Glasgow's Beeks Financial Cloud says latest results provide 'strong basis for growth'

Beeks Financial Cloud Group has posted full-year results that provide a “strong basis for further growth” and unveiled new contracts worth a seven-figure sum.

The Glasgow-based cloud computing and connectivity provider for financial markets reported revenues of almost £18.3 million for the year to the end of June, up 57 per cent on the year before. Underlying earnings increased 52 per cent, year on year, to some £6.3m while underlying profit before tax was up 28 per cent to just over £2m.

Highlights during the year included increasing the group’s headcount to 89 and a further expansion of data centre geographies, with additional operations now in Switzerland and the Netherlands.

Chief executive Gordon McArthur said: “Beeks is now recognised as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward.

Beeks ­Financial Cloud Group chief executive Gordon McArthur. Picture: Layton Thompson

“The majority of financial services organisations around the world are exploring how to utilise the power of the cloud to support their ambitions. This presents us with a considerable opportunity.

“We will continue to invest into the development of our offering and increased sales and marketing activities to capitalise on our early successes in this significant market. We have a considerable and growing pipeline and look to the future with confidence.”

Beeks also announced the signing of two multi-year private cloud contracts with global asset management firms, worth some $2m (£1.8m) in total over three years.

McArthur added: “We continue to see positive sales momentum across our range of cloud computing offerings.”