Beeks Financial grows revenue 27% amid expansion

Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial markets trading, on Tuesday published results for the year ended June 30, 2020, showing revenue increased 27% to £9.36 million.

Underlying profit before tax increased 8% to £1.43 million.

Proposed final dividend is 0.15p per share, equating to full year dividend payment of 0.35p (2019: 0.35p).

Beeks Financial Cloud said the year brought further expansion “with the opening of seven new Datacentres: Singapore SG1, London LD8 and LD4.2, Paris PA1, Sydney, Australia and NY2 and NY5 in New York, bringing the international network to 18 Datacentres …”

All its new Datacentres are now revenue generating.

Beeks Financial Cloud CEO Gordon McArthur said: “I am pleased to report on a year of considerable progress, in which the group has delivered against its strategic objectives; increasing the number of Tier 1 customers, expanding its geographic presence and offering and completing the strategic acquisition of Velocimetrics.

“While the ongoing Covid-19 pandemic may continue to cause a delay in corporate decision making, and in spite of the wider economic uncertainties, we are confident the long-term growth drivers in our market remain intact – with financial services organisations increasingly looking to take advantage of the benefits of cloud infrastructure.

“We anticipate continued growth of our existing Tier 1 accounts, as they expand the use of our offering into new geographies, and we believe the launch of our analytics offering has the potential to layer on new SaaS product revenues.

“We are confident in our ability to convert our growing sales pipeline, and therefore continue to be excited about the future for the group.”

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