CEO of Beeks Financial Cloud plans to sell 2.6m shares in company
Gordon McArthur intends to sell approximately 2,640,484 ordinary shares in the company at a price of 84 pence per share.
Cloud computing and connectivity provider for financial markets Beeks Financial Cloud Group PLC (LON:BKS) has just announced that it has been advised by Gordon McArthur, Chief Executive Officer of the company, of his plans to sell approximately 2,640,484 ordinary shares in the company.
Mr McArthur intends to sell the shares at a price of 84 pence per share. The sale shares account for approximately 5.19% of the issued share capital of Beeks.
Gordon McArthur is currently interested in 30,115,677 ordinary shares, representing approximately 59.21% of the issued share capital of Beeks. Following the proposed transaction, Mr McArthur has agreed not to dispose of any of his remaining shareholding for a period of at least 12 months.
Let’s note that FY19 was a good year in terms of revenue growth for Beeks. Group revenues increased by 31.7% from the prior year to £7.35 million, on the back of continued organic growth. The CNS acquisition contributed £0.1 million revenue in the final two months of the year. Annualised Committed Monthly Recurring Revenues (ACMRR) increased by 31.9% to £9.1 million (2018: £6.9m) with CNS accounting for £0.8 million of this increase.
The company said it continues to have a healthy level of customer concentration with no single customer accounting for more than 6% of ACMRR. The number of institutional customers increased to 220 from 192 as at June 30, 2018 and the top 10 customers accounted for 32% of recognised revenue in the year (2018: 29%).
Gross profit increased 22.5% year on year to £3.65 million, however Beeks saw a decrease in gross margins from 53.4% to 49.6% as anticipated.