Shares of Beeks Financial Cloud Group plc, the Glasgow-based cloud and connectivity provider for financial markets, rose about 6% after it published final results for the year ended June 30, 2023.

Beeks’ revenues increased 22% to £22.36 million and underlying profit before tax increased 13% to £2.33 million, but the firm reported a statutory loss before tax of £0.65 million.

Annualised Committed Monthly Recurring Revenue (ACMRR) rose 23% to £23.8 million, increasing further to £25 million by the end of August 2023 following a strong start to the new financial year.

“Exchange Cloud remains a potentially transformational opportunity for Beeks, with significant traction with both existing and new customers, including additional proof of concept implementations, albeit contracts of this size take time to convert,” said Beeks.

“The board is confident in achieving growth acceleration and results for FY24 in line with its expectations.

“Confidence underpinned by high levels of contracted, recurring revenue, a unique proposition and growing international profile.”

Beeks CEO Gordon McArthur said:  “With an established reputation and a track record of sustained growth, we are well-positioned to capitalise on the shift of the financial services sector to cloud computing and continue on our growth trajectory. 

“The deals signed to date and our exit ACMRR mean the Board is confident in achieving results for FY24 in line with its expectations.

“We remain focused on converting our record pipeline of opportunities across our product offerings, and in particular the recently launched Exchange Cloud offering.

“The advanced nature of several of these discussions, including additional proof of concept implementations, provides confidence in our ability to provide growth acceleration in FY24.

“With high levels of contracted, recurring revenue, a unique proposition and growing international profile, we look to the future with continued confidence.”