Beeks Posts Solid Annual Growth, Revenue Jumped 27%

The firm’s acquisition of Velocimetrics has increased its Tier 1 client’s list.

Beeks Financial Cloud Group plc, a financial markets connectivity provider, has published its yearly financial results ending on June 30, 2020, showing solid growth in its business as well as profits.

Per Tuesday’s London Stock Exchange (LSE) filing, the company’s annual revenue jumped 27 percent year-on-year, touching £9.36 million from the previous year’s £7.35 million. Additionally, the annualized committed monthly recurring revenue of the company soared 23 percent to £11.2 million.

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When it comes to the incomes, the company posted an underlying gross profit of £4.75 million for the period, a jump of 30 percent from the previous year’s £3.65 million. Furthermore, the underlying gross profit margin went to 51 percent from 50 percent recorded last year.

Though the underlying EBITDA increased by 34 percent to £3.33 million, which included the IFRS 16 adjustment of £0.52 million, the profits before taxes increased by 8 percent to £1.43 million.

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Expected Growth

As Finance Magnates reported earlier, Beeks already anticipated this solid jump in its business for the financial year that goes in line with the market forecasts.

“While the ongoing Covid-19 pandemic may continue to cause a delay in corporate decision making, and in spite of the wider economic uncertainties, we are confident the long-term growth drivers in our market remain intact – with financial services organizations increasingly looking to take advantage of the benefits of Cloud infrastructure,” Beeks’ CEO, Gordon McArthur, said in a statement.

The company also accomplished significant operational milestones this year. It acquired UK-based network monitoring and trade analytics software firm Velocimetrics Limited in a £1.3 million cash and equity deal, along with a contingent earn-out.

The number of Tier 1 clients of the company also humped to five as it on-boarded two such clients this year. The Velocimetrics acquisition further added to this number.

“I am pleased to report on a year of considerable progress, in which the Group has delivered against its strategic objectives; increasing the number of Tier 1 customers, expanding its geographic presence and offering and completing the strategic acquisition of Velocimetrics,” McArthur added.

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