Beeks Financial Cloud Group plc (LON:BKS), a provider of cloud computing and connectivity for financial markets, today announced the signing of a multi-year multi-million dollar expansion contract for its Proximity Cloud offering, a new win with Cloud Exchange Offering and provided an update on a period of continued positive trading momentum in the six months to 31 December 2023 (H1 FY24).
Trading in 1H24 was in line with Board expectations, with revenue growth of over 25% over 1H23, coupled with improved margins.
In line with the strategy, Beeks achieved a positive free cash flow position over the period, with unaudited net cash growing to £5.5m at 31 December 2023 (June 2023 Net Cash £4.4m). The Board remains confident of achieving results for the 24th year in line with its expectations.
Having won a number of competitive tenders in recent months for projects commencing in the coming reporting period and excluding any contribution from the conditional Exchange Cloud contract, the Company now expects transactions in year 25 to be significantly higher than the Board’s previous expectations.
Gordon McArthur, CEO of Beeks Financial Cloud commented:
“We continue to make progress executing on our land strategy and expand, quickly proving the value of our offerings, as evidenced by the significant Proximity Cloud expansion contract announced this morning and the win of a third major global exchange customer for our offering in Exchange Cloud. We see significant expansion potential for our customers as they move increasing percentages of their trading infrastructure to the cloud.
“Delivering free cash flow has been a key objective for this year and we are pleased to achieve this on schedule as we capitalize on the investments we have made to expand our product offering. Our growing contract momentum demonstrates the significant appetite we see in the financial markets and we now expect Year 25 to be significantly higher than our previous expectations.”