Cloud computing specialist Beeks debuts new product and bullish over FY results

Glasgow-based fintech Beeks Financial Cloud Group has unveiled a new product it says is pioneering, and said it expects to next month report full-year results in line with market expectations.

The Aim-quoted firm, a cloud computing and connectivity provider for financial markets, said it has experienced good levels of trading in the second half of the year, “notwithstanding the ongoing impact of Covid-19”.

Furthermore, it expects to announce annual results delivering year-on-year growth in both revenue and underlying core earnings. The firm in March posted a 24 per cent year-on-year jump in interim revenues to £5.29 million.

CEO Gordon McArthur founded Beeks about a decade ago after seeing a gap in the market. Picture: Layton Thompson.

"The group has continued to successfully expand its relationships with existing tier one customers in the second half and has a growing pipeline of opportunities,” it has now added, also flagging an “expanded, differentiated offering, growing sales network, and increased sales pipeline”.

It is also confident in its ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations.

The firm has also launched Proximity Cloud, which it describes as a “high-performance, dedicated and client-owned trading environment, fully optimised for low-latency trading conditions and built with security and compliance at the forefront”.

The product has been backed by proceeds from the firm’s fundraise in April of this year, in which it generated gross proceeds of about £5.5m. “Being hosted and managed on a client site, as opposed to within a Beeks facility, this new offering addresses a significant part of the market that was previously unavailable to the company,” added the Glaswegian company.

It was founded by CEO Gordon McArthur after he became increasingly frustrated by the lack of low-latency trading infrastructure available.

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