This growth coincides with a significant new contract win with US cryptocurrency exchange Kraken.

The Renfrew-based provider of cloud computing and connectivity for financial markets also reported a 21% increase in gross profit, from £4.99m to £6.03m. Underlying earnings before tax climbed by 25%, reaching £5.74m from £4.61m, while underlying profit before tax surged by 37%, from £1.38m to £1.89m.

The Kraken contract, a “significant” Exchange Cloud agreement, will enable Kraken’s clients requiring ultra-low latency to optimise their trading strategies, according to Kraken’s head of trading, Shannon Kurtas. Beeks also revealed that discussions with “several of the world’s leading exchanges” are in advanced stages, indicating further potential growth.

Chief executive Gordon McArthur highlighted the company’s “double-digit growth and increasing profit margins,” attributing it to their unique cloud technology proposition for capital markets. He expressed confidence in continued strong uptake, citing the “regular flow of new contracts” and ongoing talks with Tier 1 organisations.