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FFastFill (LSE: FFA), the leading provider of application services to the global derivatives community, announces results for the financial year ended 31 March 2008, which reflect the group’s first period of profitability as well as significant strategic progress. FFastFill is also pleased to announce the acquisition of Exchange Technologies Pty Ltd, to support the Group’s Asia Pacific and middle office strategy.
2008 Highlights:
- Revenue growth of 87% to £11.4million (2007: £6.1 million)
- EBITDA of £1.5million (2007: £0.006million)
- Operating Profit of £0.2million (2007: loss £1.1million)
- PAT of £0.9million (2007: loss £1.1million)
- Cash £2.4million (2007: £1.0million)
- Operating cash inflow was £2.6 million (2007: cash outflow £0.4million)
- 12 month order book £11.5million (2007: £6.7million)
- Increased the customer base to 79 customers including 20 global banks
- Successful acquisition and integration of Exchange System Technology (EST now known as FFastFill Post Trade Processing “PTP”)
Acquisition of Exchange Technology:
- Acquisition of 100% of Exchange Technology Pty Ltd an Australian company specialising in the provision of middle office software in the APAC region with 16 customers including 12 global banks, three of whom are new customers for FFastFill
- Total Consideration $2.5 million AUD (Equivalent to £1.0 million in cash plus £0.24 million in shares at 7.125 pence per share)
- Exchange Technology to act as the initial corner stone of our Asia Pacific strategy and augment FFastFill’s drive to increase penetration in the Derivatives middle office market
- The acquisition is expected to be earnings neutral in the first year and earnings enhancing in subsequent years
Keith Todd, FFastFill Chairman and CEO, commented:
”These results are the outcome of the hard work that has taken place over the past five years to build a business with global reach that provides a broad service offering to an increasingly wide range of financial institutions throughout their trading day.
Our first year of profitability underlines the coming together of our three-part strategy of building a business which provides trading software as a service, covers front, middle and back office and progressively extends across multiple asset classes.
Our early adoption of the Software as a Service model in 2003 has already stood us in good stead and as we enter uncertain times in the Financial Services market, our strong visibility of revenues, breadth of customer base and offerings gives us confidence that we can continue to achieve our growth targets.”
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