TIDMFFA
RNS Number : 2695E
FFastFill PLC
29 May 2012
29 May 2012
FFastFill plc
("FFastFill" or the "Group")
Preliminary Results for the twelve months ended 31 March
2012
The Board of FFastFill plc (LSE: FFA), the leading provider of
Software as a Service ("SaaS") to the global derivatives community,
announces Preliminary Results for the twelve months ended 31 March
2012.
Financial Highlights
-- Group revenue increased to GBP17.2m (FY10/11: GBP15.5m)
o SaaS revenue increased by 13% to GBP13.6m (FY10/11:
GBP12.1m)
-- Adjusted EBITDA* of GBP3.8m (FY10/11: GBP4.3m)
-- Adjusted Operating Profit* of GBP1.9m (FY10/11: GBP2.2m)
-- Statutory Operating Profit of GBP0.6m (FY10/11: GBP1.8m)
-- 12 month SaaS order book up 22% at GBP13.9m (FY10/11: GBP11.4m)
o Total 12 month order book of GBP20.7m (FY10/11: GBP14.1m)
-- Net cash position at 30 March 2012 of GBP2.2m (30 March 2011:
GBP3.3m, 30 September 2011: GBP1.1m)
* Before share based payment charges of GBP0.5m (FY10/11:
GBP0.1m), acquisition costs of GBP0.3m (FY10/11: GBPnil),
exceptional items of GBP0.1m (FY10/11: GBP0.3m) and (in the case of
adjusted operating profit) amortisation of acquired intangibles of
GBP0.3m (FY10/11: GBPnil).
Operational Highlights
-- 23 new mandates secured globally across 19 customers, of which 10 are new customer names
-- Increasing number of mandates now requiring multiple
FFastFill services delivered across multiple geographies
-- Successful acquisition and subsequent integration of two businesses during the year:
o Spread Intelligence, adding sophisticated spread trading tools
to FFastFill's Front Office suite
o WTD Consulting acquired to support expansion of FFastFill's
Back Office offer in the USA
o Both acquired businesses already making a healthy contribution
to order book
-- Expanded our platform with investment in global
infrastructure including co-location capability
Commenting on the results FFastFill Executive Chairman, Keith
Todd CBE said:
"This has been a good year for FFastFill in which we have made a
number of very important advances. Our global SaaS strategy and the
breadth of our service offering continue to serve us well and we
have completed two important and successful acquisitions during the
year, WTD Consulting and Spread Intelligence, which strengthen that
offering further and have already resulted in new business
wins.
We start the new financial year with a healthy order book and we
will continue to focus on driving profitable growth. Whilst it is
still early in the financial year, the strength of our order book
and the success delivered this year combine to underpin our
expectations for the financial year ahead and we look forward to a
year of further financial and operational progress."
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 7220
finnCap 0500
Tom Jenkins / Marc Young
Chairman's Statement
This has been a good year for FFastFill. We have delivered a
sound financial performance, generating strong growth in our core
Software-as-a-Service ("SaaS") revenue stream and closing the year
with a robust and encouraging total order book of GBP20.7m which
includes a SaaS order book of GBP13.9m. This growth has been driven
by a number of factors, perhaps the most important being the number
of new contract wins secured during the year from our increasingly
international customer base. These customers are not only organic
FFastFill 'wins', but also new customers brought to us through the
two acquisitions we have made in the past twelve months: both of
which are now fully integrated with FFastFill and working as one
enlarged and energised team.
At the time of our interim results in November, I commented that
it was becoming increasingly clear to me that one of FFastFill's
biggest assets was its global capability. The progress we have made
in the second half of this year confirms that view.
There can be little doubt that, at a macro level, events such as
the fall-out from MF Global continue to change the shape of the
market in which we operate. Not only do they change its shape, but
they also - albeit less than in previous years - inject new
uncertainty. Nevertheless, FFastFill continues to navigate this
changing market effectively and with confidence. On the ground,
business continues to be transacted. Budgets remain in place.
