FFastFill posts FY operating profit rise

Source: FFastFill

The Board of FFastFill plc (LSE: FFA), the leading provider of Software as a Service ("SaaS") to the global derivatives community, is pleased to announce Preliminary Results for the twelve months ended 31 March 2010.

Financial Highlights

  • Significant increase in operating profit up to £1.2m (FY08/09: £0.3m)
  • SaaS revenue up 15% to £10.5m (FY08/09: £9.1m)
  • SaaS now represents 74% of revenue (FY08/09: 64%)
  • Revenue at £14.3m (FY08/09: £14.4m)
  • "12 month SaaS order book‟ stands at £10.7m (FY08/09: £10.3m)
  • EBITDA increased 82% to £3.1m (FY08/09: £1.7m)
  • Net cash flow from operating activities increased to £3.3m (FY08/09: £0.9m)
  • Strengthened net cash position of £2.4m (FY08/09: £1.5m)

Operational Highlights

  • Global presence strengthened as a result of further progress with Asia Pacific strategy
  • Product offer broadened in all four key areas, tailored to the SaaS opportunity
  • Operational efficiencies delivered, creating a better balanced business
  • Continued to win new business, led by SaaS as the financial turbulence unwound

o Solid additions in the first half including Prudential Bache, Liquid Capital, Ignis and SVS
o Successful additions in the second half including two new Tier 1 banks, one being HSBC
o Further strengthened our leading position in the LME market

Commenting on the results FFastFill Executive Chairman, Keith Todd, commented: "Our SaaS business model continues to serve us well and with continued stability returning to our markets we believe we enter the next financial year in a better position. Our broadened product offering, global presence, and the strength of our client relationships provide us with a more diversified and better balanced business on which to grow further next year and beyond."

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