Beeks Financial Cloud Group PLC – Final Results

Beeks Financial Cloud Group PLC – Final Results

5 September 2019 – Beeks Financial Cloud Group plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, is pleased to announce its final results for the year ended 30 June 2019.

Financial highlights

·      Revenues increased 32% to £7.35m (2018: £5.58m)

·      Annualised Committed Monthly Recurring Revenue (ACMRR) up 32% to £9.1m (2018: £6.9m)

·      Gross profit up 22% to £3.65m (2018: £2.98m)

·      Gross profit margin 50% (2018: 53%)

·      Underlying* EBITDA increased 27% to £2.48m (2018: £1.95m)

·      Underlying* EBITDA margin 34% (2018: 35%)

·      Underlying profit before tax** increased 11% to £1.32m (2018: £1.19m)

·      Underlying EPS** 2.58p (2018: 2.27p)

·      Net cash as at 30 June 2019 of £1.02m (30 June 2018: Net cash £2.09m)

·      Proposed final dividend of 0.15p per share equating to full year dividend payment of 0.35p (2018: 0.30p)

 * Underlying EBITDA is defined as earnings before amortisation, depreciation, finance costs, taxation, acquisition costs, share based payments and exceptional non-recurring costs

** Underlying profit before tax and underlying EPS excludes amortisation on acquired intangibles, acquisition costs, share based payments and exceptional non-recurring costs

Operational Highlights

·      Signing of three Tier 1 clients representing a major step change for the Company with strong pipeline of further institutional contracts

·      No. of institutional customers increased to 220 (2018: 192)

·      Average entry level new institutional customer contract increased to £2,200/month (2018: £800/month)

·      Expansion of second Equinix New York data centre, and generation of first revenues from our two newest data centres – London InterXion and Singapore

·      Acquisition of Commercial Network Services (CNS), a US-based online service provider, for $1.4m

·      Continued expansion of our new asset classes, including our Fixed Income and Cryptocurrency offerings, including new partnership with BeQuant Exchange, a leading cryptocurrency exchange based in London and Malta

·      Further key developments to the Self-service portal, including the ability to provision dedicated servers, manage infrastructure inventory, and monitor Beeks’ global server capacity

 

Outlook

·      Positive market environment and considerably increased sales pipeline

·      Confident in securing additional Tier 1 customers in the year ahead

 

Statutory Equivalents

The above highlights are based on underlying results. Reconciliations between underlying and statutory results are contained within these financial statements. The statutory equivalents of the above results are as follows:

·      Profit before tax was £1.04m (2018: £0.75m)

·      Basic EPS was 2.10p (2018: 2.37p)

 

Gordon McArthur, CEO of Beeks Financial Cloud commented:

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

Overall, the business is delivering on its early promise, using the enhanced profile and strengthened balance sheet resulting from the IPO in 2017 to capitalise on the growth in demand for Infrastructure as a Service offerings within financial markets. We are confident the quality of our service will see our client list continue to grow in the year ahead, and we look to the future with confidence.”

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