Cloud computing provider sees increase in recurring revenue amid expansion of services.
Results are expected “to be in line with consensus expectations.”
Beeks
Financial Cloud Group plc (AIM: BKS) announced on Monday its preliminary
financial results for the fiscal year ending June 30, 2024, reporting revenue
growth and an increase in recurring revenue.
The cloud
computing and connectivity provider for financial markets stated that its
revenue for fiscal year 2024 (FY24 )is expected to be approximately 27% higher
than the previous year. The company's Annualized Committed Monthly Recurring
Revenue (ACMRR) reached £28.0 million, marking an 18% increase from £23.8
million reported at the end of the previous fiscal year.
Beeks Financial Cloud
Reports Revenue Growth for Fiscal Year 2024
Beeks also reported
that its underlying EBITDA growth exceeded 27%, while underlying profit before
tax is projected to increase by approximately 67% compared to fiscal year 2023
(FY23). According to unaudited figures, the company ended the fiscal year with
a net cash position of £6.58 million.
During the
second half of FY24, Beeks secured several new contracts, including an
extension with the Johannesburg Stock Exchange for its Exchange Cloud offering
and a deal with a major banking group for its Proximity Cloud service. The
company also mentioned ongoing discussions with other exchanges globally for
potential Exchange Cloud contracts.
"The
increased traction of our products is testament to Beeks' growing reputation
across the financial markets as technology provider of choice,” Gordon
McArthur, CEO at Beeks, commented. “We are confident in our ability to continue
satisfying strong demand for our solutions and we remain focused on the
conversion of our substantial pipeline."
The company
stated that it anticipates its FY24 results to be in line with market consensus
expectations. Beeks plans to release its audited results for FY24 in early
October 2024.
In its
latest report from early March, Beeks disclosed financial outcomes for the
first half of FY24, highlighting a 25% surge in revenue to £12.96 million.
Pre-tax profits soared by 113% reaching £1.38 million, and the statutory
earnings increased by 121% to £0.16 million.
New Deals and New
Executive
During the
same period, Beeks finalized a multi-million dollar, multi-year expansion
contract to enhance the infrastructure provided to a premier Tier 1 investment
manager via its Proximity Cloud service. This agreement amplifies the initial
contract's value to $3.6 million over the next four years. Beeks acknowledged
that there is considerable potential for further expansion, noting that only
30% of the client’s trading infrastructure is currently utilizing the Proximity
Cloud.
Furthermore,
Beeks secured a conditional agreement to supply its Exchange Cloud solution to
one of the largest global exchange groups, pending regulatory nods. The
Exchange Cloud solution is designed to facilitate a cloud-based trading
environment tailored for major exchanges, marking the third significant global
exchange to adopt this technology.
Concurrently,
Beeks strengthened its leadership team by appointing Zech Kottilil as the new
Technical Pre-Sales Specialist. Kottilil, who has amassed over 15 years of
experience with industry leaders such as Nasdaq and Amazon Web Services (AWS),
is expected to bring a deep reservoir of knowledge and expertise to the Beeks
team.
Beeks
Financial Cloud Group plc (AIM: BKS) announced on Monday its preliminary
financial results for the fiscal year ending June 30, 2024, reporting revenue
growth and an increase in recurring revenue.
The cloud
computing and connectivity provider for financial markets stated that its
revenue for fiscal year 2024 (FY24 )is expected to be approximately 27% higher
than the previous year. The company's Annualized Committed Monthly Recurring
Revenue (ACMRR) reached £28.0 million, marking an 18% increase from £23.8
million reported at the end of the previous fiscal year.
Beeks Financial Cloud
Reports Revenue Growth for Fiscal Year 2024
Beeks also reported
that its underlying EBITDA growth exceeded 27%, while underlying profit before
tax is projected to increase by approximately 67% compared to fiscal year 2023
(FY23). According to unaudited figures, the company ended the fiscal year with
a net cash position of £6.58 million.
During the
second half of FY24, Beeks secured several new contracts, including an
extension with the Johannesburg Stock Exchange for its Exchange Cloud offering
and a deal with a major banking group for its Proximity Cloud service. The
company also mentioned ongoing discussions with other exchanges globally for
potential Exchange Cloud contracts.
"The
increased traction of our products is testament to Beeks' growing reputation
across the financial markets as technology provider of choice,” Gordon
McArthur, CEO at Beeks, commented. “We are confident in our ability to continue
satisfying strong demand for our solutions and we remain focused on the
conversion of our substantial pipeline."
The company
stated that it anticipates its FY24 results to be in line with market consensus
expectations. Beeks plans to release its audited results for FY24 in early
October 2024.
In its
latest report from early March, Beeks disclosed financial outcomes for the
first half of FY24, highlighting a 25% surge in revenue to £12.96 million.
Pre-tax profits soared by 113% reaching £1.38 million, and the statutory
earnings increased by 121% to £0.16 million.
New Deals and New
Executive
During the
same period, Beeks finalized a multi-million dollar, multi-year expansion
contract to enhance the infrastructure provided to a premier Tier 1 investment
manager via its Proximity Cloud service. This agreement amplifies the initial
contract's value to $3.6 million over the next four years. Beeks acknowledged
that there is considerable potential for further expansion, noting that only
30% of the client’s trading infrastructure is currently utilizing the Proximity
Cloud.
Furthermore,
Beeks secured a conditional agreement to supply its Exchange Cloud solution to
one of the largest global exchange groups, pending regulatory nods. The
Exchange Cloud solution is designed to facilitate a cloud-based trading
environment tailored for major exchanges, marking the third significant global
exchange to adopt this technology.
Concurrently,
Beeks strengthened its leadership team by appointing Zech Kottilil as the new
Technical Pre-Sales Specialist. Kottilil, who has amassed over 15 years of
experience with industry leaders such as Nasdaq and Amazon Web Services (AWS),
is expected to bring a deep reservoir of knowledge and expertise to the Beeks
team.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Virtu Financial Partners with Tokyo Stock Exchange to Enhance ETF Liquidity
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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