Decision makers within our industry continue to invest in the new
technologies necessary if they are to stay ahead of their
competitors. It is our strengthened global platform that enables us
to keep on benefiting from these trends.
Three key pillars combine to underpin our platform. One of those
pillars is SaaS, which continues to position us as a reliable
supplier of new technology at a competitive price point. The second
pillar is our geographic reach, which now spans Europe, the US and
Asia. It is no coincidence that some of this year's most
significant new customer mandates require us to deliver services in
each of these continents and across multiple sites: an offering
that would not exist without the investments we have made in the
past three years. The third pillar is the breadth of our offering.
This year's new customer wins have validated our ability to offer a
full front-to-back service, which has itself been further enhanced
by the technologies and capabilities brought to us by the teams at
WTD and Spread Intelligence.
Looking ahead, as the shape of our market continues to evolve,
so too does our competitive landscape, opening up new opportunities
for us to win market share. Against this backdrop, FFastFill starts
the new financial year in a strong position. Our order book is
healthy, our offering remains highly competitive, and we now have
new and additional cross-sell opportunities open to us. Whilst it
is still early in the financial year, each of these factors
combines to underpin our expectations for the financial year ahead
and we look forward to a year of further financial growth and
operational progress.
Keith Todd CBE
Executive Chairman
Chief Executive's Review
Expanding the FFastFill platform
This financial year has been both exciting and rewarding for the
FFastFill team. Both through organic means and by capitalising on
sensible acquisition opportunities we have strengthened our global
footprint, extended our capabilities in a manner that appeals to
new and existing customers and, importantly driven strong growth in
the order book.
I am particularly encouraged by the positive effect our two
acquisitions have had on our business this year. Both WTD
Consulting, Inc. and Spread Intelligence have gone from being
potentially exciting targets to integrated parts of an enlarged
FFastFill platform. Each organisation has added new capabilities to
our offering, new perspectives on the market opportunity open to us
and, crucially, new customers. We look forward to realising further
value from these acquisitions in the financial year ahead.
I am pleased to report a revenue performance of GBP17.2m
(FY10/11: GBP15.5m) which includes SaaS growth of 13percent year on
year. Our decision to invest in infrastructure in the first half
has enabled us to win new business and as a result the full year
order book of GBP20.7m shows good growth. Adjusted Operating Profit
for the full year stood at GBP1.9m, in line with our expectations.
These numbers are a clear indication of FFastFill's long-term
growth potential and of the flexibility in our business model.
Strong customer progress
We have signed 23 new functional mandates globally during the
year, drawn from across 19 customers, of which 10 are new customer
names. We have added customers across each of the front, middle and
back office service lines we operate and seen a strong, early
contribution from our acquired companies. Furthermore, we are now
beginning to see the very real benefits of being a globally
distributed and globally capable organisation. An increased
proportion of this year's new customer wins, when compared to last
year, involve FFastFill delivering one or more services to a client
across two or more geographies:
-- Front Office (Trade Execution Services)
FFastFill has made particularly significant and exciting
progress this year in the Front Office. The acquisition of Spread
Intelligence, a provider of highly sophisticated spread trading
tools, is the single largest example of this progress. Spread
Intelligence enhances FFastFill's own Front Office capabilities,
particularly in the US, and the new combination is already proving
popular with customers.
During the first half of the year, we secured a number of Front
Office contracts - such as with FC Stone. During the second half
that momentum has continued, including wins with RJ O'Brien in the
United States and EDF Man and Tullet Prebon. UBS has contracted to
extend our relationship from an Asian deployment into other
geographies. Singapore based UOB has also contracted for global
services.
A major European bank has extended its existing services in
middle and back office to take a full front to back solution thus
realising the efficiency gains to be had from straight through
processing with one provider.
We have made significant progress in terms of developing and
growing sales of risk management during the financial year, such as
the addition of G. H. Financials as a customer for our RiskPro
service and the deployment at EDF Man which includes RiskPro
services integrating our margin capabilities into its risk
management analysis. Both wins were strong competitive wins. Gator
Trading in the United States has also contracted for this product
demonstrating the geographic spread and strength of the
product.
