Beeks Financial Cloud Group plc, the Glasgow-based cloud computing and connectivity provider for financial markets, said its revenues increased 35% to £10.40 million in the six months to December 31, 2022.

Underlying profit before tax rose 44% to £0.65 million.

Beeks Financial Cloud CEO Gordon McArthur said: “With our proven track record and well-established reputation as a provider of technology to the financial markets, we retain strong confidence in continued success for Beeks.

“Our principal focus for the second half will be to convert our substantial pipeline of opportunities across the newly launched Exchange Cloud offering.

“While the macro environment presents challenges to all businesses, we believe the shift of the financial services sector to cloud computing will continue at pace. 

“Our pipeline of business with both existing and potential new customers provides us with a considerable runway of visible revenue and our balance sheet strength has enabled us to continue to make substantial investment into product, people and stock capacity to capitalise on this pipeline and considerable market opportunity.”