25 May 2012

FFastFill profits to be static

04/10/2011 Ben Jaglom

FFastFill (FFA), a provider of software to the derivatives industry said that rising costs will lead to flat profits for the six months to September.

The AIM-quoted group declared that revenues over the period will be 'slightly ahead of the prior year'. However due to operating costs being 'higher than initally expected' due to factors including the 'increased investment in growth opportunities and current back office installations' it expects operating profits to be 'broadly breakeven'.

It noes that software as a service growth is expected to be approximately eight per cent while it expects to have won contracts with 'two new significant customers'. Sales expectations are to be met while operating costs are estimated to be £700,000 higher than previous forecasts.

Analysts at Canaccord Genuity are forecasting pre-tax profits £2 million (EPS: 0.47p) on sales of £16.2 million for the year to March 2012.

Last recommended by Growth Company Investor this June at 11.5p the shares curently trade at 9.75p. The news of the dent in profits is disappointing but the long-term picture remains. We therefore retain our buy rating.

Tags: AIM market, British technology, Derivatives, Penny shares

Sector: Software & Computer Services

Companies: FFastFill

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