UK derivatives trading software house Ffastfill has appointed a new executive chairman, business development director and technology chief after reporting widening first half losses on rising development costs and asset write-downs.
The first half net loss rose to £7.6 million against £5.1 million a year ealier. Exceptional losses of £1.371 million include write-downs of investments in Easy2Trade and SpreadMania. Additionally, the group incurred one-off restructuring costs, including the transfer of the development and testing facility from London to Prague.
In a statement, the company says it has undertaken a complete review of its market strategy, its product development programme and its management requirements, in light of changes in technology and depressed trading conditions.
"It is clear that while FFastFill's existing product suite is of excellent quality, new products and services will need to be developed in order to maximise the substantial opportunities which exist in providing technology to the financial markets."
Changes to management include the immediate appointment of former ICL chief Keith Todd as executive chairman, replacing Nicholas Durlacher. He brings with him Nigel Hartnell, formerly director responsible for services and corporate development at ICL, as business development director, and John Elmore - another ICL alumnus - as director of technology and operations. The new management team have been given options over 26.9% of the company's shares as part of their signing on package.