Contract Win

RNS Number:2674R
AFA Systems PLC
24 October 2003

                                 AFA Systems plc
                                      
                                  Contract win
                                        
AFA Systems plc, the AIM listed global provider of advanced software solutions
for the Banking and Asset Management industries, is pleased to announce an
important contract award for its investment management products.

AFA has signed an agreement to provide a leading Scottish investment management
group with 'Common Knowledge,' a knowledge management product from AFA's
investment management suite of products.

The implementation of Common Knowledge will immediately integrate and replace
nine existing contact management solutions that are currently in use by the
customer, and will also integrate industry directories such as Red/Blue Book and
support 70 users across multiple locations in Edinburgh, London and the US.
Common Knowledge will support both the management process and provide subsequent
support of their institutional and retail clients.

The project commenced in late September and is scheduled to go live in early
November. Revenues including the initial licence fee, implementation payments
and year one recurring licence fee are expected to fall within AFA's current
financial year, ended 31 December 2003.

Mike Hart, Chairman and Chief Executive of AFA Systems plc, said:

"When we expanded the AFA product portfolio from its core banking markets into
investment management we stated that our aim was to sell these products
internationally, away from their home South African markets where they were
originally developed.

"We are pleased therefore that today's agreement marks our seventh successful
investment management products contract win outside South Africa and contributes
to an approximate total of #1 million gained in revenue this year in this sector
with Edinburgh and Glasgow based clients alone. We are hopeful that this success
story will continue with further significant client wins."

For further information contact:

www.afa-systems.com

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

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

Notes to Editors

AFA Systems develops, implements and supports a broad range of integrated
financial software solutions that enable banks, institutional investors and
financial intermediaries to manage, trade, invest and monitor their financial
assets competitively and reduce costs. To date, more than 100 financial
institutions in over 20 countries around the world have invested in AFA's
systems.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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