TIDMFFA
RNS Number : 3930R
FFastFill PLC
19 November 2012
19 November 2012
FFastFill plc
("FFastFill" or the "Group")
Interim Results for the six months ended 30 September 2012
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
2012.
Financial Highlights
-- Group revenue at GBP10.9m (H1 11/12: GBP7.3m)
o Organic revenue growth of 14%
o SaaS revenue increased by 21% at GBP7.4m (H1 11/12:
GBP6.1m)
o SaaS represents 67% of Group revenue (H1 11/12: 84%)
-- Adjusted EBITDA* of GBP2.5m (H1 11/12: GBP1.0m)
-- Adjusted Operating Profit* of GBP1.4m (H1 11/12: GBP0.1m)
-- Group 12 month order book stands at GBP22.1m (H1 11/12: GBP13.6m)
o 12 month SaaS order book stands at GBP15.5m (H1 11/12:
GBP11.4m)
-- The Group has net cash of GBP2.0m (H1 11/12: GBP1.1m)
* Before share based payment charges of GBP0.5m (H1 11/12:
GBP0.1m), acquisition costs of GBPnil (H1 11/12 GBP0.1m),
exceptional items of GBP0.2m (H1 11/12: GBPnil) and amortisation of
acquired intangibles of GBP0.4m (H1 11/12: GBPnil)
Operational Highlights
-- Secured 9 new mandates across all product lines including 3 new customers
-- Extension of functionality across Front, Middle and Back
Office as well as Risk Management which is a key regulatory driver
for growth
-- Extension of geographical coverage across the product suite particularly in Asia
-- Expanded offer and connectivity by adding Asian exchanges including Japan
-- Delayed Back Office implementations now fully live and delivering service to customers
Commenting on the results FFastFill Executive Chairman, Keith
Todd CBE said:
"FFastFill continues to make good progress despite the
challenging market environment in which we operate. Thanks to the
breadth of our global SaaS offering and our strengthened platform
we continue to win new mandates and believe we now have a better,
more balanced business. This, coupled with the strength of our
pipeline, underpins our current expectations for a successful
outturn to the financial year as a whole. We enter the second half
in a strong position and we remain focused on delivering value to
our shareholders."
For further information please contact:
+44 (0)20 3002
FFastFill plc 1900
Keith Todd CBE, Executive Chairman
Hamish Purdey, Chief Executive Officer
Mark Carlisle, Chief Financial Officer
+44 (0)20 7831
FTI Consulting 3113
James Melville-Ross / Matt Dixon / Emma Appleton
/ Jessica Liebmann
+44 (0)20 7523
Canaccord Genuity Limited 8000
Simon Bridges / Cameron Duncan
+44 (0)20 7600
finnCap 1658
Tom Jenkins / Marc Young
Chairman's Statement
The first half of this financial year has seen FFastFill make
further, encouraging progress. Our financial performance in the
first six months has been strong, with robust growth achieved in
both revenue and profitability. This growth is thanks largely to a
continuation of the good customer mandate win momentum seen in the
prior financial year, across each of our product lines and in all
of our markets. As a result, our Software-as-a-Service ("SaaS")
revenue stream in particular continues to grow in size and quality,
increasing 21 per cent year on year. We exit this first half with a
strong total order book of GBP22.1m and a SaaS order book of
GBP15.5m.
This progress is particularly encouraging given that the market
environment in which we operate remains challenging and continues
to change shape. Some of the more traditional operators have
reduced or reshaped their strategic focus, creating pockets of
uncertainty. At the same time however, new entrants to the market
and regulatory change have, created new and exciting opportunities
for growth. This dynamic has been a characteristic of our markets
for some time now and FFastFill continues to navigate it well,
supported by the breadth of our customer relationships and by the
defined and approved budgets our customers have for IT investment.
As a consequence, and in spite of what often appear to be
contradictory market signals, FFastFill continues to win new
business and make further advances with our technical architecture
and deployment model.
