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FFastFill PLC
Preliminary results for the year ended 31 March 2007

FFastFill plc (‘FFastFill' or the ‘Company'), the leading provider of application services to the global derivatives community, announces its unaudited preliminary results for the year ended 31 March 2007 .

Highlights

• Achieved turnover of £6.063 million (2005/6 £4.753 million)
• Overall growth of 27.6%
• Application services growth of 71.0%
• EBITDA profit of £0.006 million (2005/6 EBITDA loss of £2.230 million)
• Second half EBITDA was positive at £0.347 million
• Cash balance at 31 March 2007 was £1.016 million (2005/6 £1.230 million)
• Grew the 12 month order book by 35% to £6.736 million (2005/6 £5.000 million)
• Application services order book grew by 95%
• Increased our total customer base to over 40
• Number of global banking customers now 18
• Grew ASP customers to 27

Commenting on the results, Keith Todd , Executive Chairman and CEO of FFastFill, said:

“I am very pleased to report a year of significant progress for the company. We made excellent progress in delivering our strategy to become the leading provider of application services to the futures industry by growing our ASP revenue by 71% and increasing our ASP order book by 95%. We also achieved our objective of EBITDA profitability. We are now well placed to build on the substantial growth that we have already achieved.”

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

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Chairman's statement

I am pleased to announce a year of significant progress in which we achieved positive EBITDA. Our Application Service business model is proving to be a real winner.

I am also pleased to advise that we are today announcing along side the preliminary results a proposed placing of £5.5 million to facilitate the acquisition of Exchange Systems Technology Limited (EST) for £4.8 m. Full details are covered in the placing announcement.

During the past twelve months we have achieved:

• Turnover of £6.063 million (2005/6 £4.753million)
  - Overall growth of 27.6%
  - Application Services revenue growth of 71.0%

• EDITDA profit of £0.006 million (2005/6 EBITDA loss of £2.230 million)
  - Second half EBITDA was positive £0.347 million

• An order book of £6.736 million (2005/6 £5.000 million)
  -Overall order book growth of 27%
  -Applications service order book growth of 95%

• An increase of our Global Banks customer base to 18 out of a total customer base of over, 40 of which 27 take one of our ASP services
• A cash balance of £1.016 million (2005/6 £1.230 million)

During the year we received an approach to acquire the company. These discussions were protracted and had a negative impact on the second half performance as we undertook significant planning work on a related sales prospect. This diverted our resources from other business development work. We were however able to produce a financial result that is broadly in line with the market expectations.

We have decided to move to International Accounting Standards earlier than previously planned. This is being done in order that our results can be more easily compared to our competitors many of whom have already made the change.

Financial results for the year 2006/7

Full year revenue grew 27.6% to £6.063 million (2005/6 £4.753 million). Application services revenue at £4.038 million (2005/6 £2.361 million) grew 71% and now account for 66% of our total revenue. The application services growth offset the reduction in the consultancy revenue that followed our decision to only undertake customer funded developments where we can retain the IPR.

The revenue growth has been achieved by increasing the average income per customer and increasing the number of global customers to 18 out of a total of over 40 customers. Our top 20 customers now account for approximately 90% of our revenue and the average income has grown to £0.276 million, a growth of 19%.

The order book for the next twelve months now stands at £6.736 million (2005/6 £5.000 million. Within this, the ASP order book has grown 95% to £5.405 million. (2005/6 £2.769 million)

The EBITDA profit in the year of £0.006 million (2005/6 EBITDA loss of £2.230 million) was due to the increase in revenue and a reduction in the operating expenses in the year. The cost reduction was achieved through the restructuring of our business development and service delivery approach along with keeping a tight control on third party costs. The EBITDA in the second half was positive £0.347 million (2005/6 loss £0.380 million)

The net loss was reduced to £1.107 million ( 2005/6 £3.147 million).

The change to International Accounting Standards is covered in note 4 of the accounts. The major impact is as a result of the introduction of capitalisation of some product development costs. Capitalised development is amortised over 5 years. In the year the loss was reduced by £0.373 million as a result of this change.

Cash outflow from operating activities was £395k ( 2005/6 £ 1893k). This improvement was substantially due to the elimination of the EBITDA loss in the year. Capital expenditure on fixed assets was £245k ( 2005/6 £ 1171k ) .The lower level of capital expenditure was due to the higher levels of capital expenditure required in the previous year to complete core infrastructure investments in the US and London .

Cash at 31 March 2007 was £ 1.016 million (2006 £1.230million).

Operational review

Strategy: The core application services strategy has continued successfully and we are still expanding the functional service offerings on the platform. The application services approach continues to show that it offers significant advantages for our customers: speed of deployment, flexibility, value for money and a very low burden on customer resources.

The service offerings now cover our multi asset class execution platform, risk management, global order book and third party offerings including Trading Technologies (TT) and TRADEdata.

Business Development: The growth in our global customer base continued. We have now cemented our place as the leading independent provider of electronic trading for the LME. We continue to work on new partnerships to extend the range of services that we can offer our customer base.

In addition in 2007/8 we will launch the beta version of our new clearing application service. This will bring all of the benefits of the ASP approach and together with the new migration tools, will simplify an institution's ability to modernise its old clearing infrastructure.

Our TT service continues to develop and we have now integrated the execution capability with our global order book.

Staff: The board and I would like to thank the staff in Chicago , London and Prague for their continued efforts without which the group could not have made the progress it has in 2006/7.

Governance

The board consists of two executive directors and three non executive directors. The Chief Operating Officer and Director of Finance are also in attendance at all board meetings.

Outlook

The board is confident that the company will continue to grow organically and the growth will be accelerated by acquisition of EST. This is expected to result in further improvements in the overall financial performance.

Keith Todd
Executive Chairman
4 June 2007

CONSOLIDATED INCOME STATEMENT for the year ended 31 March 2007

The income statement has been prepared on the basis that all operations are continuing operations.

There is no difference between loss on ordinary activities before taxation and the loss for the year stated above and their historical cost equivalents.

CONSOLIDATED BALANCE SHEET as at 31 March 2007

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE
for the year ended 31 March 2007

CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2007 

Cash and cash equivalents comprise cash on hand and demand deposits and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

NOTES TO THE CASH FLOW STATEMENT for the year ended 31 March 2007

A. Reconciliation of net profit to net cash flows from operating activities

NOTES TO THE ACCOUNTS for the year ended 31 March 2007

1. General information

   FFastFill Plc is incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is 1-3 Norton Folgate, London , E1 6DB . The principal activity of the group is the provision of application services for use in the global financial markets.
   
   These accounts are presented in pounds sterling because that is the currency of the primary economic environment in which the group operates. Foreign operations are included in accordance with the policies set out in note 2.
   
   At the date of issue of this statement the following Standards and interpretations which have not been applied in these accounts were in issue but not yet effective:-
   
   IFRS 7 Financial Instruments: Disclosures; and the related amendment to IAS 1 on capital disclosures
   IFRIC 4 Determining whether an Arrangement contains a Lease
   IFRIC 5 Right to interests arising from decommissioning, restoration and environmental rehabilitation funds
   IFRIC 7 Applying the r