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First year as public company

Beeks unveils maiden profit and dividend

Gordon McArthurMarkets software company Beeks Financial Cloud Group has reported a maiden dividend and profit in its first year as a public company.

The Renfrewshire-based business reported a profit before tax of £0.75m for the year to the end of June against a £760,000 loss last time.

Revenue rose 41% to £5.58m from £3.97m and it announced a proposed dividend of 0.3p.

Gordon McArthur, CEO (pictured), who led the company’s flotation on the stock market last November, said: I am delighted to report on a successful first year as a public company, delivering good levels of profitable growth and the announcement of our maiden dividend.

“We have delivered against our strategy, expanding both geographically and into all the key asset classes in financial markets.

“While the majority of revenue is still associated with forex and futures, the increased breadth of our offering further strengthens our competitive position and provides for the potential for additional growth.

Our business opportunities remain strong going into the start of the new financial year, as we see continued momentum to our Infrastructure as a Service model. 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 ahead.”

Financial highlights

  • Revenues increased by 41% to £5.58m (2017: £3.97m)
  • Annualised Committed Monthly Recurring Revenue (ACMRR) up 47% to £6.9m (2017: £4.7m)
  • Gross profit up 90% to £2.98m (2017: £1.57m)
  • Gross profit margin 53% (2017: 39%)
  • Underlying EBITDA increased by 258% to £1.95m (2017: £0.54m)
  • Underlying EBITDA margin 35% (2017: 14%)
  • Underlying profit before tax £1.19m (2017: £0.0m)
  • Underlying EPS 2.27p (2017: 0.22p loss)
  • Net cash as at 30 June 2018 is £2.09m (2017: Net debt £0.74m)
  • Proposed maiden final dividend of 0.3p (2017: 0.0p) 
  • Profit before tax was £0.75m (2017: £0.76m loss)
  • Basic EPS was 2.37p (2017: 44.00p loss)

Operational Highlights

  • Successfully completed IPO onto the London AIM market in November 2017, raising £4.5m
  • Entry into new asset classes including Fixed Income, Cryptocurrencies and Equities
  • Geographical expansion into Singapore and opening of sales offices in Shanghai and London
  • Number of cloud hosting sites increased to 11, adding new sites in London and the US
  • Built and launched industry leading customer self-service portal enabling clients to build their own infrastructure, a unique offering in the financial services sector
  • Number of institutional clients increased to 192 as at 30 June 2018 (30 June 2017: 156)
  • Largest customer is 5% of revenues (2017: 4%)
  • Top 10 customers produce 29% of revenues (2017: 28%)



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