Beeks Financial Cloud Posts Revenues up 46% for H2 2021

Beeks Financial Cloud Group Plc, a cloud computing and connectivity provider for financial markets, is pleased to announce its unaudited results for the six months ended 31 December 2021.

Financial Highlights

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• Revenues increased by 46% to £7.72m (H1 2021: £5.29m), of which 89% is recurring

• Annualised Committed Monthly Recurring Revenue (ACMRR) up 32% to £15.80m (H1 2021: £12.00m)

• Underlying gross profit up 21% to £3.14m (H1 2021: £2.59m)

• Underlying EBITDA increased by 41% to £2.43m (H1 2021: £1.72m)

• Underlying profit before tax down 18% to £0.45m (H1 2021: £0.55m) following increased investment into the business as previously announced

• Underlying basic EPS 0.90 pence (H1 2021: 0.94 pence)

Operational Highlights

• Increased investment into people, operations and product offering to capitalise on the growing financial services cloud opportunity and further grow the group’s addressable market and market share

• Launch of Proximity Cloud in August 2021, targeting the world's largest financial services organisations and exchanges

• Growing contract momentum, with over $5.2m total initial value of new contracts secured for Proximity Cloud since launch

• ​New iteration of Proximity Cloud, Exchange Cloud, expected to be launched in H2 - developed in response to an identified demand from global exchanges

Gordon McArthur, CEO of Beeks Financial Cloud commented: "The prospects for Beeks have never been more promising. Our position as an established technology provider to financial markets, provides us with a strong foundation to drive our business forward. Most financial institutions now see the cloud as a fundamental pillar of their business strategy and cloud adoption is already well underway for financial services. 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."