Beeks announces £4.4m Private Cloud contract win
Beeks Financial Cloud Group PLC (LON:BKS), a cloud computing and connectivity provider for the financial markets, announces the signing of a multi-year Private Cloud contract. The contract, worth £4.4 million over five years, is for a new European Tier 1 client, and was secured via a partner.
Both the Private Cloud and Proximity Cloud Offerings have significantly contributed to Beeks’ record third quarter of trading, with c. $15 million in total contracted value during the period, representing a three-fold uplift on Beeks’ previous record quarter of Q1 FY22.
Gordon McArthur, CEO of Beeks Financial Cloud commented:
“Successfully securing a further contract of such significance reinforces our belief that the prospects for Beeks have never been stronger, as financial services organisations accelerate their cloud strategies. Alongside other recent wins we have announced, this latest contract contributes towards underpinning our FY23 expectations. A substantial pipeline continues to build across our Private Cloud and Proximity Cloud offerings, and we are confident in our ability to further increase our market share.”
Beeks has recently posted its results for the six months ended 31 December 2021. Revenue for the period grew by 46% to £7.72 million (H1 2021: £5.29m), resulting in an increase in underlying EBITDA of 41% to £2.43 million (H1 2021: £1.72m). Beeks has 89% recurring revenue, and customer retention remained within target.
Operating margins reduced during the period, in line with the Board’s expectations, given the level of investment into product and capacity. Beeks expects these to increase in the second half of the year as it deliver on the contracts recently signed.
As a result of interest in Proximity Cloud from top global exchanges, a new iteration of Proximity Cloud named Exchange Cloud will launch in H2.