Strong new business momentum at FFastFill

Global derivatives community provider FFastFill said it expects to report strong half year revenue growth and significantly improved adjusted operating profit as more customers signed up for its services.

In an update for the six months ended September 30th 2012, the provider of electronic access to the London Metal Exchange, said despite difficult market conditions, it secured strong new business momentum.

FFastFill also expects to report double-digit organic software as a service (SaaS) revenue growth for the half as well as a stronger order book.

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It said it was particularly pleased to note that new customer win momentum and cross selling across all service lines and geographies has continued, with particularly encouraging sales progress for the group's risk management solutions.

"FFastFill's pipeline of prospects remains encouraging. As such the Board is confident that the group's performance remains in line with its current expectations for the financial year as a whole," it said in a company statement.

Executive Chairman Keith Todd commented: "Despite the difficult market conditions, FFastFill has secured strong new business momentum during this first half, resulting from the breadth of our global SaaS offering and building upon the acquisitions and investments made in prior years."

"The group continues to make good operational progress and enters the second half in a positive position. Our focus remains on driving profitable growth."

Net cash at September 30th 2012 was £2m compared to £2.2m at March 31 2012 and £1.1m September 30th 2011.

CJ