Record trading year for CashFac

In a trading update Paul Ormrod, Chief Executive says that CashFac will report a record trading and financial performance for the year ending September 2007.

"All parts of the CashFac business are thriving and the team has had an excellent year. We have delivered a premium product to some major customers this year including Capita, Cofunds and Xafinity. Our technology has helped innovating businesses like Routetrader to launch and it is now providing secure banking for people in need of long term care. We are well positioned in the pensions and benefits market with most of the top ten pension administrators using our technology as well as four of the largest property managers.

We are generating cash and making record profit. At mid-year we redeemed early all the convertible debt on our balance sheet and cash flow has still been strongly positive; ending the year well ahead of last year. We have no debt. We continue to resist the temptation to value CashFac Virtual Bank Technology in our accounts and we continue to expense all the research and development work that we do.

CashFac Virtual Bank Technology is helping UK clearing banks to generate and protect significant deposits in these current, difficult financial market conditions. Our solution is now available via the internet on a hosted platform to enable banks to help businesses manage client money in secure and more efficient ways. We have rolled out faster and more powerful versions of the technology solution during the year and this development programme will continue. Our technology is a great store of long term value for our customers and our shareholders."

October 2007