Beeks Financial revenues rise 41% in maiden year

Glasgow-based Beeks Financial Cloud Group, the recently-floated automated trading provider for financial markets, said its revenues increased 41% to £5.58 million for the year ended June 30, 2018.

Beeks Financial Cloud said underlying profit before tax was £1.19 million and it is proposing a maiden final dividend of 0.3p.

Beeks describes itself as a “low-latency Infrastructure-as-a-Service (IaaS) provider for automated trading in forex, futures, equities, fixed income and cryptocurrency financial products.”

Gordon McArthur, CEO of Beeks Financial Cloud, said: “I am delighted to report on a successful first year as a public company, delivering good levels of profitable growth and the announcement of our maiden dividend.

“We have delivered against our strategy, expanding both geographically and into all the key asset classes in financial markets.

“While the majority of revenue is still associated with forex and futures, the increased breadth of our offering further strengthens our competitive position and provides for the potential for additional growth.

“Our business opportunities remain strong going into the start of the new financial year, as we see continued momentum to our Infrastructure as a Service model.

“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 ahead.”