Ffastfill raises £1.2 million additional funding as annual losses narrow
19 May 2003 | 3108 views | 0
Ffastfill, a UK-based supplier of software and services for electronic trading, is reporting a 53% rise in turnover and narrowing of losses for the year ending March 2003. The company has also raised £1.2 million in additional funding.
Turnover at Ffastfill is up 53% to £1.37 million from £0.9 million in 2002, and operating loss before exceptional items down 31% to £4.6 million as against £6.7 million a year earlier.
Cash at 31 March 2003 was £1 million. The new £1.2 million funding package comprises equity fundraising of £780k and a leasing arrangement which will release £420k of capital in May 2003.
Commenting on the results, Keith Todd, executive chairman says: "FFastFill has made significant progress during the second half of the year in transforming itself from an ISV to a company that is well placed to benefit from its new focus on application services."
Highlights for the half-year since October 2002 include the implementation of the first phase of the FFastConnect contract and the signing of a major £480,000 per annum bespoke software development contract with DrKW. The company also completed the development of FFastTrack, a new trade tracking system, and introduced a new release of the FFastFill trading and risk management system.
Ffastfill has experienced mixed fortunes internationally, closing a subsidiary in France while growing monthly revenues in the US to $84,000.