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 on trading for the six months ended 30 September 2012.
The Board expects to report strong revenue growth and a significantly improved adjusted operating profit performance for the half compared to the same period last year, driven by good customer win momentum. Net Cash at 30 September 2012 was £2.0m (31 March 2012: £2.2m; 30 September 2011: £1.1m).
The Board also expects to report double digit organic SaaS revenue growth for the half in addition to a strengthened order book. The Board is particularly pleased to note that new customer win momentum and cross selling across all service lines and geographies has continued, with particularly encouraging sales progress for the Group's risk management solutions.
FFastFill's pipeline of prospects remains encouraging. As such the Board is confident that the Group's performance remains in line with its current expectations for the financial year as a whole.
The Group expects to report interim results for the six months ended 30 September 2012 on Monday, 19 November 2012.
Keith Todd CBE, Executive Chairman of FFastFill commented: "Despite the difficult market conditions, FFastFill has secured strong new business momentum during this first half, resulting from the breadth of our global SaaS offering and building upon the acquisitions and investments made in prior years. The Group continues to make good operational progress and enters the second half in a positive position. Our focus remains on driving profitable growth."
Separately, FFastFill plc (LSE: FFA), the leading provider of Software as a Service ("SaaS") to the global derivates community, is pleased to announce an extension of its contract with BGC Partners ("BGC") to include the global deployment of FFastFill's execution platform, which incorporates the Horizon Multi-Broker Network, across BGC's current international brokerage offices. The deal extends FFastFill's role within BGC Partners from an initial presence in selected locations to full worldwiddwide market presence.
Effective immediately, FFastFill Horizon will be integrated within BGC's platform, enabling multi-broker support to fulfil BGC's execution requirements. Horizon will provide BGC with a cost effective, low latency route to FFastFill's full range of more than 60 trading venues worldwide. Focusing on futures and options trading, Horizon also handles complex block trades and provides the ability for full real time pre and post risk management capabilities.
Hamish Purdey, Chief Executive, FFastFill said: "FFastFill is delighted to have achieved this contract to work with BGC Partners on a global basis. This deal is a validation of the quality of the FFastFill execution capabilities. Horizon provides unrivalled flexibility between institutions, brokers and their clients, enabling BGC's fast and cost-efficient business development and execution and the FFastFill team is looking forward to working with BGC to ensure swift global deployment."
Jean-Pierre Aubin, Executive Managing Director, Global Head of Listed Products and General Manager of Continental Europe at BGC Partners said: "As a leading global brokerage company, BGC Partners requires flexible multi-brokerage, multi-client, multi-exchange connectivity matched by fast and efficient execution. We believe FFastFill's cost efficient, low latency execution platform offers a compelling value proposition and we recognised clear advantages to extending our commercial relationship with FFastFill."