(Alliance News) – Beeks Financial Cloud Group PLC said on Monday it made a profit in its latest financial year, thanks to increased revenue following a series of contract wins.
Beeks is a Glasgow-based cloud computing and connectivity provider for financial markets.
It made a pre-tax profit of £1.5 million for the year ended June 30, compared with a pre-tax loss of £650,000 the previous year. Turnover increased by 27%, from £22.4 million to £28.5 million.
This growth is mainly due to winning contracts, including a £5 million proximity cloud contract with one of the world’s largest banking groups, as well as a £2.7 million contract over five years with a Tier 1 investment manager. It also signed private cloud contracts worth £3 million in July with one of the UK’s largest banks. Beeks did not name any of the clients.
Beeks also said that as of June 30, a multi-year Exchange Cloud contract with an unnamed exchange group has now received regulatory approval, although further details remain subject to a non-disclosure agreement until the launch of the product.
Beeks said it was confident of delivering results in line with expectations for the 2025 financial year, driven by “high levels of recurring revenue, a strong pipeline, an established international reputation and a significant market opportunity”, as The financial services industry continues to move to cloud computing.
Gordon McArthur, Chairman and Chief Executive Officer, said: “This has been another year of strong trading activity, with double-digit growth across the board. Demand for our products is stronger than ever, fueling a steady flow new contracts and extensions that deliver long-term recurring revenue The expansion of our customer base demonstrates the value of our offering, increasingly recognized by the market, and has resulted in a pipeline. record sales. Exchange cloud continues to offer the most exciting opportunity with a pipeline including some of the world’s largest exchanges.
Shares in Beeks rose 7.8% to 273.92 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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