CashFac reports a very resilient and profitable performance for 2009CashFac reports a very resilient and profitable performance for 2009. Our revenues increased 12%; recurring income from long term contracts increased 33% and cash at year end increased 23%. Our considerable investment in managed services in 2007-2008 was timely, extending our products and services to customers, and helping them to cut costs in return for a share of the reward. The banks are working with us closer than ever as they look to provide corporate treasurers with cost saving and cash concentration opportunities. The strong deposit-generating and business defence latency of CashFac Virtual Bank Technology® underpin our relationship with our partner banks. We signed our three distribution partners for the new A2Pay® product including a premier European banking group. A2Pay is a ground-breaking real time technology that is used by business communities of service suppliers and their customers to cut costs and response times in financial services by virtualizing payments in a shared straight through process of cash and pre-reconciled accounting in complex settlement processes. The early deployments of A2Pay are in the wealth and pension sectors. Our services are increasing in depth and confidence, and we achieved ISO 27001 certification during the year. We are now providing 24 x 7 managed services for large banks and leading fund managers on resilient, high availability platforms. We invested more in the infrastructure and people in our managed services, and in supporting a new distribution partnership in South East Asia which we expect to add to our revenues during 2010. We added considerably to our marketing strength both in banking and in wealth management including pensions, and we were very pleased to attract new sales leaders in both of those sectors. One of the outstanding achievements of this new marketing leadership has been to establish a CashFac “sell-with” model that is helping our partner banks to win in competitive tenders and to deepen banking relationships with prominent corporate customers. The outlook for 2010 is very positive. Paul Ormrod January 2010 |