Beeks Profit up by 22 Percent in 2019

The Scottish cloud technology firm attributed its growth to an increase in client numbers and value

Beeks Financial Cloud released its financial results for the 2019 fiscal year on Thursday.

The Scottish technology provider, which is listed on the London Stock Exchange, saw an increase in revenue and profits when compared to 2018.

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Last year, Beeks reported total revenue of £5.58 million ($6.88 million). This year that figure grew by 32 percent to £7.35 million ($9.06 million).

Profit growth was slightly less in percentage terms but still very positive.

The company’s filings indicate that the 2019 fiscal year saw a gross profit of £3.65 million ($4.50 million) – a 22 percent on last year when the equivalent number was £2.98 million ($3.67 million).

More clients, more money

Beeks attributed its growth to new, higher-value clients.

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By the end of this latest fiscal year, the cloud technology provider had 220 institutional clients, compared to 192 the prior year.

Those new clients are also spending more cash. The firm said that its average contract size for new institutional clients ballooned from £800/month to £2,200/month this year.

Aside from new clients, Beeks has also been expanding its business which, in turn, has brought in more revenue streams.

For instance, the company said that it is starting to see money flowing in from its two newest data centers – London InterXion and Singapore.

The tech firm also saw growth as a result of its partnership with BeQuant Exchange, a cryptocurrency firm based in London and Malta.

“Following an excellent close to the year, during which Beeks signed three Tier 1 clients, we have entered the new financial year in a strong position and enjoyed a good level of trading in the first two months of the year,” said Beeks CEO Gordon McArthur.

“Our core business with mid-tier organisations continues to grow and we are now layering on more strategic engagements with larger organisations.”

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