Beeks Financial Cloud Group plc (LON:BKS), a cloud computing and connectivity provider for financial markets, today announced the signing of a multi-million-dollar, multi-year expansion contract for its Proximity Cloud offering, a new win with its Exchange Cloud Offering, and provided an update on a period of continued positive trading momentum in the six months to 31 December 2023 (H1 FY24).
Trading in H1 FY24 has been in line with Board expectations, with revenue growth of over 25% versus H1 FY23, combined with improved margins.
In line with strategy, Beeks has achieved a positive free cash flow position in the period, with unaudited net cash increasing to £5.5m at 31 December 2023 (June 2023 net cash of £4.4m). The Board continues to be confident in achieving results for FY24 in line with its expectations.
Having won a number of competitive tenders in recent months for projects commencing in the upcoming reporting period and excluding any contribution from the conditional Exchange Cloud contract, the Company now expects trading in FY25 to be significantly ahead of previous Board expectations.
Gordon McArthur, CEO of Beeks Financial Cloud commented:
“We continue to progress with the execution of our land and expand strategy, quickly demonstrating the value of our offerings, as evidenced by the significant Proximity Cloud expansion contract announced this morning and the winning of a third major global exchange customer for our Exchange Cloud offering. We see considerable expansion potential across our customers, as they migrate increasing proportions of their trading infrastructure to the cloud.
“The delivery of free cash flow was a key objective for the current year and we are pleased to have achieved that to plan, as we capitalise on the investments we have made into the expansion of our product offering. Our growing contract momentum demonstrates the considerable appetite we see across the financial markets, and we now anticipate FY25 will be significantly ahead of our previous expectations.”
