Beeks Financial Cloud Group PLC – Trading Update

Beeks Financial Cloud Group PLC – Trading Update

Glasgow, 23 July 2019Beeks Financial Cloud Group Plc, a cloud computing and connectivity provider for financial markets, is pleased to announce the signing of two additional substantial Tier 1  clients: a global investment management organisation and a global bank.

Beeks will provide the global investment management organisation with managed connectivity to support its fixed income platform. Beeks’ low-latency capabilities and strong network of pre-built connections means it can supply a fully managed setup for the client’s operational requirements. The contract is worth approximately £500,000 over the initial two-year period.

The global bank has contracted with Beeks’ via a partner for the delivery of an initial proof of concept for a fixed income implementation. This proof of concept is revenue generating and is currently live with the bank. It is anticipated to be a pre-cursor to an extensive deployment with the client.

These wins build on the announcement of Beeks’ first Tier 1 customer in December 2018, from within the insurance sector, and add to the Company’s growing portfolio in the Fixed Income asset class.

Year End Trading Statement and Notice of Results

The Board is pleased to confirm the Group traded in line with expectations for the year ended 30 June 2019 and looks forward to providing a further update at the time of the Final Results, to be released in late August.

Gordon McArthur, CEO of Beeks Financial Cloud, commented,

“We are pleased to announce a strong second half and successful outcome to the year, in which we delivered continued revenue and profit growth, while expanding our offering.

“Beeks Financial Cloud is growing the services we can provide and therefore the variety of customers we can serve, as reflected by these exciting Tier 1 client wins. We are seeing growing interest from financial services organisations in managed cloud computing and connectivity. The resilience and scalability of our network, combined with our specialist financial services expertise, means we are increasingly well positioned to benefit from the growth of this market and we look to the future with confidence.”

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