Beeks Financial Cloud, which provides connectivity services to the money markets, posted a 44% surge in underlying profit as financial services firms accelerate their switch to the cloud.

The company, based at Braehead near Glasgow, said it has a “record pipeline” of new opportunities for its Exchange Cloud product.

It is also in talks with a number of major financial exchanges around the world where it hopes to provide its solutions.

Gordon McArthur, CEO, said: “Our principal focus for the second half will be to convert our substantial pipeline of opportunities across the newly launched Exchange Cloud offering.

“While the macro environment presents challenges to all businesses, we believe the shift of the financial services sector to cloud computing will continue at pace.”

Underlying profit before tax came in at £0.65m for the half year to the end of December (H1 2022: £0.45m).

It said the size of the sales pipeline and expanded product offering provides the board with confidence in achieving results for the year in line with market expectations and in the longer term growth prospects for Beeks.

Headcount has grew 20% over the year risen to 106, including 15 in London, to “support both the product roadmap and pipeline execution”. The firm said results for the year should be in line with market expectations.

The company added: “Although we are not immune to well-documented macroeconomic issues such as inflationary pressure and supply chain disruption, we continue to manage the situation well.”

Shares closed down 0.5p, or 0.35%, at 142p.