Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial markets trading, said on Monday its revenues increased 23% to £4.29 million for the six months ended December 31, 2019.

Annualised committed monthly recurring revenue (ACMRR) was up 37% to £10.20 million.

Beeks Financial Cloud Group CEO Gordon McArthur said: “I am pleased to report on another positive trading period for Beeks, delivering continued growth in revenue, underlying EBITDA and annualised committed monthly recurring revenues (ACMRR).

“Our success is being driven by a combination of the growing demand for secure and scalable cloud environments by financial institutions, and the superior breadth of our offering and capability. 

“Momentum has continued into the second half of the year, with the implementations of the Tier 1 contracts progressing well and to plan.

“The business has grown considerably over the last six months, in terms of offering and customer base but also in addressable market, due to the successes we have had in new areas of the financial services market. 

“These factors combined with the continued growth in our committed recurring revenues and size of our new business pipeline, provide us with confidence in our continued success.”