Scots fintech firm sees profits double

Renfrewshire-based fintech firm Beeks Financial Cloud has doubled its underlying profits after posting £0.28 million pre tax profit for the six months to 31 December, up from the £0.13 million registered for the same period in 2016.

The business made also saw revenues increase by 40 per cent to £2.57 million, up from £1.83 million, over the same period.

Beeks, which provides cloud-based systems that allow users – its client base includes 6,000 retail investors - to execute automated trades online quickly, floated on the Aim market in November.

The move has allowed the business, which operates from offices in Linwood, to raise £7 million in order to support an expansion that has seen the number of institutions that use its services hit 170 as at 31 December, up from 113 a year earlier.

However, despite this initial success, CEO Gordon McArthur said his ambitions for the business are much greater.

“The size of the (retail) market is 10,000 plus so there’s a long way to go”, said Mr Mcarthur who founded Beeks in 2010 after holding managerial roles at IBM.

He currently employs 15 at the business but this could double over the next 12 months, he said.

Mr McArthur added: “We are pleased to report on our first six months trading as a public company and are extremely proud of the organisation’s achievements since we were formed in 2011.

“We have established Beeks as a leading technology provider in the growing global markets of automated trading in Forex and Futures financial products.”