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.
#RNS (#AIM: #BKS) Beeks Financial Cloud Group: Trading Update [https://t.co/02r5uU8Mzx]
— AIM Alerts! (@aimrns) July 22, 2024
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.
This article was written by Damian Chmiel at www.financemagnates.com.
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