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Beeks Financial Cloud reports rising revenue as operations expand
Beeks Financial Cloud announced on Thursday that its revenue and profits have grown in the six months ending 31 December.
The company, which is newly AIM traded as of November, registered a gross profit of £1.2m, up 62% compared to the same period in 2016, and a 40% increase in revenue up to £2.6m over the same period of time.
The company also reported net cash of £2.6m at year-end, compared to net debt of £680,000 for the previous year.
Gordon McArthur, chief executive of Beeks, said: "We have established Beeks as a leading technology provider in the growing global markets of automated trading in Forex and Futures financial products. We have continued to increase the number of financial institutions using our platform and now have connections to 180 trading venues around the world and nine data centre locations."
Over the course of the year, the company also launched a new cloud hosting site in New Jersey, bringing the total number of sites up to nine, and increased its number of institutional clients to 170 from 113 the year before.
"We are confident the business will continue to grow. We will roll out more cloud hosting and have a strategic focus on Asia over the near term. The formation of our Chinese entity and offering is progressing well. We are investing in our sales team to exploit and drive our business forward," said McArthur.
Beeks Financial Cloud provides institutions with cloud infrastructure and connectivity for financial markets and has 30 employees and contractors in the UK, US, Austria, Indonesia and Japan.
The company also said that growth was in line with management expectations and that it expects this to continue over 2018.
As of 1415 GMT, Beeks Financial Cloud's shares were down 7.69% at 60.00p.