Beeks Financial Cloud Group plc, the Glasgow-based connectivity provider for international financial markets, said its revenues increased 27% to £28.5 million in the year to June 30, 2024, while underlying profit before tax increased 68% to £3.9 million.

Beeks CEO Gordon McArthur flagged a “record sales pipeline.” The company’s shares rose as much as 7%.

Statutory profit before tax was £1.46 million compared to a loss before tax of £0.65 million in 2023.

Beeks reported that post-period, a multi-year Exchange Cloud contract with one of the largest exchange groups globally received regulatory approval.

In its outlook the Glasgow firm reported: “Material growth in sales pipeline for Exchange Cloud, with several major international exchanges entering the final stages of contracting, and others at earlier points in the sales funnel …

“Even at this early stage of the year, the board is confident in achieving results for FY25 in line with its expectations, underpinned by high levels of recurring revenue, a strong pipeline, an established, international reputation and a significant market opportunity.”

Beeks CEO Gordon McArthur said: “This has been another year of strong trading with double-digit growth across the board.

“Demand for our product is stronger than ever, fuelling a regular flow of new contract wins and extensions that offer long-term, recurring revenues.

“The expansion of our customer base is a testament to the value of our offering becoming increasingly recognised by the market and has resulted in a record sales pipeline.

“Exchange Cloud continues to offer the most exciting opportunity with a pipeline comprising of some of the world’s largest exchanges.

“Supported by favourable market trends and our increasingly recognised international reputation, we are confident in driving this momentum into the next financial year and beyond.”