Beeks Financial Cloud Group PLC Trading Update (4853L)
September 06 2023 - 1:00AM
UK Regulatory
TIDMBKS
RNS Number : 4853L
Beeks Financial Cloud Group PLC
06 September 2023
Beeks Financial Cloud Group plc
("Beeks" or the "Company")
Trading Update
6 September 2023 - 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 2023
(FY23).
Following a strong performance across the Group's Private Cloud
offering, and a further Exchange Cloud contract signed with the
Johannesburg Stock Exchange (JSE), the largest stock exchange in
Africa, Beeks has delivered significant growth on the prior
year.
Beeks exited FY23 with over 20% growth in ACMRR in the year to
GBP23.8m (30 June 2022: GBP19.3m), which has further increased to
over GBP25m as at 31 August 2023, as a result of a strong start to
the new financial year. This strong growth in ACMRR, combined with
the expected JSE Exchange Cloud deployment in the coming weeks
provides significant visibility of the Board's FY24
expectations.
Revenue for FY23 is expected to be over 20% higher than FY22,
delivering underlying EBITDA(1) growth of over 35% and underlying
profit before tax(2) growth of approximately 10% versus FY22. In
the second half of the year, Beeks achieved a positive free cash
flow position in line with management's stated strategy, with
unaudited net cash of GBP4.41m at the period end (H1 23: net cash
of 3.35m; FY 22: net cash of 7.86m).
The Company's pipeline of opportunities for each of its
offerings is significant and growing. Exchange Cloud remains a
potentially transformational opportunity for Beeks, with
significant traction with both existing and new customers, albeit
contracts of this size will take time to convert.
The above indicative financial results are subject to audit. The
Company expects to release audited results for FY23 in early
October 2023.
Gordon McArthur, CEO at Beeks, commented: "FY23 was a year of
double digit growth and one in which we continued to expand the
pipeline across each of our offerings. With two Exchange Cloud
contracts now secured following the addition of the JSE in the
year, and many more in discussion, we remain confident in the
opportunity ahead, as we capitalise on our unique cloud computing
offering for the global financial services industry. We have
entered the new year with high levels of revenue visibility and
strong momentum and thus remain in line with management
expectations for FY24, with further upside potential from new
client wins."
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018.
Notes:
(1.) Underlying EBITDA is defined as profit for the period
before amortisation, depreciation, finance costs, taxation,
acquisition costs, share based payments, exchange rate gains/losses
on statement of financial position translation and exceptional
non-recurring costs.
(2 .) Underlying profit before tax is defined as profit before
tax excluding amortisation on acquired intangibles, acquisition
costs, share based payments, exchange rate gains/losses on
statement of financial position translation and exceptional
non-recurring costs.
For further information please contact:
Beeks Financial Cloud Group plc
Gordon McArthur, CEO via Alma PR
Fraser McDonald, CFO
+44 (0)20 7523
Canaccord Genuity 8000
Adam James / Gordon Hamilton
Alma PR +44(0)20 3405 0205
Caroline Forde / Hilary Buchanan / Joe Pederzolli
About Beeks:
Beeks provides advanced technology services for capital markets
and the finance community. Using innovative trading solutions and a
growing network of global data centres, Beeks support their
operations and ecosystems by delivering low-latency compute,
connectivity and analytics, on-demand. Our cloud-based
Infrastructure-as-a-Service (IaaS) model allows financial
organisations the flexibility and agility to deploy and connect to
exchanges, trading venues and cloud service providers at a fraction
of the cost of building their own networks and infrastructure. Our
vision is simple: Build. Connect. Analyse.
beeksgroup.com
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END
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