Beeks Financial Cloud, the Scottish firm serving the finance markets, has unveiled strong trading figures and a confident outlook.
The Renfrew-based company said revenues increased 27% to £28.5m (2023: £22.4m), with underlying PBT up 68% to £3.9m (2023: £2.3m).
The board is confident in achieving results for FY25 in line with its expectations.
Gordon McArthur, CEO of the AIM-quoted company, said: “This has been another year of strong trading with double-digit growth across the board.
“Demand for our product is stronger than ever, fuelling a regular flow of new contract wins and extensions that offer long-term, recurring revenues.
“The expansion of our customer base is a testament to the value of our offering becoming increasingly recognised by the market and has resulted in a record sales pipeline. Exchange Cloud continues to offer the most exciting opportunity with a pipeline comprising of some of the world’s largest exchanges.
“Supported by favourable market trends and our increasingly recognised international reputation, we are confident in driving this momentum into the next financial year and beyond.”
Speaking to Daily Business, he said the company was “creating cash” and the board was looking to return capital to shareholders.
The firm has grown about tenfold in the seven years it has been on AIM and he said its access to shareholders rather than the debt market meant it had minimal borrowings.
“We have a clean balance sheet which is really beneficial,” he said.
Market reaction
Beeks’ trading update already telegraphed another year of above 20% organic growth and today’s FY24 results and outlook reiterate it as “one of the fastest-growing recurring revenue businesses on AIM”, says Canaccord Genuity. It has raised its price target from 260p to 335p.
