Beeks targeting more global financial centres
Beeks Financial Cloud, which provides connectivity to financial markets, is in final negotiations with a number of world-leading global exchanges and is targeting second tier centres in Washington DC and, in partnership with IPC, Amsterdam, Geneva, Zurich and Mexico.
The company, which has recently relocated from Hillington to nearby Braehead, said revenues for the half year to the end of December increased by 46% to £7.72m, of which 89% is recurring.
Beeks said it is seeing continued sales momentum and has achieved record third quarter trading. Underlying profit before tax fell 18% to £0.45m (H1 2021: £0.55m) following increased investment into the business as previously announced.
Underlying EBITDA increased by 41% to £2.43m (H1 2021: £1.72m). There was a statutory loss before tax of £0.27m (H1 2021: profit of £0.50m).
Shares in the AIM-quoted company closed 1.5p lower at 144.5p, well down from their 210p peak last September when the company followed investors’ advice and put its modest dividend payments on hold in order to divert capital into the business.
Speaking after today’s statement, CEO Gordon McArthur said he was happy overall with the firm’s performance and as a big shareholder in the business he was naturally disappointed with the share price performance.
“As long as we deliver, the share price will look after itself,” he said. “Tech stocks have been sold off and hopefully it is a blip.”