Beeks Financial Cloud Group, one of the leading cloud computing and connectivity providers for international financial markets, released its financial results for the year ended 30 June 2021 today.
According to the latest results, the company’s revenues reached £11.62 million in the year ended 30 June 2021, which is 24% higher compared to £9.36 million in 2020. In FY21, the company’s institutional revenue accounted for 91% of the total revenue, compared to 85% in FY20.
Beeks Financial Cloud Group’s gross profit during the mentioned period touched £5.33 million, which is up by 16% compared to FY20. The company’s underlying profit before tax increased 13% to £1.61 million in FY21.
Commenting on the latest financial results, Gordon McArthur, CEO of Beeks Financial Cloud, said: “The prospects for Beeks have never been more promising. The successes with our tier 1 clients mean we are now recognized as an established technology provider to financial markets, with a track record and compelling reference clients, providing us with a strong foundation to drive our business forward. Having completed the first stages of our product investment, our focus for the year ahead will be on sales execution and delivery for our customers.”
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In August 2021, Beeks Financial Cloud Group introduced Proximity Cloud, the industry’s first private cloud environment for financial markets.
Outlook and Expansion
The company is expecting a positive market environment and a substantial increase in the sales pipeline. Beeks is also planning to expand its operations in the coming year. “Whilst we continue to assess the ongoing impact of Covid-19 on our business and operations, and the pipeline of opportunities will take time to convert, this pipeline is at a record level which combined with the expansion opportunities within our current customer base gives us confidence in another strong year of growth ahead,” McArthur added.
Last year, Beeks announced a collaboration with the Singapore Exchange (SGX) to remove commercial trade barriers in the country.