Beeks Financial Cloud Group plc, the Glasgow-based cloud and connectivity provider for financial markets, said it has delivered “significant growth” in the year ended June 30, 2023.

In a trading update, Beeks reported a strong performance across the group’s private cloud offering and a further exchange cloud contract signed with the Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa.

Beeks said the exchange cloud business remains a “potentially transformational” opportunity for the firm.

The Glasgow company said it exited FY23 with over 20% growth in ACMRR (Annualised Committed Monthly Recurring Revenues) in the year to £23.8 million, which has further increased to over £25 million as at August 31, 2023, as a result of a strong start to the new financial year.

“This strong growth in ACMRR, combined with the expected JSE Exchange Cloud deployment in the coming weeks provides significant visibility of the board’s FY24 expectations,” said Beeks.

“Revenue for FY23 is expected to be over 20% higher than FY22, delivering underlying EBITDA growth of over 35% and underlying profit before tax growth of approximately 10% versus FY22 …

“The company’s pipeline of opportunities for each of its offerings is significant and growing.

“Exchange cloud remains a potentially transformational opportunity for Beeks, with significant traction with both existing and new customers, albeit contracts of this size will take time to convert.”

Beeks CEO Gordon McArthur said: “FY23 was a year of double digit growth and one in which we continued to expand the pipeline across each of our offerings.

“With two exchange cloud contracts now secured following the addition of the JSE in the year, and many more in discussion, we remain confident in the opportunity ahead, as we capitalise on our unique cloud computing offering for the global financial services industry.

“We have entered the new year with high levels of revenue visibility and strong momentum and thus remain in line with management expectations for FY24, with further upside potential from new client wins.”