Shares of Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial markets trading, fell about 8% on Tuesday after it published a trading update for the year ended June 30, 2020.

“The group has continued to make good progress against its strategic objectives and expects to announce trading results within the range of market expectations,” said Beeks.

“The integration of the Velocimetrics acquisition has progressed well and all existing Tier 1 institutional customer implementations are continuing to plan. 

“Covid-19 has had a relatively small impact on Beeks’ overall trading, and whilst the lockdown has inevitably impacted some customers’ decision making processes, contract discussions with prospective Tier 1 clients remain in advanced form, and the group has a continually growing sales pipeline.

“The board therefore remains confident in the ongoing success of the group, and ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations. 

“The company looks forward to providing a further update at the time of the Final Results, to be released in mid September.”