Trading Update

RNS Number : 9843M

Beeks Financial Cloud Group PLC

27 September 2021

 

Beeks Financial Cloud Group plc

("Beeks" or the "Company")

Trading Update

Three significant contract wins in the opening quarter worth approximately $5 million, including the first for Proximity Cloud, drive significant growth in committed revenues

27 September 2021 --Beeks Financial Cloud Group Plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, is pleased to provide an update on trading, following recent significant contract wins, including the first for the newly launched Proximity Cloud offering.  

The Group has continued to successfully deliver against its strategic objectives, achieving record sales in excess of $5 million of total contract value through July, August and September, ahead of Board expectations. Consequently, the Group's annualised committed monthly recurring revenue has increased to £15.0m (30 June 2021: £13.8m) and the Group will recognise an additional £1.3m of revenue from non-recurring product related bookings during the year from signings to date.

The Board now anticipates revenues for the year ended 30 June 2022 will be ahead of current market expectations. The additional revenue will be reinvested in the further development of the Proximity Cloud offering, to capitalise on its growing sales pipeline and significant market opportunity.

The contracts won in the first quarter were a $1.1 million multiyear analytics deal with a Tier 1 Bank for an Asian deployment; the Company's largest contract to date, totalling $2.7 million for a private cloud deployment with a European bank via a partner, with further global roll out in 2022; and a $1 million multiyear deal for its newly launched Proximity Cloud offering, just four weeks after launch, with a substantial pipeline continuing to build.

The increasing size of deals being secured by Beeks underpins the Board's confidence in the ability of the Company to benefit from the growing demand for cloud computing and connectivity from financial services organisations.

Gordon McArthur, CEO of Beeks Financial Cloud commented:

"I am delighted with the levels of trading achieved in the first nine weeks of the year. To achieve a record quarter in what is typically our quietest period is testament to the strength and value of our enlarged offering. With Proximity Cloud showing considerable early promise, validating the prospects we envisioned, I have every confidence that our new product will spur continued growth. The considerable growth in our recurring revenues provides the Board with confidence to accelerate investment in Proximity Cloud, to capitalise on our growing sales pipeline and the significant market opportunity we see for the offering in the medium term."

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

For further information please contact:

Beeks Financial Cloud Group plc
Gordon McArthur, CEO	via Alma PR
Fraser McDonald, CFO
Canaccord Genuity	[phone]
Adam James
Alma PR	[phone]
Caroline Forde / H ilary Buchanan / Joe Pederzolli

ABOUT BEEKS FINANCIAL CLOUD

Beeks Financial Cloud is a leading cloud computing, connectivity and analytics provider for financial services. Our cloud-based Infrastructure-as-a-Service (IaaS) model allows financial organisations the flexibility and agility to deploy and connect to a variety of exchanges, trading venues and cloud service providers at a fraction of the cost of building their own networks and infrastructure. Based in the UK with an international network of 19 datacentres, Beeks supports its global customers at scale in the leading financial centres.

For more information, visit:  www.beeksfinancialcloud.com

 

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