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FfastFill raises £1 million; losses widen

19 November 2008  |  4482 views  |  0 cash

Screen dealing technology vendor FfastFill has raised £1 million from a placing of 15.4 million shares at six-and-half pence per share.

The placing price represents a discount of 10% to yesterday's closing middle market price of 7.25 pence per ordinary FfastFill share.

The company says the proceedings will be used to fund the next stage in its Asia Pacific expansion strategy. It follows last year's acquisition of Australian middle office processor Exchange Technology which gave the company an operating business in the region and twelve customers.

The latest funding round comes as FfastFill reported a widening in interim half-yearly pre-tax losses at £0.5 million from £0.3 million. Total revenue during the period grew 45% to £6.83m (H1 07/08: £4.72m) within which SaaS revenue grew organically by 20% to £4.02m.

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