Beeks Financial Cloud Reports Solid H2 2019, Revenues Up by 23%

Beeks Financial Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term Group plc has published its unaudited results for the second half of 2019 this Monday, with the cloud computing and connectivity provider achieving an uptick in revenues and profit.

During the six months ended on December 31, 2019, the company posted revenues of £4.29 million. When measuring this against the first half of 2019, which had revenues of £3.50 million, the second half revenues have increased by 23 percent.

Gross profit also managed to climb in the second half of last year, rising from £1.70 million in the first half, up to £2.12 million in the second half. This translates to a growth of 25 percent.

Beeks Financial operational highlights

During the year, Beeks also achieved a number of operational highlights. Namely, the company managed to sign a further two Tier 1 clients. As Finance Magnates reported, towards the end of the year, the company announced that it had signed a cloud-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider and a global financial markets technology provider. The deals were a £1.1 million contract over three years and a $1 million annualized contract, respectively.

Furthermore, the company added new data centers - NY2 and NY5 in New York, during the year. Already in January of this year, the firm has opened three further centers - Singapore SG1, Paris PA1, and London LD8.

Commenting on the firm's performance, Gordon McArthur, CEO of Beeks Financial Cloud, said in the statement: "I am pleased to report on another positive trading period for Beeks, delivering continued growth in revenue, underlying EBITDA and Annualised Committed Monthly Recurring Revenues (ACMRR)."

"Our success is being driven by a combination of the growing demand for secure and scalable cloud environments by financial institutions, and the superior breadth of our offering and capability.

"Momentum has continued into the second half of the year, with the implementations of the Tier 1 contracts progressing well and to plan. The business has grown considerably over the last six months, in terms of offering and customer base but also in addressable market, due to the successes we have had in new areas of the financial services market. These factors combined with the continued growth in our committed recurring revenues and size of our new business pipeline, provide us with confidence in our continued success."