Gordon McArthur

For the six months ended 31 December 2020, the firm’s revenues increased to £5.29 million, compared to £4.28m in the first half of 2020.

The firm’s underlying gross profit also rose by 18% to £2.59m compared to the £2.19m reported a year earlier.

However, Beeks’ underlying profit before tax was down 8% to £0.55m following an increased investment into the business.

The firm’s board has announced a proposed interim dividend of 0.20p per share.

Beeks Financial Cloud highlighted its increased investment into its ‘people, operations and product offering in the period’ in order to capitalise on the ‘growing financial service private cloud opportunity’.

The firm also highlighted its ‘solid’ sales pipeline, with an increase in new business sales in recent months and said trading for the current financial year is ‘positive and remains in line with the range of market expectations’.

Gordon McArthur, CEO of Beeks Financial Cloud, commented: “Current trading is positive and we have entered the second half of the year with a solid pipeline of opportunities, supported by a significantly expanded business, increased customer base, broadened product offering and continued growth of our existing Tier 1 accounts.

“We have seen increased demand for our offering during the second half of the year to date, giving us confidence in our ability to service a wide range of financial services organisations across different geographies.

“Whilst we continue to assess the ongoing impact of COVID-19 on our business and operations, we are confident that Beeks is poised for considerable growth within a rapidly developing market.”