Business
Trading Update
Trading Update.
About this update from Beeks Financial Cloud Group Plc
[{"type":"text","content":"\n\nBeeks Financial Cloud Group plc\n(\"Beeks\" or the \"Company\")\nTrading Update\n22 July 2024 - Beeks Financial Cloud Group plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, provides an update on trading for the year ended 30 June 2024 (FY24).\nFY24 results are expected to be in line with consensus expectations, with Beeks having delivered significant double-digit growth on the prior year, driven by a strong performance across Beeks' Private, Proximity and Exchange Cloud offerings.\nBeeks exited FY24 with approximately 18% growth in ACMRR in the year to £28.0m (30 June 2023: £23.8m). Revenue for FY24 is expected to be approximately 27% higher than FY23, delivering underlying EBITDA1 growth of over 27% and underlying profit before tax2 growth of approximately 67% versus FY23. \nSignificant wins secured in H2 FY24, including (as announced in March) the Johannesburg Stock Exchange's (JSE) Exchange Cloud Contract Extension and a Proximity Cloud Win with one of the world's largest banking groups, have contributed to Beeks' increasing levels of contracted, multi-year, recurring revenue, providing a strong basis for accelerated growth.\nIn the second half of the year, Beeks continued to achieve a positive free cash flow position in line with management's previously stated strategy, with unaudited net cash of £6.58m at the period end, (H1 24: net cash of £5.44m; FY23: net cash of £4.41m) notwithstanding continued investment in Beeks' product offering.\nAs announced on 6 February 2024, Beeks conditionally secured a third Exchange Cloud contract with one of the largest exchanges globally (the \"Exchange\"). Completion of the contract with the Exchange is subject to regulatory approval, following which deployment of services and recognition of revenue will commence. Advanced progress has been made on this approval process, in line with expectations, and Beeks looks forward to updating shareholders on the outcome shortly.\nThe Exchange Cloud pipeline continues to build, with advanced discussions taking place with other major Exchanges across the globe. Having signed a contract extension during FY24 to meet stronger than anticipated customer demand for the solution, the JSE is providing strong references to other potential customers of Exchange Cloud.\nThe conversion of Beeks' record pipeline across ...