Beeks Financial Cloud Group’s Revenues Climb 46% in H1 FY22

Beeks Financial Cloud Group recently released its unaudited results for the six months ended 31 December 2021. For the reported period, the company posted a 46% spike in revenues as the figure reached the level of £7.72 million, compared to £5.29 million in H1 of 2021.

In terms of underlying gross profit, the figure touched £3.14 million, which is up by 21% compared to the same period in the previous year. Underlying EBITDA climbed 41% to £2.43 million. However, underlying profit before tax decreased 18% to £0.45 million.

During the mentioned period, Beeks Financial Cloud Group increased its investment into the business. The cloud computing and connectivity provider for financial markets announced the launch of Proximity Cloud in August 2021.

“The prospects for Beeks have never been more promising. Our position as an established technology provider to financial markets provides us with a strong foundation to drive our business forward. Most financial institutions now see the cloud as a fundamental pillar of their business strategy and cloud adoption is already well underway for financial services,” Gordon McArthur, the CEO of Beeks Financial Cloud, said.

“We will continue to invest in the development of our offering and increased sales and marketing activities to capitalize on our early successes in this significant market. We have a considerable and growing pipeline and look to the future with confidence,” McArthur added.

Outlook

Regarding the outlook, Beeks Financial Cloud Group is expecting strong growth in sales. According to the company, its sales pipeline includes Tier 1 opportunities in Private Cloud and Proximity Cloud.

“In final negotiations with a number of world-leading global exchanges (with one at POC stage). Even excluding the contribution from Exchange Cloud, the board is confident in achieving results for the year in line with market expectations, having already upgraded FY22 revenue expectations three times in the last six months,” Beeks highlighted.