Ffastfill to raise £4 million in placing

Ffastfill to raise £4 million in placing

Shares in AIM-listed trading technology vendor Ffastfill have firmed up on news of a £4 million share placing, two new ASP-based service contracts, and a near doubling in turnover for the year ending 31 March 2004.

The shares have been provisionally placed with institutional investors and the company says it will use the proceeds to strengthen the balance sheet and position it for future acquisition opportunities.

Ffastfill says its preliminary results for the year ending 31 March 2004 will be released during mid-May with turnover expected to be in the region of £2.7m (2003: £1.37m).

After moving into the application hosting business in December, the firm says its first customer is already live on FfastServe ASP. Two new client signings were also announced today, including ADM Investor Services International Limited.

By mid-morning, shares in Ffastfill were up 4.9% to eight pence from an overnight close of 7.63 pence.

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