Glasgow-based Beeks Financial Cloud Group, a connectivity provider for financial markets trading, said on Monday its revenues increased by 24% to £5.29 million, of which 91% was recurring, in the six months ended December 31, 2020.

Underlying profit before tax was down 8% to £0.55 million following increased investment into the business. 

Beeks Financial Cloud CEO Gordon McArthur said: “Current trading is positive and we have entered the second half of the year with a solid pipeline of opportunities, supported by a significantly expanded business, increased customer base, broadened product offering and continued growth of our existing Tier 1 accounts.

“We have seen increased demand for our offering during the second half of the year to date, giving us confidence in our ability to service a wide range of financial services organisations across different geographies.

“Whilst we continue to assess the ongoing impact of Covid-19 on our business and operations, we are confident that Beeks is poised for considerable growth within a rapidly developing market.”