Further, the implementation of the VaR calculator for the NYPC
Prime project in the USA was an example of being able to apply our
SaaS principles and core architectural expertise to a project in
the risk management space.
Horizon, our multi broker solution, continues to be a catalyst
for increased customer relationships within our global SaaS
platform. Leveraging the operational benefits of our diverse
infrastructure, together with our risk management and order routing
capabilities, Horizon is enabling our customers to access execution
venues around the globe. It will continue to drive growth next year
and beyond.
We continue to extend and upgrade connectivity to markets and
during the year this included the Hong Kong Mercantile Exchange,
ICE Multicast, NYSE, Euronext Liffe UTP Drop Copy, GovEx, Eris
Exchange, FX Edge, and the LME 7 Upgrade.
We have also continued to expand our data centre footprint with
both Chicago Mercantile Exchange proximity facilities at Aurora
outside Chicago and the Australian Liquidity Centre for Australian
Stock Exchange co-location being added to the infrastructure. We
have also added the London Metal Exchange proximity locations to
our platform. This enables low latency access to market for our
products and for customer deployments. We are seeing a more
significant percentage of order flow being synthetic order types
managed by our systems and the reduced latency of co-location has
enabled growth in this space.
-- Middle Office
The middle office product suite, SEALS, continues to be
functionality rich and competitively very strong. The addition of
the Prysm capabilities from the WTD Consulting acquisition has
extended the product especially in the US market. SEALS is
architecturally very strong, enabling global access to clearing of
trades and allowing that access to be easily and efficiently
devolved to customers.
Contract wins have included Bank of America Merrill Lynch and
ICAP Australia among others. Extensions to existing mandates have
also been secured with Mizuho, Philip Securities, Advantage Futures
and Royal Bank of Canada.
From a functional perspective, we have added FIX interface
capabilities as well as connectivity to new markets. New market
connectivity includes Nasdaq Commodities Exchange, MGEX, NYPC, and
TOCOM as well as migrations of existing connectivity to market.
-- Back Office (Post Trade Processing)
The Acquisition of the business and assets of WTD Consulting,
Inc., which completed on 30 November 2011, represents the most
significant development this year in FFastFill's Back Office suite.
By harnessing WTD's people and technology, we are now able to
complete the customisation required to take our Back Office product
and service, "Eclipse," in to the important US market. Work on this
project has begun and we will continue throughout FY13.
During the year, we have added new mandates to our Back Office
customer list as well as renewals and extensions of existing
mandates. We have also continued to make progress with the three
delayed Back Office implementations referenced in our first half
results. One of these implementations is now fully live and
delivering service to customers. The remaining implementations are
in final acceptance testing. All three have added valuable
functional capability to the core product in new geographies as
well as functional areas.
FC Stone was a landmark win during the year for a full front to
back solution for their metals business. They are a highly
respected name in the space and we are thrilled to be doing this
business with them.
Strategic intent
Our strategic focus remains unchanged. Our key goal is to drive
growth, globally, across our SaaS-based operational platform. The
acquisitions we have completed and integrated this year have helped
us to move further forward in this regard, either by strengthening
our hand in key growth markets such as the United States, or by
extending the range of services we can offer and supporting our
ability to offer one customer multiple products in multiple
geographies at any one time. We will continue to pursue this
strategy, largely by organic means, but we will also continue to
consider possible acquisitions where a new technology or team could
meaningfully strengthen our platform.
The Over the Counter ("OTC") arena continues to evolve. Whilst
it does so, we watch it carefully, continuing to believe that being
a 'fast-follower' in the emerging centrally cleared arena is the
right position to take. The regulatory changes and debate around
this issue continue to take shape. Whilst no one company can easily
influence the outcome of this debate, once settled it will give
those of us operating in the industry a clear view of where and how
to create effective technology solutions. When that happens, we
will be well placed to act quickly.
Our growing team
Our reputation for excellent service depends on the
professionalism, commitment and hard work of the team that delivers
it. This year, the FFastFill team has grown in size and so I would
particularly like to welcome those who have joined us this year
through acquisition. On behalf of the Board, thank you to all of
our employees right across our global organisation for the role you
have each played in delivering this year's successful performance
and for the strong position we find ourselves in as we look ahead
to the coming year.
