The Board of FFastFill plc (LSE: FFA), the leading provider of Software as a Service (SaaS) to the global derivatives community, provides the following update in respect of trading for the six months ended 30 September 2009.
Trading has been in line with management expectations and FFastFill expects to report a profitable first half, compared to a loss last year (1H08: loss before tax: £0.5m). SaaS revenues have continued to show strong growth and, in combination with the operating efficiencies realised since the start of the year, underpin these improvements in the Group's financial performance. Cash remains strong at £3.1m on 30 September 2009 compared to £2.2m at 31 March 2009.
Market conditions appear to be stabilising, resulting in increased customer activity and FFastFill has continued to win new customers and expand existing customer relationships. Positive momentum has been seen across the range of product offerings.
Structural and regulatory shifts in the market place towards increased centrally cleared OTC (Over The Counter) derivatives provides a significant opportunity for FFastFill.
Looking forward, FFastFill has a healthy pipeline of future opportunities, not only in providing a wider range of services to existing clients, but also by leveraging its experience and strong reputation to expand its existing client base.
Keith Todd, Executive Chairman, FFastFill plc commented; "We believe that there is a renewed level of stability in the market which gives us increased assurance for the future. We continue to make good progress against our objectives and FFastFill's progress in winning new business, together with its strong recurring revenue model, broad service offering suite and ongoing tight cost control underpin our further improvements in our financial position."
Hamish Purdey, Chief Executive Officer, FFastFill plc commented; "We have made significant operational progress during the first half evidenced by infrastructure additions in Asia as well as connectivity and functional improvements which have been deployed across all front, middle and back office offerings." FFastFill will announce its half year results on 19th November 2009.