Ffastfills healthy financial results for the first
half of the year has strengthened the possibility of it
becoming the focus of a takeover, executive chairman, Keith
Todd has admitted.
The UK ISV saw a 71% rise in overall growth for the six months
ending 30 September, with revenue hitting £4.72m from
£2.79m in the equivalent period a year earlier.
The ISV also showed EBITDA profit rise to £490,000 from
£381,000 a year earlier and a successful integration of
Exchange Systems Technology, which it acquired in July.
The strong results, Todd admitted, could rekindle speculation
that the technology provider could again become a target for a
takeover following negations with a mystery partner earlier
this year, which eventually broke down in March. Todd conceded
that as impressive as the results are, the ISV is still
relatively small compared to many rivals. He added that this,
of course, may attract the attention of suitors but he has no
desire to seek out a bidder.
It has been a period of significant progress in which we
have successfully integrated Exchange Systems Technology and
also maintained strong organic revenue growth, said Todd.
We now have the capability to start to offer multi-asset
class, straight through processing delivered as a service. We
have gained a number of important new customers during the
period and have maintained a strong sales pipeline. I am
confident of further improvement in the companys
performance in the second half of the year.
The company also saw its operating loss decrease to
£81,000 from £849,000 while its cash balance rose
to £1.88m from £1.27m.
Ffastfills application services order book grew 104% with
overall customer base growing to 71 including 21 global
Speaking at a press briefing revealing the ISVs results,
Todd stressed that there is plenty of potential for success, as
FfastFill looks to capitalise on product innovations and recent
successful deals that the technology provider has sealed, such
as that with London Metal Exchange member, Triland.
Todd outlined plans to expand the ISV into a multi-asset
offering, and building on straight through processing
He added that he believed in the future success of FfastFill,
saying that the group would consider acquisitions following the
purchase of Exchange Systems Technology in July, as well as
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