Summary
The arena and environment we operate in continues to change. It
remains our view that these changes will lead to new opportunities
for FFastFill to grow further; both in terms of what we are able to
offer to customers, but also ultimately to grow market share. We
are in a strong position to take advantage of those opportunities.
We have achieved a great deal this year in terms of customer
growth, acquisition integration and service enhancement. With a
strong order book, a competitive offering and opportunity ahead, we
remain confident in our expectations for the coming financial year
and we look forward to twelve months of further financial and
operational progress.
Hamish Purdey
Chief Executive Officer
Financial Review
Revenue
Revenue for the year increased by 11% to GBP17.2m (FY10/11:
GBP15.5m) as a result of growth in global SaaS revenue from our
Front and Middle Office products as well as the acquisition of the
business and assets of WTD Consulting, Inc ("WTD") in November
2011. SaaS revenue increased by 13% to GBP13.6m (FY10/11:
GBP12.1m).
The twelve month order now book stands at GBP20.7m (FY10/11:
GBP13.8m) of which GBP13.9m (FY10/11: GBP11.4m) is SaaS. The
increase in the twelve month order book is due to the contract wins
in the second half of the financial year as well as the acquisition
of WTD.
EBITDA and Operating Profit
Adjusted EBITDA* for the year was GBP3.8m (FY10/11 GBP4.3m).
Adjusted operating profit* for the year was GBP1.9m (FY10/11:
GBP2.2m).
Total operating expenses in the year before acquisition costs,
exceptional items and share based payments were GBP10.8m (FY 10/11:
GBP9.5m). The year on year increase of GBP1.3m arose as a result of
investment in staff and infrastructure costs as well as the impact
of the acquisition of WTD. During the first half of the year, we
undertook a Group wide cost optimisation review which drove cost
efficiencies in the second half of the financial year.
Statutory operating profit was GBP0.6m (FY10/11: GBP1.8m) and is
stated after charging share-based payment charges, exceptional
items, acquisition costs and amortisation of acquired
intangibles.
Share based payment charges in the year were GBP0.5m (FY10/11:
GBP0.1m). The year on year increase of GBP0.4m arose as a result of
share award schemes implemented during the year and the inclusion
of the cost of share-based contingent consideration for WTD that is
being accounted for as remuneration over the five year
earn-out.
Exceptional items of GBP0.1m (FY10/11: GBP0.3m) comprise
redundancy costs as a result of actions taken to drive cost
efficiencies in the second half of the year and bad debt charges
arising from customer bankruptcies.
Acquisition costs of GBP0.3m (FY10/11: GBPnil) and amortisation
of acquired intangibles GBP0.3m (FY10/11: GBPnil) arose as a result
of the Spread Intelligence and WTD acquisitions in the year.
Profit Before Tax
Profit before tax was GBP0.6m (FY10/11: GBP1.8m).
Profit After Tax
Profit after tax was GBP0.6m (FY10/11: GBP1.8m). The Group
continues to recognise a deferred tax asset of GBP1.6m (FY10/11:
GBP1.5m) in respect of tax losses accumulated in previous
years.
Cash Flow
Cash flow from operations was GBP0.3m (FY10/11: GBP3.0m) and
included an outflow of GBP3.0m (FY10/11: outflow of GBP0.8m) in
respect of increased working capital as a result of the timing of
invoicing in the second half of the year.
The Group has continued to invest in its infrastructure and
product set to support revenue growth and incurred GBP0.6m of
capital expenditure (FY10/11: GBP0.8m) and GBP2.2m (FY10/11:
GBP1.9m) of capitalised investment in product development during
the year.
The net cash outflow for the year was GBP1.0m (FY10/11: inflow
GBP0.7m). At 31 March 2012 the Group was debt free and had cash of
GBP2.2m (31 March 2011: GBP3.3m).
