Axon Group plc ('Axon') AGM Statement                                                 23/05/2005

London, 23rd May 2005: Axon, the Business Transformation consultancy, reported a successful start to the current financial year at its Annual General Meeting held today.

Mark Hunter, Chairman and Chief Executive, made the following comments regarding current trading:

“Axon continues on its journey to become a global leader in the delivery of business transformation programmes for large corporations that have chosen SAP as their enterprise platform.

“In the last twelve months we have established a significant offshore development and support business in SE Asia, become a leading player in the North American Aerospace and Defence industry and have continued to win market share in our core European business.

“After this period of intensive activity, we are successfully consolidating our position and I am pleased to report that we are continuing to grow the business and trade in line with market expectations.

“The Board continues to monitor best market practice in all areas of Corporate Governance. I am therefore pleased to announce that, with immediate effect, all new share options will not be subject to rolling retesting. Whilst Axon has historically had an upper limit on executive bonuses, the board is pleased to announce that, with immediate effect, executive bonuses are capped at three times salary which in turn means that there is an effective cap on the future grant of share options. During the course of the year the Board will continue to review, where appropriate, other aspects of our corporate governance.”

For further information, contact:

Mark Hunter, Chief Executive Officer
Axon Group plc 01784 480 800

Christopher Hamilton
Bell Pottinger 020 7861 3232