Beeks Financial Cloud Group (LSE: BKS) posted a trading update on Monday, revealing the ending of the financial year 2022, between July and June, with an Annualised Committed Monthly Recurring Revenue of over £19.3 million.
The reported provisional figure grew by 40 percent when compared with the previous year and provided a “strong basis for further growth in FY23.”
“Beeks has delivered a record trading performance in the year, delivering growth on the prior year and in line with upwardly revised market expectations,” the company stated in the trading update.
The company generated £7.72 million in revenue in the first six months of the last financial year, growing by 46 percent annually.
Partnership in Place
Further, the London-based company confirmed that the customer is ICE Global Network and is using its Exchange Cloud service which was launched last June. Beeks and ICE signed a multi-year deal with terms of exclusivity.
“ICE Global Network offers global market participants a high-quality, focused service with access to more than 150 liquidity centers. Our work with Beeks now gives these participants the ability to combine IGN's capabilities with Beeks Group's virtual compute services and analytics,” said Margaret Niche, the Head of ICE Global Network.
“It provides market participants with a comprehensive solution that offers the flexibility they need to be agile in an ever-changing trading environment.”
With Beeks’ Exchange Cloud, global exchanges can offer cloud solutions to their users. Its launch came around 10 months after the company introduced Proximity Cloud, the industry’s first private cloud environment for financial markets.
“Regulatory compliance concerns continue to be the most significant cloud challenge for the financial services sector,” added the CEO of Beeks, Gordon McArthur.
“The success of Proximity Cloud and Exchange Cloud have contributed to a fantastic trading performance in FY22, and we enter the new year with a record sales pipeline and confidence in our ability to continue to capitalize on the significant opportunity ahead.”
