FfastFill directors take salary cut as revenues grow

FfastFill directors take salary cut as revenues grow

FfastFill, a UK-based application service provider for trading and risk management, is reporting full-year revenue growth up 93% to £2.65 million.

The group - which recently completed a £4 million placing - continues to trade at a loss: £2.3 million, down from £4.5 million for the year ago period.

Keith Todd, executive chairman of FFastFill, described 2004 as a year of "real progress", in which the company has implemented a new service-based strategy and signed its first three ASP customers.

"We have been able to improve our opportunity for further revenue growth as more prospects become aware of our new application services offering," he says. "While there is much work to be done and we will need to be patient, I am confident of success."

Todd, alongside co-executive directors Nigel Hartnell and Jim Oliff, has voluntarily agreed to waive a total of approximately £100,000 in salary over the next six months "as a further demonstration that the team will continue to manage the group prudently". As a result, says Todd: "My salary will be £12,500 over this six month period."

FfastFill shares moved up 0.5 pence (6.6%) on the announcement to 8 pence.

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