London derivatives trading systems vendor Ffastfill is looking to raise £3.1m before expenses in a share placing.
The AIM-listed vendor plans to raise the funds by placing 44,285,715 shares of seven pence each with institutional investors on 23 May. Ffastfill says it will use the net proceeds of the latest placing to support support new sales opportunities both in London and the US.
The company previously raised £4m in a share placing in April 2004 to fund acquisitions and support its move to an application hosting business.
Keith Todd, Ffastfill's executive chairman, says the company's strategy to become an application service provider has been vindicated by successes in the market - the company recently secured a new application service provision contract with existing customer Dresdner Kleinwort Wasserstein, while its application service in London in support of the CME FX on Reuters service is now live.
Looking ahead Ffastfill says it expects to report revenue growth of approximately 60% when it releases its full year results in mid-May, with losses broadly in line with the previous year.