Beeks Financial Cloud Group plc has published a trading update for the 12 month period ending 30th June 2020. This reveals that the coronavirus pandemic has had a relatively small impact on the company’s overall trading.
According to a statement filed through the London Stock Exchange (LSE) this Tuesday, over the year, the Group has continued to make solid progress against its strategic objectives.
Because of this, the cloud computing and connectivity provider expects to announce its trading results within the range of the current market expectations.
Furthermore, Beeks outlined in its update today that the integration of the Velocimetrics acquisition has progressed well, and the existing Tier 1 institutional customer implementations are continuing as planned.
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As Finance Magnates reported, in April the company acquired the entire issued share capital of Velocimetrics Limited, for a base consideration of £1.3 million in cash and equity, along with a contingent earn-out.
Velocimetrics is a UK-based network monitoring and trade analytics software company. It provides its software to financial services businesses, such as Tier 1 banks, exchanges, brokers, hedge funds, and payment providers.
COVID-19 Has a Small Impact on Beeks
“Covid-19 has had a relatively small impact on Beeks’ overall trading, and whilst the lockdown has inevitably impacted some customers’ decision making processes, contract discussions with prospective Tier 1 clients remain in advanced form, and the Group has a continually growing sales pipeline,” Beeks said in its statement today.
“The Board therefore remains confident in the ongoing success of the Group, and ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations.”
Today’s announcement from the cloud computing and connectivity provider is just a trading update. The company will provide further information when it publishes its final results for the year-end 30th June 2020 in the middle of September.