Cashfac’s revenues increased 36% during its 2012 financial year ending 30th September. Profit before tax increased over 160% and cash flows from trading operations were strong. Cashfac has no borrowings. Recurring revenues from managed services and maintenance contracts increased 31%. By year end the value of recurring revenue contracts had increased to cover 66% of on-going gross cash burn excluding sales commissions. Income from implementation services increased 54%. Cashfac invested a record amount in product innovation during the year and increased customer service capacity in all areas.
Chief Executive Paul Ormrod said “Big contributions from all the teams in Cashfac were behind this successful year. We delivered major new product on time to meet the demands of our new bank and business partners in the EU and Asia Pacific. The intense work by Cashfac product developers, implementation consultants, and managed services to deliver 24/7 platforms on time impressed the market and made a big contribution to revenues. The Corporate Services team moved our HQ to new offices to cope with expansion, and we kept our ISO 270001 standard certification.
The website shows the important conversion that we have achieved this year from generic virtual bank and virtual account products to market-oriented solutions.
A growing number of UK local governments now use Cashfac technology to look after the finances of vulnerable people; insolvency services are implementing Cashfac for faster response in recoveries; industrials are beginning to use our solutions for complex treasury operations. For our bank partners, these successes mean more deposits and stronger customer relationships”.