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FFastFill plc (the "Company") - 24th May, 2006
Preliminary results for the year ended 31 March 2006

FFastFill FFastFill plc (‘FFastFill’ or the ‘Company’), the leading provider of application services to the global derivatives community, announces its preliminary results for the year ended 31 March 2006.

• Achieved a turnover of £4.753 million (£4.327 million)
  -Continuing operations revenue growth of 18.7 %
  -Application services grew by 119% to £2.361 million
• EBITDA loss in the period at £2.450 million (2005/6 £2.260 million)
• Cash balance at 31March 2006 was £1.230 million (2004/5 £0.911million). We have also announced a £1.4 million placement subject to an EGM on 31 May
• Grew our application services global banking customer base, including increasing our CME/ FX on Reuters customer base to seven global banks
• Successfully launched our TT service in Chicago and now have six customers including two global banks
• Achieved an order book of over £5 million to support the current year revenue

Commenting on the results, Keith Todd, Executive Chairman of FFastFill, said:
'I am pleased to report another year of progress in delivering our strategy to become the leading provider of application services to the futures industry. With a strong order book, a portfolio of strong service offerings and a customer base of over 40 companies we are well placed to achieve EBITDA profitability.'

The full chairman’s statement and preliminary results are included below.

For further information, please contact:
FFastFill plc
Keith Todd, Executive Chairman - Tel: (0207) 665 8900 

Rostron Parry - Tel: (0207) 490 8062
John Parry

Chairman Statement

Introduction
I am pleased to report another year of progress in delivering our strategy to become the leading provider of application services (ASP) to the futures industry. During the past 12 months we have achieved.

• Turnover of £4.753 million (£4.327 million)
  -Continuing operations revenue growth of 18.7 %
  -Application services growth of 119% to £2.361 million
• Increased our CME/ FX on Reuters customer base to seven global banks
• Successfully launched our TT service in Chicago and now have six customers including two global banks.
• An order book of over £5 million to support current year revenue

Financial results for the year 2005/6
Full year revenue grew to £4.753 million (2004/5 £4.327 million). Continuing operations revenue was £4.753 million (2004/5 £4.004million), up 18.7%. Application Services revenue at £2.361 million (2004/5 £1.048 million) now accounts for 50% of our total revenue.

 The revenue growth has been achieved by increasing the average income per customer and the increase in the number of customers to over 40. Our top 20 customers account for approximately 90% of revenue, and their average income is now £232k per customer, a growth of 16%.

 During the year, we achieved new customer wins for our application services in addition to the major TT application service contract wins. There was delay in some contract signings, most of which have now been achieved, as well as some delay in user number growth under existing contracts. The CME FX on Reuters service growth is expected to improve following the recent launch of an enhanced version of the service.

 The investment in technology and service offerings, combined with delays in signing new customers, has had a short-term negative impact on the company’s financial performance in the year ended 31 March 2006; however the Board is convinced that this investment will benefit shareholders in the medium and long term.

 The EBITDA loss in the period at £2.450 million (2005/6 £2.260 million) increased due to the heavy investment in our service development programme including software development and operational delivery capability ahead of contract wins. We now have available a highly competitive range of services that are delivered from our three data centres in London and Chicago and supported 24 hours a day, 5.5 days a week. The increased Pre-tax loss of £3.328 million (2004/5 £2.879 million) was the result of the lower EBITDA and a higher depreciation charge.

 We have continued to maintain a rigorous control of costs. However costs were increased in order to expand our delivery capability and to complete the development of a number of service offerings. We have recently re-organised our approach to customer management as our business has become increasingly centred on global customers. As a result of this we have been able to reduce cost by eliminating some overlapping activities. This cost reduction, together with other reductions achieved, means that we start the current year with a lower monthly cost base than that which we incurred on average during last year. We are not expecting any significant change in staffing numbers during the current year.

 Cash outflow from operating activities was £2.162 million (2004/5 £2.859 million). This improvement was due to reduced working capital requirements. Capital expenditure was £1.171 million (2004/5 £1.138 million) in support of the additional data centre and customer contracts. £759k was financed as part of a customer backed finance lease.

 The cash balance at 31 March 2006 was £1.230 million (2004/5 £911k). We have also announced a £1.4m placement subject to an EGM on 31  May 2006.

Operational review

Strategy: Our core application services strategy has remained unchanged; we have however expanded the breadth of the ASP offering to include a third party product, our multi asset class execution capability and our strengthened order book.

Business Development: We are seeing significant progress in our ability to win new global customers and to expand the business we do with these large banks. The combination of our offerings, the increased acceptance of our application services approach and our reputation are underpinning this progress.

 We launched the TT service in October in Chicago and this has led to a number of wins including two global banks. These contracts have demonstrated the value of our strategy to offer third party products as part of our service offering.

 We recently announced three new services to complement our existing ASP trade execution service and Reuters CME service. 

European based TT service: We will be launching a London-based service which will be available from July 2006. This will allow us to support the European operations of existing US TT service customers with a European-based offering and will open up new opportunities for London-based trading firms.

 Multi-asset class trading service: We have now completed the development of our multi-asset class trading system. This will allow firms who predominantly trade listed derivatives to also trade foreign exchange, equities, contracts for difference and bonds via their FFastFill execution screen.

Staff: We could not have achieved the progress we have made without the skill and commitment of our teams in London, Chicago and Prague. The board and I would like to thank them for their dedication and commitment.

Governance
The board consist of two executive directors and four non executive directors, three of whom are independent. During the year Mr Jim Oliff has become a part time non executive director but remains joint deputy chairman. The senior independent non-executive is Mr Nigel McCorkell who is also a joint deputy chairman.

Outlook
Whilst delays in signing new customers together with the investment made in expanding our service offerings have adversely affected our financial results for the year ended 31 March 2006, the Board is convinced that this investment will benefit shareholders in the medium and long term.

 FFastFill now has a strong order book of over £5 million. The Directors believe that this order book, together with the substantial completion of the company’s investment programme and the implementation of various cost reduction measures, position the company well to achieve EBITDA profitability.  The Directors believe that the funds raised via the placing will be sufficient to achieve this goal.

Keith Todd
Executive Chairman
24 May 2006

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the period ended 31 March 2006

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the period ended 31 March 2005

CONSOLIDATED BALANCE SHEET
as at 31 March 2006

CONSOLIDATED CASH FLOW STATEMENT
for the period ended 31 March 2006