Glasgow-based fintech Beeks hails robust trading

Scottish fintech Beeks Financial Cloud is to pay out a final dividend to investors despite flagging some delays to decision-making by customers due to Covid-19.

Tuesday, 15th September 2020, 4:45 pm
Updated Tuesday, 15th September 2020, 5:06 pm
Gordon McArthur, chief executive and founder of Beeks. Picture: Layton Thompson.

The Glasgow-based company, which provides cloud computing services for automated trading in futures and forex markets, said trading across its existing customer base remained “robust”. It also said the size and quality of its sales pipeline was “far greater than we have ever experienced before”.

Revenues in the year to 30 June increased 27 per cent to £9.36 million. Although profits before tax fell to £680,000 from £1.04m, at the underlying level they increased by 8 per cent. The board said it had decided to pay a final dividend of 0.15p per share given the high level of recurring revenues and low debt levels. It also pointed out it has not used any of the government furlough schemes.

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Gordon McArthur, chief executive and founder of Beeks which has 65 staff, said it had been a year of “considerable” progress. “While the ongoing Covid-19 pandemic may continue to cause a delay in corporate decision-making, and in spite of the wider economic uncertainties, we are confident the long-term growth drivers in our market remain intact – with financial services organisations increasingly looking to take advantage of the benefits of cloud infrastructure.

“We are confident in our ability to convert our growing sales pipeline, and continue to be excited about the future for the group.” During the year Beeks acquired Velocimetrics, a London-based network monitoring software firm and also opened seven new datacentres.

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