FFastFill (LSE: FFA), the leading provider of Software as a Service ("SaaS") solutions to the global derivatives community is pleased to announce robust final results for the financial year ended 31 March 2009.
- Revenue increased by 27% to stand at £14.4m (FY 07/08: £11.4m)
- SaaS revenues increased 42% to £9.1m (FY 07/08: £6.4m)
- '12 month Order Book' stands at £14.2m (FY 07/08: £11.5m), with SaaS Order Book increasing 41% to £10.3m (FY 07/08: £7.2m)
- EBITDA of £1.7m (FY 07/08: £1.5m)
- Operating Profit of £0.3m (FY 07/08: £0.2m)
- Cash balance at £2.2m (FY 07/08: £2.4m)
- Further contract wins and renewals secured despite difficult market conditions
- Progress made with Asia Pacific expansion strategy
Acquisition of Exchange Technology Pty Ltd completed in July provides an initial base in Asia Pacific and an experienced middle office development team
Proceeds from November's £1.0m Placing are being directed towards our expansion efforts in this key region
- Roll-out of new SaaS-enabled Middle Office suite marking further progress in our integrated Straight-through-Processing ("STP") strategy
- Operational launch of Risk-Pro product further enhances Front through Middle to Back product offering
- Board and management structure changes announced in April to reflect new business phase: Hamish Purdey appointed as Chief Executive Officer and Keith Todd assumes role of Executive Chairman
Commenting on the results Keith Todd, Executive Chairman of FFastFill said:
"I am pleased to announce these results which show a robust performance from FFastFill in spite of what has been a very difficult set of market conditions. We continue to navigate these challenges, moving now from a phase of 'development' into a period more focusesed on exploiting our extensive product suite and resources to further strengthen our sales pipeline and profitability."
"Our business has never been as strong competitively as it is today. As I said at the time of our interim results in November, the pace of growth in our sector and our markets remains difficult to predict in the short term as the consequences of the financial crisis unwind. However, in spite of this recent market turbulence, the Board remains confident that the medium and long term fundamentals of our target markets are strong and that our company is well placed to continue to grow its market share."