Beeks Financial announces first results since IPO

Glasgow-based Beeks Financial Cloud Group plc, a niche cloud provider for institutional capital markets, announced financial results for its first six months trading as a public company.

For the six months ended December 31, 2017, Beeks Financial Cloud said its revenue increased 40% to £2.57 million and underlying profit before tax rose 124% to £0.28 million.

Net loss before tax was £0.11 million, reflecting exceptional items of £0.34 million relating to the recent listing of the firm on AIM.

Shares of Beeks Financial Cloud fell more than 6%.

Beeks Financial Cloud CEO Gordon McArthur said: “We are pleased to report on our first six months trading as a public company and are extremely proud of the organisation’s achievements since we were formed in 2011.

“We have established Beeks as a leading technology provider in the growing global markets of automated trading in Forex and Futures financial products.

“We have continued to increase the number of financial institutions using our platform and now have connections to 180 trading venues around the world and nine data centre locations.

“Our business opportunities remain strong going into the start of the second half of the year as we see continued momentum to our infrastructure as a service model.

“We are confident the business will continue to grow. We will roll out more cloud hosting and have a strategic focus on Asia over the near term.

“The formation of our Chinese entity and offering is progressing well. We are investing in our sales team to exploit and drive our business forward.

“With an established and growing customer base, high levels of recurring revenue and strong market drivers, we are confident in delivering a successful outcome for the year.”