Positive outlook for cloud firm
Beeks reports soaring profit in maiden figures
Gordon McArthur: ‘business opportunities remain strong’
Beeks Financial Cloud Group, the cloud computing firm, has reported a 62% rise in profits in its maiden results since last November’s flotation.
The Renfrewshire based provider of services to financial markets said the number of institutions using its services continues to grow as it establishes its role in the industry.
Gordon McArthur, CEO, said: “We are pleased to report on our first six months trading as a public company and are extremely proud of the organisation’s achievements since we were formed in 2011.
“We have established Beeks as a leading technology provider in the growing global markets of automated trading in Forex and Futures financial products.
“We have continued to increase the number of financial institutions using our platform and now have connections to 180 trading venues around the world and nine data centre locations.
“Our business opportunities remain strong going into the start of the second half of the year as we see continued momentum to our infrastructure as a service model.
“We are confident the business will continue to grow. We will roll out more cloud hosting and have a strategic focus on Asia over the near term. The formation of our Chinese entity and offering is progressing well. We are investing in our sales team to exploit and drive our business forward.
“With an established and growing customer base, high levels of recurring revenue and strong market drivers, we are confident in delivering a successful outcome for the year.”
· Record results in line with management expectations
· Revenue increased by 40% to £2.57m (H1 2017: £1.83m)
· Good revenue visibility maintained with Annualised Committed Monthly Recurring Revenue up 50% at £5.93m (H1 2017: £3.96m), in line with management expectations
· Gross profit up 62% to £1.20m (H1 2017: £0.74m)
· Net cash of £2.55m as at 31 December 2017 (31 December 2016: net debt £0.68m)
· Successful IPO on AIM in November 2017 raising £4.5m (before expenses)