* Before share based payment charges, exceptional items,
acquisition costs and (in the case of adjusted operating profit)
amortisation of acquired intangibles as set out in the consolidated
statement of comprehensive income.
Condensed Consolidated Statement of Comprehensive Income for the
twelve months ended 31 March 2012
2012 2011
GBP'000 GBP'000
Revenue 17,249 15,517
Cost of sales (2,659) (1,911)
--------- --------
Gross profit 14,590 13,606
Operating expenses (11,781) (9,876)
Other operating income - 152
--------- --------
EBITDA* 2,809 3,882
Analysed as:
Adjusted EBITDA 3,823 4,281
Share-based payments (549) (115)
Acquisition costs (333) -
Exceptional items (132) (285)
--------- --------
EBITDA 2,809 3,882
------------------------------------------------ --------- --------
Depreciation (312) (614)
Amortisation (1,863) (1,441)
Operating profit 634 1,827
Analysed as:
Adjusted operating profit 1,925 2,227
Share-based payments (549) (115)
Amortisation of acquired intangibles (277) -
Acquisition costs (333) -
Exceptional items (132) (285)
--------- --------
Operating profit 634 1,827
------------------------------------------------ --------- --------
Finance income 40 4
Finance costs (64) (3)
Profit before taxation 610 1,828
Tax (6) (19)
Profit after taxation - attributable
to the owners of the parent 604 1,809
Other comprehensive income, net of tax
Exchange translation differences on
foreign operations (74) (18)
Total comprehensive income for the year
-
attributable to the owners of the parent 530 1,791
Basic earnings per share 0.14p 0.46p
========= ========
Fully diluted earnings per share 0.12p 0.44p
========= ========
*EBITDA is defined as: Earnings before interest, taxes,
depreciation and amortisation
Condensed Consolidated Statement of Financial Position for the
twelve months ended 31 March 2012
2012 2011
GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 10,766 7,784
Intangible assets 8,989 4,478
Property, plant and equipment 1,191 955
Deferred taxation 1,553 1,459
--------
22,499 14,676
Current assets
Trade and other receivables 7,663 4,217
Cash and cash equivalents 2,196 3,257
--------
9,859 7,474
TOTAL ASSETS 32,358 22,150
LIABILITIES
Current liabilities
Trade and other payables (7,919) (6,645)
Current assets less current liabilities 1,940 829
Total assets less current liabilities 24,439 15,505
Non-current liabilities
Trade and other payables (20) (665)
Contingent consideration (1,383) -
NET ASSETS 23,036 14,840
EQUITY
Share capital 4,770 4,013
Share premium account 6,124 287
Other reserve 860 235
Own shares (22) -
Share-based payment reserve 832 363
Merger reserve 890 890
Currency translation reserve (78) (4)
Retained earnings 9,660 9,056
-------- --------
Equity attributable to the owners
of the parent company 23,036 14,840
Condensed Consolidated Statement of Changes in Equity for the
twelve months ended 31 March 2012
Share-
Share based
Share premium Own Other payment Merger Translation Retained
capital account shares reserves reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balances at 1
April 2010 3,970 19 - 235 248 890 14 7,247 12,623
- - - - - - - 1,809 1,809
Profit for the
year
Other
comprehensive
income - - - - - - (18) - (18)
Exchange
translation
differences
on foreign
operations
--------- --------- -------- ---------- --------- --------- ------------- ---------- --------
Total
comprehensive
income for
the year - - - - - - (18) 1,809 1,791
Transactions
with owners
Share-based
payment - - - - 115 - - - 115
Shares issued 43 268 - - - - - - 311
Total
transactions
with owners 43 268 - - 115 - - - 426
Balance at 31
March 2011 4,013 287 - 235 363 890 (4) 9,056 14,840
Profit for the
year - - - - - - - 604 604
Other
comprehensive
income
Exchange
translation
differences
on foreign
operations - - - - - - (74) - (74)
Total
comprehensive
income for
the year - - - - - - (74) 604 530
Transactions
with owners
Share-based
payment - - - - 469 - - - 469
Shares issued 757 5,837 - - - - - - 6,594
Own shares
acquired in
the period - - (22) - - - - - (22)
Contingently
issuable
shares - - - 625 - - - - 625
Total
transactions
