Beeks Financial Cloud Reports Solid H2 2019, Revenues Up by 23%

Gross profit also managed to increase by 25 percent from H1 of 2019.

Beeks Financial Cloud Group plc has published its unaudited results for the second half of 2019 this Monday, with the cloud computing and connectivity provider achieving an uptick in revenues and profit.

During the six months ended on December 31, 2019, the company posted revenues of £4.29 million. When measuring this against the first half of 2019, which had revenues of £3.50 million, the second half revenues have increased by 23 percent.

Gross profit also managed to climb in the second half of last year, rising from £1.70 million in the first half, up to £2.12 million in the second half. This translates to a growth of 25 percent.

Beeks Financial operational highlights

During the year, Beeks also achieved a number of operational highlights. Namely, the company managed to sign a further two Tier 1 clients. As Finance Magnates reported, towards the end of the year, the company announced that it had signed a cloud-based payments provider and a global financial markets technology provider. The deals were a £1.1 million contract over three years and a $1 million annualized contract, respectively. 

Suggested articles

ForexTB Set to Launch New Innovative Trading PlatformGo to article >>

Furthermore, the company added new data centers – NY2 and NY5 in New York, during the year. Already in January of this year, the firm has opened three further centers – Singapore SG1, Paris PA1, and London LD8.

Commenting on the firm’s performance, Gordon McArthur, CEO of Beeks Financial Cloud, said in the statement: “I am pleased to report on another positive trading period for Beeks, delivering continued growth in revenue, underlying EBITDA and Annualised Committed Monthly Recurring Revenues (ACMRR).”

“Our success is being driven by a combination of the growing demand for secure and scalable cloud environments by financial institutions, and the superior breadth of our offering and capability.

“Momentum has continued into the second half of the year, with the implementations of the Tier 1 contracts progressing well and to plan. The business has grown considerably over the last six months, in terms of offering and customer base but also in addressable market, due to the successes we have had in new areas of the financial services market. These factors combined with the continued growth in our committed recurring revenues and size of our new business pipeline, provide us with confidence in our continued success.”

Got a news tip? Let Us Know