Profit after tax and adjusted profit after tax are attributable to the equity shareholders of the Company (after minority rights). Adjusted figures stated before cost of share based payments.

Expanded global capabilities in terms of operator connectivity and ability to execute campaigns. Velti now has connectivity with more than 70 mobile operators across Europe, North-America, the Middle East and Asia, and has an estimated reach of over 1.4 billion consumers

David Mann, Chairman of Velti, commented: “The Board is delighted with another period of growth, in what is traditionally the Company’s quieter half of the trading year. In the second half of the year Velti is maintaining good progress in winning new customers and growing business with existing ones. This gives us a high level of confidence in meeting expectations for the full year and having a sound foundation for significant further growth next year.”

Alexandros Moukas, Chief Executive, added: “We are very pleased to have experienced another period of expansion and profitability. Year-on-year we set ambitious targets for Velti and we’re on track to meet our goals. This success is based on renewed contracts with key global operators, as well as new in-roads into the Russian market with MTS. Velti has also strengthened its position in China with the acquisition of up to 50% of CASEE, China’s biggest mobile ad exchange, and several new offices in Asia, the US and Europe.”

During the six months ended 30 June 2008, Velti achieved strong organic growth in revenues and profits, whilst continuing to expand its global footprint in anticipation of substantial and rapid development in the mobile marketing and advertising market over the next few years.

The group more than doubled revenues to €15.9 million compared to the same period in 2007 and it increased profit before tax to €1.6 million from €1.2 million, whilst increasing operating cash flow to €3.4 million from €1.1 million.

Growth in the first half of 2008 has been driven by mobile marketing and advertising which increased revenues by 164% to €10.0 million. The European market was particularly strong and there were also mobile operator, advertising agency and brand engagements in the US and Asia. Velti has expanded its services and customer base in Europe by renewing contracts with WIND, Vodafone, Cosmote, Cosmofon, MTEL, Vivatel, SingTel and Orange. Following the launch of its new Mobile Marketing and Advertising platform (MMP) version 4.0 in February, Velti is also executing mobile marketing projects for brands such as Verizon, Intel, Bayer and General Motors through Ansible in its New York office, and has won new customers such as Wrigley’s, MasterCard and TMP Worldwide in Europe.

Velti’s platforms and services segments also performed well with sales to enterprises increasing 48% to €3.3 million and sales to operators expanding by 88% to €2.6 million. The first segment focuses on enterprises in the public sector and financial institutions including NBG, ATE Bank, Eurobank EFG and Bank of Piraeus. The second of these segments focuses on the provision of software platforms, systems integration and managed services for mobile operators, including some of those referenced above.

Ansible, Velti’s joint venture with the Interpublic Group (IPG), made excellent progress in developing relationships with agencies in the IPG network, educating its clients about the full potential of the mobile channel and developing new business opportunities. The implementation of contracts through Ansible has been slower than originally expected. However, the Board is pleased with progress in the third quarter and sees very good prospects for the last quarter of 2008 and for next year.

An important step in expanding Velti’s global footprint was the agreement in April to acquire up to 50 per cent of CASEE, China’s largest mobile advertising exchange, for an investment of up to US $6 million. CASEE was serving 500 million adverts per month to mobile phones in China early this year; that figure currently stands at more than 750 million, an increase of 50 per cent. The Board is very encouraged by progress to date, which includes opening offices in Shanghai and Guangzhou, as it continues to expand the team in the region. CASEE is also planning to increase its presence across China during the remainder of 2008.

Another important part of Velti’s international expansion is to develop a presence in the other BRIC countries (Brazil, Russia, India and China). On July 1st, it announced a multi-million Euro contract with Mobile TeleSystems (MTS), the largest mobile operator in Russia and CIS with 85 million subscribers; the deal was Velti’s first major contract in Russia. The MTS deal is also a great example of the concerted sales efforts in the first half of the year that have produced solid results and will continue to deliver more during the second half of 2008.