Cloud specialist, Beeks Financial Cloud Group (AIM:BKS) , told investors on Monday that it has seen momentum build as it continues to attract large scale customers.
The London-listed firm said that profits and revenues had risen, as outlined in this morning’s unaudited results for the six months ended 31 December 2019, as a result of substantial client growth within the financial services market.
Group revenues grew in the period by 23% from the previous year to £4.29m whilst gross profit amounted to £2.12m, up 25% from the £1.70 million results registered a year earlier.
"Momentum has continued into the second half of the year, with the implementations of the Tier 1 contracts progressing well and to plan,” said Gordon McArthur, CEO of Beeks.
During the period, Beeks signed two contracts valued at £1.1m and $1m, respectively, from two tier 1 clients -- one a cloud based payments provider and the other a global financial markets technology provider.
Shares in Beeks Financial Cloud Group were trading 1.01% higher at 100.5p during Monday trading.
The Glasgow-based company has also recently opened data centres in London, Paris and Singapore, expanding its overall global network to 15 sites, it reported.
The number of institutional customers grew to 225, an increase from the 210 clients reported at 31 December 2018, whilst the average entry level new institutional customer contract has increased to £3,680 per month, up from £1,825 when compared to the same period last year.
“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,” said McArthur.
In January 2020, Beeks received a £2m research grant from Scottish Enterprise to accelerate a network automation project.
“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,” added McArthur.
Established in 2011, Beeks has grown from having a single site in New Jersey in the United States to having a presence in 15 international data centres.
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