with owners 757 5,837 (22) 625 469 - - - 7,666
Balance at 31
March 2012 4,770 6,124 (22) 860 832 890 (78) 9,660 23,036
Condensed Consolidated cash flow statement for the twelve months
ended 31 March 2012
2012 2011
GBP'000 GBP'000
Cash flows from operating activities
Cash flows from operations 298 3,031
Interest received 1 4
Interest paid (15) (3)
Tax paid (24) (19)
Net cash flows from operating activities 260 3,013
Cash from investing activities
Purchase of intangible assets (2,218) (1,900)
Purchase of property, plant and equipment (571) (750)
Net proceeds from sale of investment - 157
Acquisition of businesses (71) -
Net cash flows used in investing activities (2,860) (2,493)
--------- ---------
Cash flows from financing activities
Net proceeds from issue of ordinary share
capital 1,533 311
New bank loans raised 1,290 -
Repayment of borrowings (1,250) (125)
Net cash flows from financing activities 1,573 186
Net change in cash and cash equivalents (1,027) 706
Exchange rate movement (34) 3
Cash and cash equivalents at beginning
of year 3,257 2,548
Cash and cash equivalents at end of year 2,196 3,257
========= =========
Reconciliation of profit/(loss) after taxation to net cash flows
from operating activities
2012 2011
GBP'000 GBP'000
Profit after taxation 604 1,809
Finance income (40) (4)
Finance costs 64 3
Taxation 6 19
Profit on sale of investment - (152)
Depreciation 312 614
Loss on disposal of fixed asset 20 -
Amortisation of intangible assets 1,863 1,441
Share based payment 469 115
Foreign exchange translation differences (8) (27)
Increase in receivables (3,289) (1,248)
Decrease in payables 297 461
Cash flows from operating activities 298 3,031
Basic earnings per share and fully diluted earnings per
share
Year to Year to March
March 2012 2011
Basic earnings per share
Profit attributable to GBP604,000 GBP1,809,000
shareholders
Share-based payment GBP549,000 GBP115,000
Amortisation of acquired GBP277,000
intangibles
Acquisition costs GBP333,000 -
Exceptional items GBP132,000 GBP285,000
------------- --------------
Adjusted profit attributable GBP1,895,000 GBP2,209,000
to shareholders
------------- --------------
Weighted average number
of shares 434,694,437 397,523,873
------------- --------------
Diluted earnings per share
Weighted average number
of shares 434,694,437 397,523,873
Effect of share options 46,709,852 11,253,821
Effect of contingently 5,116,346 -
issuable shares
------------- --------------
Fully diluted weighted
average number of ordinary
shares 486,520,635 408,777,694
------------- --------------
Basic earnings per share 0.14p 0.46p
Fully diluted earnings
per share 0.12p 0.44p
Adjusted basic earnings
per share 0.44p 0.55p
Fully diluted adjusted
earnings per share 0.39p 0.54p
Basis of preparation
The financial information set out above does not constitute the
Company's statutory accounts for the years ended 31 March 2012 or
2011, but is derived from those accounts. Statutory accounts for
FY10/11 have been delivered to the Registrar of Companies and those
for FY11/12 will be delivered following the Company's Annual
General Meeting. The auditors have reported on those accounts;
their reports were unqualified, did not draw attention to any
matters by way of emphasis without qualifying their report and did
not contain statements under s498(2) or (3) of the Companies Act
2006. Whilst the financial information included in this preliminary
announcement has been computed in accordance with International
Financial Reporting Standards (IFRSs) adopted by the European Union
("EU") and in accordance with the Group's IFRS accounting policies,
this announcement does not itself contain sufficient information to
comply with IFRSs. The financial information presented in this
announcement has been prepared in accordance with the accounting
policies adopted for the audited results for the year ended 31
March 2012 and 31 March 2011.
The financial information set out in this preliminary
announcement was approved by the Board of Directors and authorised
for issue on 28(th) May 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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