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Beeks Financial Cloud Group PLC on Monday reported it has made a profit in its recent financial year, as revenue grew following a string of contract wins. Beeks is a Glasgow-based cloud computing and connectivity provider for financial markets. It swung to a pretax profit of £1.5 million for the year that ended June 30 from a pretax loss of £650,000 the year before. Revenue rose 27% to £28.5 million from £22.4 million. This growth was primarily driven by contract wins, including a £5.0 million proximity cloud contract with one of the world’s largest banking groups, as well as a £2.7 million five-year contract with a tier 1 investment manager. It also signed private cloud contracts to the value of £3.0 million in July with one of the UK’s largest banks. Beeks didn’t name any of the customers. Beeks also said that since June 30, a multi-year Exchange Cloud contract with an unnamed exchange group has now received regulatory approval, though further details remain under a non-disclosure agreement until the product’s launch. Beeks said it is confident it will achieve results in line with expectations for financial 2025, following on from ‘high levels of recurring revenue, a strong pipeline, an established international reputation and a significant market opportunity’, as the financial services sector continues to shift to cloud computing. Chief Executive Officer Gordon McArthur said: ‘This has been another year of strong trading with double-digit growth across the board. Demand for our product is stronger than ever, fuelling a regular flow of new contract wins and extensions that offer long-term, recurring revenues. The expansion of our customer base is a testament to the value of our offering becoming increasingly recognised by the market and has resulted in a record sales pipeline. Exchange cloud continues to offer the most exciting opportunity with a pipeline comprising of some of the world’s largest exchanges.’ Shares in Beeks were up 7.8% at 273.92 pence each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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