Strong H1 results and contract wins boost Beeks' outlook.
In reaction, the company's shares reached the highest levels since the late-2022.
The shares of
Scotland-based cloud computing provider for financial markets Beeks Financial
Cloud Group PLC (LSE: BKS), surged 40% on Tuesday after the company made several
key announcements regarding new customer wins and upgraded financial forecasts.
Beeks Financial Cloud
Announces Major Contract
The company has signed a multi-million dollar, multi-year expansion
agreement to provide additional infrastructure through its Proximity Cloud
offering to an existing Tier 1 investment manager customer. This new contract
more than doubles the value of Beeks' initial engagement with the customer to
$3.6 million over four years. Beeks noted significant additional growth
potential with this customer, as currently only 30% of their trading
infrastructure has migrated to Proximity Cloud.
Beeks also
announced a conditional contract with one of the world's largest exchange
groups to deliver its Exchange Cloud solution, pending regulatory approval.
Exchange Cloud provides a cloud-based trading environment optimized for global
exchanges. This marks Beeks' third major international exchange customer for
Exchange Cloud.
The CEO of Beeks, Gordon McArthur, highlighted the company's "land and expand" strategy
with customers and the considerable further growth potential as the financial
markets continue adopting cloud solutions.
Higher Financial Forecasts
On the back
of robust H1 FY2024 results and new contract momentum, Beeks now expects FY2025
performance to exceed previous forecasts significantly. The company delivered
over 25% year-over-year revenue growth in H1 FY2024 along with improved
margins. Beeks also generated positive free cash flow in the half, ending
December 2023, with £5.5 million in net cash.
“The
delivery of free cash flow was a key objective for the current year and we are
pleased to have achieved that to plan, as we capitalise on the investments we
have made into the expansion of our product offering," added the CEO of Beeks. “Our
growing contract momentum demonstrates the considerable appetite we see across
the financial markets.”
With
contract momentum accelerating, McArthur said that Beeks now anticipates FY2025 will
substantially surpass expectations.
Beeks Shares Surge Higher
Investors
very positively received the information provided by the company, and its
shares opened much higher on Tuesday, rising 40% to 155 pence. This is the
highest value for BKS shares since the end of 2022. The move retraces a
significant portion of the downtrend observed over the past two years.
The
reaction from shareholders should not come as a surprise, as the report shows
that after the annual financial results for the year ending on 30 June 2023,
Beeks expects a clearer rebound. Although the last reported period has shown a jump of 22% in revenue, there was no room for profits. The operating loss amounted
to £331,000.
The shares of
Scotland-based cloud computing provider for financial markets Beeks Financial
Cloud Group PLC (LSE: BKS), surged 40% on Tuesday after the company made several
key announcements regarding new customer wins and upgraded financial forecasts.
Beeks Financial Cloud
Announces Major Contract
The company has signed a multi-million dollar, multi-year expansion
agreement to provide additional infrastructure through its Proximity Cloud
offering to an existing Tier 1 investment manager customer. This new contract
more than doubles the value of Beeks' initial engagement with the customer to
$3.6 million over four years. Beeks noted significant additional growth
potential with this customer, as currently only 30% of their trading
infrastructure has migrated to Proximity Cloud.
Beeks also
announced a conditional contract with one of the world's largest exchange
groups to deliver its Exchange Cloud solution, pending regulatory approval.
Exchange Cloud provides a cloud-based trading environment optimized for global
exchanges. This marks Beeks' third major international exchange customer for
Exchange Cloud.
The CEO of Beeks, Gordon McArthur, highlighted the company's "land and expand" strategy
with customers and the considerable further growth potential as the financial
markets continue adopting cloud solutions.
Higher Financial Forecasts
On the back
of robust H1 FY2024 results and new contract momentum, Beeks now expects FY2025
performance to exceed previous forecasts significantly. The company delivered
over 25% year-over-year revenue growth in H1 FY2024 along with improved
margins. Beeks also generated positive free cash flow in the half, ending
December 2023, with £5.5 million in net cash.
“The
delivery of free cash flow was a key objective for the current year and we are
pleased to have achieved that to plan, as we capitalise on the investments we
have made into the expansion of our product offering," added the CEO of Beeks. “Our
growing contract momentum demonstrates the considerable appetite we see across
the financial markets.”
With
contract momentum accelerating, McArthur said that Beeks now anticipates FY2025 will
substantially surpass expectations.
Beeks Shares Surge Higher
Investors
very positively received the information provided by the company, and its
shares opened much higher on Tuesday, rising 40% to 155 pence. This is the
highest value for BKS shares since the end of 2022. The move retraces a
significant portion of the downtrend observed over the past two years.
The
reaction from shareholders should not come as a surprise, as the report shows
that after the annual financial results for the year ending on 30 June 2023,
Beeks expects a clearer rebound. Although the last reported period has shown a jump of 22% in revenue, there was no room for profits. The operating loss amounted
to £331,000.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Options and oneZero Collaborate to Enhance Multi-Asset Trading Tech
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa