Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial market trading, said on Thursday its revenues increased 32% to £7.35 million and underlying profit before tax increased 11% to £1.32 million in the year ended June 30.

Beeks is a provider for international automated trading in forex, futures, equities, fixed income and cryptocurrency financial products.

The firm is proposing a final dividend of 0.15p per share equating to full year dividend payment of 0.35p (2018: 0.30p).

Beeks said highlights of the year included the signing of three “Tier 1” clients “representing a major step change for the company with strong pipeline of further institutional contracts.”

Its institutional customers have increased to 220 with the average entry level new institutional customer contract increasing to £2,200 a month compared to £800 a month in 2018.

Beeks Financial Cloud CEO Gordon McArthur said: “Following an excellent close to the year, during which Beeks signed three Tier 1 clients, we have entered the new financial year in a strong position and enjoyed a good level of trading in the first two months of the year.

“Our core business with mid-tier organisations continues to grow and we are now layering on more strategic engagements with larger organisations.

“Overall, the business is delivering on its early promise, using the enhanced profile and strengthened balance sheet resulting from the IPO in 2017 to capitalise on the growth in demand for Infrastructure as a Service offerings within financial markets.

“We are confident the quality of our service will see our client list continue to grow in the year ahead, and we look to the future with confidence.”