TIDMFFA
RNS Number : 2699A
FFastFill PLC
06 October 2009
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6 October 2009
FFastFill plc
("FFastFill" or the "Group")
Trading Update
The Board of FFastFill plc (LSE: FFA), the leading provider of Software as a
Service (SaaS) to the global derivatives community, provides the following
update in respect of trading for the six months ended 30 September 2009.
Trading has been in line with management expectations and FFastFill expects to
report a profitable first half, compared to a loss last year (1H08: loss before
tax: GBP0.5m). SaaS revenues have continued to show strong growth and, in
combination with the operating efficiencies realised since the start of the
year, underpin these improvements in the Group's financial performance. Cash
remains strong at GBP3.1m on 30 September 2009 compared to GBP2.2m at 31 March
2009.
Market conditions appear to be stabilising, resulting in increased customer
activity and FFastFill has continued to win new customers and expand existing
customer relationships. Positive momentum has been seen across the range of
product offerings.
Structural and regulatory shifts in the market place towards increased centrally
cleared OTC (Over The Counter) derivatives provides a significant opportunity
for FFastFill.
Looking forward, FFastFill has a healthy pipeline of future opportunities, not
only in providing a wider range of services to existing clients, but also by
leveraging its experience and strong reputation to expand its existing client
base.
Keith Todd, Executive Chairman, FFastFill plc commented; "We believe that there
is a renewed level of stability in the market which gives us increased assurance
for the future. We continue to make good progress against our objectives and
FFastFill's progress in winning new business, together with its strong recurring
revenue model, broad service offering suite and ongoing tight cost control
underpin our further improvements in our financial position."
Hamish Purdey, Chief Executive Officer, FFastFill plc commented; "We have made
significant operational progress during the first half evidenced by
infrastructure additions in Asia as well as connectivity and functional
improvements which have been deployed across all front, middle and back office
offerings."
FFastFill will announce its half year results on 19th November 2009.
For further information please contact:
+------------------------------------+------------------------------------+
| FFastFill plc | +44 (0)20 7665 8900 |
+------------------------------------+------------------------------------+
| Keith Todd, Executive Chairman | |
+------------------------------------+------------------------------------+
| Hamish Purdey, Chief Executive | |
| Officer | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Financial Dynamics | +44 (0)20 7831 3113 |
+------------------------------------+------------------------------------+
| James Melville-Ross | |
+------------------------------------+------------------------------------+
| Matt Dixon | |
+------------------------------------+------------------------------------+
| Emma Appleton | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| KBC Peel Hunt | +44 (0)20 7418 8900 |
+------------------------------------+------------------------------------+
| Jonathan Marren | |
+------------------------------------+------------------------------------+
| Richard Kauffer | |
+------------------------------------+------------------------------------+
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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