24 January 2018
visit www.ebaday.com

Ffastfill raises £1.2 million additional funding as annual losses narrow

19 May 2003  |  3108 views  |  0 Ffastfill raises £1.2 million additional funding as annual losses narrow

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.niceactimize.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
9825 views comments | 38 tweets | 48 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
9511 views comments | 14 tweets | 14 linkedin
Sbanken opens developer portal and invites customers to build their own digital bankSbanken opens developer portal and invites...
8547 views comments | 17 tweets | 11 linkedin
Could distributed ledgers restore the reputation of the MBS market?Could distributed ledgers restore the repu...
7057 views comments | 6 tweets | 9 linkedin
Metro Bank joins digital revolution with instant online account openingMetro Bank joins digital revolution with i...
7044 views comments | 13 tweets | 25 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job