RNS Number:6758L
AFA Systems PLC
29 May 2003


Thursday 29 May 2003


                                AFA Systems plc


                                 AGM Statement


Mike Hart, Chairman and Chief Executive, of AFA Systems plc ('AFA' or 'the
Company'), the AIM listed provider of software solutions for global financial
markets, made the following statement at the Company's AGM today:

"At the time of the Company's 2002 preliminary results announcement on 11 March
2003, we stated that the market for our products had for the second consecutive
year been very difficult due to the global economic and stock market slowdowns
which had led to a lengthening of sales cycles and a number of project delays
with no significant improvement seen in the second half of last year or in the
current financial year to date.

In the first half of this year, business from existing customers has been in
line with our expectations. Whilst we have seen some increase in the activity of
prospective customers and new projects within existing customers, which is
encouraging, there is still a reluctance to commit to large projects while the
principal focus remains on cost reduction. The group is well placed in a number
of opportunities, but the timing of new orders can still materially affect the
group's results for the half year to 30 June 2003. Overall, it is expected that
the group's revenues will be broadly in line with those reported for the
equivalent period last year. The strong South African Rand has effected our cost
base in Cape Town. However, overall, the costs are reduced reflecting the cost
savings made during last year."


AFA intends to announce its interim results for the half year to 30 June 2003 in
September.







For further information, please contact:

www.afa-systems.com

AFA Systems plc
Mike Hart, Chairman & Chief Executive             020-7337-7250
Henry Sallitt, Group Finance Director

Weber Shandwick Square Mile                       
Reg Hoare/Sara Musgrave                           020-7067-0700









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