Beeks Financial Cloud Reports Revenues for H1 FY23 of £10.40M, up 35% YoY

Beeks Financial Cloud Group plc​, a cloud computing and connectivity provider for financial markets, has released its financial results for the first half of fiscal year 2023 ended 31 December 2022. The group has delivered strong growth across major metrics during the period.

The interim revenues reached £10.40m, up 35% from H1 FY22’s £7.72m. Underlying EBITDA surged 48% on a yearly basis to £3.59m. Annualised Committed Monthly Recurring Revenue (ACMRR) came in at £21.30m, compared to £15.80m in the last same period. Gross profit stood at £4.35m, rising 46% year-over-year.

Underlying profit before tax for H1 FY23 was up 44% from H1 FY22’s £0.45m to £0.65m. Underlying basic EPS grew from 0.90 pence of the last same period to 1.35 pence, up 50%. The group has generated cash from operations (before movement in working capital) in the period of £3.68m, increasing 46% over the prior year. The group ended the period with net cash of £3.35m, while at the end of H1 FY22, it had net debt of £3.73m.

"With our proven track record and well-established reputation as a provider of technology to the financial markets, we retain strong confidence in continued success for Beeks. Our principal focus for the second half will be to convert our substantial pipeline of opportunities across the newly launched Exchange Cloud offering,” said Gordon McArthur, CEO of Beeks Financial Cloud.

"While the macro environment presents challenges to all businesses, we believe the shift of the financial services sector to cloud computing will continue at pace. Our pipeline of business with both existing and potential new customers provides us with a considerable runway of visible revenue and our balance sheet strength has enabled us to continue to make substantial investment into product, people and stock capacity to capitalise on this pipeline and considerable market opportunity."