Beeks Financial Cloud Group (Beeks) published its financial and operational results for its fiscal year ended June 30, 2018. The firm, which is a cloud computing and connectivity provider for the financial market, saw solid year-on-year increases in its revenue and gross profit.
Beeks was founded in 2011. It is a low-latency infrastructure-as-a-service (IaaS) provider. In other words, it provides a high speed, cloud-based trading network to institutional and retail investors. Currently, the firm provides services that enable automated trading in FX, futures, equities, fixed income and cryptocurrency financial products.
During the fiscal year ending June 30, 2018, Beeks achieved revenues of £5.58 million ($7.17 million). This is an increase of 41 per cent when compared to the previous financial year, when it recorded revenues of £3.97 million. According to the report, this uptick was largely due to organic growth.
Gross profit jumped by an impressive 90 per cent year-on-year, up from £1.57 million to reach £2.98 million. The firm’s gross profit margin was 53 per cent when compared to 39 per cent in the same time period last year.
For Beeks, its underlying EBITDA for the 12 months ended June 30, 2018, was £1.95 million. This is an increase of 258 per cent from 2017, which brought it an underlying EBITDA of £0.54 million.
Operational highlights for Beeks
Entering into the cryptocurrency market opened up a new scope of customers and partners for the firm such as crypto traders, brokers and exchanges, the report said. Overall, the number of institutional investors using Beeks’ platform grew from 156 on June 30, 2017, to 192 at the end of this fiscal year.
In November last year, Beeks completed its initial public offering (IPO) onto the London AIM market. Through this, the company managed to raise £4.5m. The firm also expanded into Singapore and opened sales offices in Shanghai and London.
Looking to the future, Beeks believes it will continue to experience high levels of recurring revenue. In addition, the firm said it will continue to roll out more cloud hosting and have a strategic focus on Asia in the near term.
Commenting on the future outlook of the firm, the CEO of Beeks, Gordon McArthur, said: “Our business opportunities remain strong going into the start of the new financial year, as we see continued momentum to our Infrastructure as a Service model. With an established and growing customer base, high levels of recurring revenue and strong market drivers, we are confident in delivering a successful outcome for the year ahead.”