Our customer success in this half owes much to the strength of
our offering. The SaaS platform that sits at the heart of our
product suite remains an attractive proposition in the market. It
enables customers to access sophisticated technology and dedicated
services quickly and cost effectively. Our position has been
strengthened in this half, as a result of the benefits we continue
to see from our increased geographic reach and scale as a firm.
We continue to see good demand for implementations of our
technology; whereas we may once have sold one product or service to
a customer in one geography, we are today seeing an increasing
requirement for multi-product implementations, in multiple
geographies. Our ability to offer a credible 'front to back' global
service, including risk management, is one key driver of this
trend. It is also a development that our recent acquisitions have
helped us to exploit. Following their successful integrations, WTD
Consulting and Spread Intelligence now work within the FFastFill
team thereby bolstering our reach and capabilities as well as
opening up increased opportunities for cross-selling.
We enter the second half of the year in a strong position, but
with clear tasks ahead of us. Some uncertainty still remains,
driven by the changes that continue to characterise our market
place. It will also be important for us to remain focused on our
strategic goals and to maintain the good customer win momentum we
have seen this half. However, we retain a firm belief in the
strength of our competitive position, supported by the quality of
our product offering and the global nature of our reach. These
factors, coupled with the strength of our order book and of our
pipeline, underpin our current expectations for a successful
outturn to the financial year as a whole.
Keith Todd CBE
Executive Chairman
Chief Executive's Review
I am pleased to report on the good progress FFastFill has
accomplished during the first six months of this year. This
progress reflects the fact that we are a better, more balanced
business owing to the continued investment in our platform and
product innovations made over the last few years.
Our industry is undergoing regulatory change and we are well
placed to take advantage of those changes due to our architectural
and product reach. We continue to successfully navigate these
contradictory market dynamics and our SaaS-led offering and
competitive product range means we continue to win new mandates,
which are increasingly international in scope.
The acquisitions of WTD Consulting ("WTD") and Spread
Intelligence made in 2011 are now integrated and, one year on, we
are pleased to report both are contributing to the overall
performance of the Group and are, in different ways, leading cross
selling and new customer business.
FFastFill continues to win
We have continued to grow organically during the period across
front, middle and back office and we are seeing a particularly
encouraging impetus from the Group's risk management solutions. Our
Consulting business also remains strong. The integrated nature of
our offering has enabled cross selling as well as new front to back
wins and implementations which have included G H Financials Limited
amongst others.
During the half, we signed 9 new mandates across all product
lines including 3 new customers and we have a solid pipeline as we
enter the second half. Additionally, we are seeing an increasing
percentage of new customer mandates which involve FFastFill
delivering one or more services to a client across two or more
geographies.
FFastFill continues to expand on a global level, with particular
advances made in Asia, supported by the establishment of a local
presence in Hong Kong. Alongside our operations in Singapore and
Sydney, this is the third FFastFill location to be opened in the
Asia Pacific region enabling us to better leverage growth
opportunities in our client base throughout the region. We have
also invested in Japanese exchange connectivity as a further driver
for growth in the region.
SaaS Deployment
The SaaS model continues to provide key benefits in the
deployment of the FFastFill services. The single instance,
multi-tenant deployment of our front and middle office and risk
management services deliver significant leverage to our deployment
capabilities globally. We continue to focus on service quality,
which remains of paramount importance, and have invested in further
system monitoring tools during the period. Our SSAE16 certification
has been achieved as a follow on to the SAS70 in previous
years.
We have continued to bolster the geographical reach of our
operational deployment during the period. We have expanded into the
Chicago Mercantile Exchange colocation facility at Aurora as well
as expanding into Italy with a data centre co-located with the
Borsa Italiana exchange in Milan. Each of these developments is
driven by increasing customer requirements.
o Front Office (Trade Execution Services or TES)
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