest Group Plc, a UK research firm, on the
Tokyo Stock Exchange indicates that investors are recognising the opportunities
that exist.


Global currency research

In Peoples Republic of China, the sales cycle for our Pronet FX currency
advisory service (which includes G-mailTM web-based email) has proven to be
longer than originally anticipated but I am pleased to report the first
contracted sale of our Pronet FX currency advisory service to a major Chinese
domestic institution has been completed, and a second is expected during the
next two weeks. These are in addition to steady growth in revenues generated
from the retail sector, and are a significant indication of live demand for the
service in a market that we have identified as having strong potential.


Global equity research

Both the universe of research coverage and the sales pipeline of the Group are
growing strongly, which bode well for sales revenues next year. The sales
pipeline comprises both sell-side institutions (banks and brokerages) who will
re-distribute the Group's research; and buy-side institutions (traditional asset
managers and hedge funds) who will consume it directly. The Group expects to
have more than 300 international companies under research coverage by the start
of the next financial year. As expected, the Group recently appointed a second
sales professional onto its London team (as Head of Sales) and is now seeking to
make a first sales appointment in New York.


Impact on revenues and operating profits

I am pleased to announce that the total value of business with new clients
together with further orders from existing clients will increase substantially
with effect from January 2007. Based on orders placed, and excluding any impact
from new revenues generated from the pipeline, described above, over the next
fourteen months, we are now expecting revenue and operating profits to surpass
current market expectations for the year ending February 28 2008. The major
component of these new orders is access to our existing research library, and
most of the remaining work required can be accomplished using our current
resources. In view of the operational gearing of the business the impact upon
operating results will therefore also be significant.