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 on trading for the financial year ended 31 March 2011.
The Board is pleased to confirm that in the period under review FFastFill has continued to grow successfully, making further progress in the implementation of its global SaaS strategy. As a result, the Group expects to report results in line with market expectations.
During the year the Group has achieved significant contract wins across all of its product offerings: Trade Execution Services, Middle Office and Back Office. The recently announced "Horizon" service that allows sell-side brokers to efficiently cross connect has been well received and has added to the competitive strength of FFastFill's Trade Execution Services offering.
The Board is also pleased with the progress FFastFill has made this year geographically, in particular in the Asia region. The Group's growth has been achieved in spite of the aftermath of the recent financial crisis, which resulted in a number of customer changes that impacted revenue when compared to the previous year. The Group finished the year with £3.3m net cash (31 March 2010: £2.4m, 30 September 2010: £1.4m).
Keith Todd, Executive Chairman, commented:
"The competitive strength of our offering, our SaaS-delivered approach, remains strong and is positioned well to support our Group's continued growth in the new financial year. We continue to see an improvement in the business environment and we have a strong pipeline of prospects across all three regions where we operate."
FFastFill will report year end results for the twelve months ended 31 March 2011 on Monday, 23 May 2011.