Beeks Financial Cloud says trading in FY19 in line with expectations

Maria Nikolova

The company also announced the signing of two additional Tier 1 clients: a global investment management organisation and a global bank.

Cloud computing and connectivity provider for financial markets Beeks Financial Cloud Group PLC (LON:BKS) has earlier today provided a trading update for the twelve months to June 30, 2019.

Beeks’ Board says the Group traded in line with expectations for the year ended June 30, 2019 and looks forward to providing a further update at the time of the Final Results, to be released in late August.

Let’s recall that, when Beeks reported its metrics for the first half of FY19, the Board voiced its confidence in continued strong organic growth in H2 vs H1, following historic trend of growth being weighted in the second half. The company said back then it expected FY2019 revenues to be broadly in line with expectations. Underlying PBT is expected to grow by approximately 25% on FY2018.

Today, the company announced the signing of two additional Tier 1 clients: a global investment management organisation and a global bank.

Beeks said it will provide the global investment management organisation with managed connectivity to support its fixed income platform. The contract is worth approximately £500,000 over the initial two-year period.

The global bank has contracted with Beeks’ via a partner for the delivery of an initial proof of concept for a fixed income implementation. This proof of concept is revenue generating and is currently live with the bank. It is anticipated to be a pre-cursor to an extensive deployment with the client.

Gordon McArthur, CEO of Beeks Financial Cloud, commented, “We are pleased to announce a strong second half and successful outcome to the year, in which we delivered continued revenue and profit growth, while expanding our offering.

“Beeks Financial Cloud is growing the services we can provide and therefore the variety of customers we can serve, as reflected by these exciting Tier 1 client wins. We are seeing growing interest from financial services organisations in managed cloud computing and connectivity. The resilience and scalability of our network, combined with our specialist financial services expertise, means we are increasingly well positioned to benefit from the growth of this market and we look to the future with confidence.”

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