Annualised Committed Monthly Recurring Revenue climbed 25% to £26.60m, up from £21.30m in H1 2023.

The company’s gross profit saw a 15% increase, rising to £4.99m compared to £4.35m in the prior year period. Underlying EBITDA rose 28% to £4.61m from £3.59m in H1 2023. Underlying profit before tax soared 113% to £1.38m, up from £0.65m a year earlier.

Cash flow from operations before changes in working capital increased 27% to £4.69m compared to £3.68m previously. The company reported net cash of £5.44m, up from £3.35m in H1 2023 and £4.41m at 30 June 2023.

Operationally, Beeks Financial Cloud continued its double-digit growth trajectory. The company expanded its ‘tier 1’ customer base with notable new client wins, including securing a third global exchange for its exchange cloud offering after the period end.

Major renewals and expansions were seen with existing customers as well, such as a proximity cloud contract that more than doubled in value to $3.6m (around £2.83m) post period-end. A £5m proximity cloud contract win and preferred vendor status was secured with an international banking group after 31 December.

Looking ahead, the exchange cloud represents a strong opportunity for Beeks Financial Cloud, with early success already achieved in this area. The company is confident in achieving results for FY24 in line with board expectations. FY25 trading is anticipated to be significantly ahead of prior Board expectations. This confidence is underpinned by high levels of contracted, multi-year recurring revenue, a unique proposition, and a growing ‘tier 1’ customer base.

Gordon McArthur, CEO of Beeks Financial Cloud, commented: “The consistent growth we continue to demonstrate, combined with our confident outlook for this and next year, underline the size of the opportunity we are addressing.

“Financial markets are still only at the start of the journey to the cloud. With our proven offering and growing tier 1 customer base, which includes some of the largest financial organisations in the world, as well as our increasing profit margins and cash generation, we have never been better placed to seize the opportunity.

“Our focus for the second half remains the conversion of our significant pipeline.”