Beeks Financial Cloud Group PLC (LON:BKS), a cloud computing and connectivity provider for the financial markets, today announced the launch of Proximity Cloud, a private cloud environment for financial markets.

Developed over the prior year and with the support of the proceeds from the fundraise in April 2021, Proximity Cloud has launched today with multiple client Proof of Concepts commencing.

Proximity Cloud is a high-performance, dedicated and client-owned trading environment, fully optimised for low latency trading conditions and built with security and compliance at the forefront.

Being hosted and managed on a client site, as opposed to within a Beeks facility, this new offering addresses a significant part of the market that was previously unavailable to the company.

Also today, Beeks provided a trading update for the year to end-June 2021.

The Group has experienced good levels of trading in the second half of the year, notwithstanding the ongoing impact of Covid-19, and expects to announce results in line with market expectations, delivering growth in both revenue and Underlying EBITDA on the prior year. The Group has continued to successfully expand its relationships with existing Tier 1 customers in the second half and has a growing pipeline of opportunities.

With an expanded, differentiated offering, growing sales network and increased sales pipeline, the Board remains confident in the Group’s ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations and the ongoing success of Beeks.

Beeks’s final results are set to be released in mid-September.