One of the leading connectivity and network infrastructure providers for foreign exchange brokers, Beeks Financial Cloud has just reported on the outcome of the second half of 2017. The company posted an increase in revenues of 40 percent when compared to the first half of last year, posting £2.57 million.
The firm outlines good revenue visibility maintained with its Annualised Committed Monthly Recurring Revenue metric up 50% at £5.93 million. Gross profits are up 62 percent to £1.2 million with a net cash of £2.55 million as at 31 December 2017. The company successfully raised £4.5 million in an AIM LSE listing late last year.
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Beeks said that it successfully launched its new cloud hosting site in New Jersey, US, bringing its total number of sites to nine. The firm also delivered its first fixed income project, opening up a new asset class for the Beeks Financial Cloud.
The number of institutional clients of Beeks increased to 170 as of December 31st 2017, with 113 at the end of 2016. Additional hires for technical support and delivery and enhanced sales channels through the launch of the Beeks Partner Portal are complemented with the joining of the firm into the Equinix Cloud Exchange Fabric, which is the largest cloud marketplace of its kind in the world.
Commenting on the results, the CEO of Beeks Financial Cloud, Gordon McArthur, said: “We are pleased to report on our first six months trading as a public company and are extremely proud of the organisation’s achievements since we were formed in 2011.”
“Our business opportunities remain strong going into the start of the second half of the year as we see continued momentum to our infrastructure as a service model. We are confident the business will continue to grow. We will roll out more cloud hosting and have a strategic focus on Asia over the near term. The formation of our Chinese entity and offering is progressing well. We are investing in our sales team to exploit and drive our business forward,” Mr. McArthur added.