Beeks Financial Cloud Group, a cloud computing and connectivity provider for financial markets, announced its unaudited financial results for the six months which ended on 31 December 2020. The company saw a 24% surge in revenues, compared to the first half of 2020.
According to the official results, the revenues touched £5.29 million in H2 of 2020, compared to £4.28 million in H1 of 2020. The underlying gross profit jumped 18% to £2.59 million. Additionally, the company reported an underlying EBITDA of £1.72 million, which is an 11% jump compared to the first half of 2020.
Beeks mentioned that the underlying profit before tax took a hit of 8% following increased investment into the business. The proposed interim dividend stood at 0.20p. The period’s end net debt reached £2.05 million.
Commenting on the latest interim results, Gordon McArthur, CEO of Beeks Financial Cloud, said: “Current trading is positive, and we have entered the second half of the year with a solid pipeline of opportunities, supported by a significantly expanded business, increased customer base, broadened product offering and continued growth of our existing Tier 1 accounts. We have seen increased demand for our offering during the second half of the year to date, giving us confidence in our ability to service a wide range of financial services organizations across different geographies.”
Expansion in 2021
Beeks mentioned that during 2020, the company increased its investment into people, operations, and product offerings to capitalize on the growing financial service private cloud opportunity. McArthur mentioned that Beeks is poised for considerable growth in 2021.
“As separately announced today, expansion of two Tier 1 customers, a global financial markets technology provider now committed to $2.1 million annualized revenue, with a significant proportion of this expected to be delivered by the end of Beeks Financial Year. The other, an open banking provider, has expanded its contract to 135% of original commitment,” Beeks mentioned in the official announcement.
Beeks announced the launch of Beeks Analytics as a Service in November 2020.