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The Board of FFastFill plc (LSE: FFA), the leading provider of Software as a Service (“SaaS”) to the global derivatives community, announces Interim Results for the six months ended 30 September 2011.
The Board also announces (see separate announcement) the acquisition post period-end of the trade and assets of Chicago based technology software solutions and consulting business, WTD Consulting, Inc., (“WTD”) for a maximum consideration of up to $12.0m (£7.6m) (the “Acquisition”).
Financial Highlights
- Group revenue stable at £7.3m (H110/11: £7.3m)
o SaaS revenue increased by 11% at £6.1m (H110/11: £5.5m)
o SaaS represents 84% of Group revenue (H110/11: 75%) - Adjusted EBITDA* of £1.0m (H110/11: £1.7m)
- Adjusted Operating Profit* of £0.1m (H110/11: £0.8m)
- 12 month SaaS order book stands at £11.4m (H110/11: £11.8m)
- The Group has net cash of £1.1m (H110/11: £1.4m)
o Net cash outflow in H1 resulting from increased investment in support of future growth
o FFastFill expects to return to operating cash inflow in H2
* Before share based payment charges of £0.1m (H110/11: £0.1m), acquisition costs of £0.1m (H1 10/11 £nil) and exceptional items of £nil (H110/11: £0.2m)
Operational Highlights
- Three significant new customers and three extensions to existing mandates signed in H1, with a further two new customers signed post period-end
- Acquisition and integration of Spread Intelligence complete, first customer orders expected in H2
- Continued expansion of Asia data centre, communications infrastructure and business development activity
- Delayed Back Office implementations now progressed to final customer acceptance testing
Commenting on the results FFastFill Executive Chairman, Keith Todd CBE said:
“We continue to make good operational progress both in building out and deploying a global platform for growth. Our SaaS offering continues to gain traction globally, competing strongly and winning important new mandates in spite of the continuing structural shifts taking place in the financial services market. I am excited by the announcement today of our acquisition of the business and assets of WTD: a move that will significantly enhance our US business development opportunities, take our Back Office capabilities into that market, and enhance our Back Office deployments around the world.
Changing markets often create uncertainty, but they also create new opportunities for companies that are able to grow and to invest. That is why our focus now rests on leveraging the important investments being made in our global platform and on further expansion of our revenue base. We will look to take full advantage of the new products and opportunities resulting from our recent acquisitions and a strong sales pipeline and remain confident of delivering on our expectations for the full year.”
