Beeks Financial Cloud expects FY20 results within range of market expectations

Maria Nikolova

Beeks says Covid-19 has had a relatively small impact on its overall trading.

Cloud computing and connectivity provider for financial markets Beeks Financial Cloud Group PLC (LON:BKS) today provided a trading update for the year ended June 30, 2020.

Beeks says it has continued to make good progress against its strategic objectives and expects to announce trading results within the range of market expectations.

The integration of the Velocimetrics acquisition has progressed well and all existing Tier 1 institutional customer implementations are continuing to plan.

Covid-19 has had a relatively small impact on Beeks’ overall trading, the company says. Although lockdown has inevitably impacted some customers’ decision making processes, contract discussions with prospective Tier 1 clients remain in advanced form, and the Group has a continually growing sales pipeline. The Board therefore remains confident in the ongoing success of the Group, and ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations.

Let’s recall that, in the six months ended December 31, 2019 (H1 2020), Beeks registered revenue growth of 23% from a year earlier, taking revenues to £4.29 million (H1 2019: £3.50m), supported mainly by continued organic growth with the now embedded CNS business contributing approximately 8% of the Group’s total revenue in the period.

Gross profit for the period amounted to £2.12 million, up 25% from the £1.70 million results registered a year earlier. Gross margin was flat at 49%. It has benefitted by the change in depreciation useful life estimate of computer equipment which resulted in a reduction of depreciation in the period of £0.15 million.

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