Beeks Financial Cloud has released a report about its interim financials which reveals an improved revenue and number of new customers. The report covers 6 months to December 31. It shows a revenue growth of £5.3m, which is a 24% growth compared to the previous six months. However, 91% of the total comes from recurring sources.
Beeks has expanded its major Tier 1 contracts, and the company has benefited immensely from these activities. It has also reported a massive influx of new customers as well as a healthy pipeline of new opportunities.
With these opportunities come high expectations of further growth in the second half of the fiscal.
But the company witnessed an 8% decline in pre-tax profits. Despite this decline, the company still recorded higher growths in other indices. EBITDA went up by £1.7m while underlying profitability rose by 18% to £2.58 in H1. Beeks has also benefited greatly from its acquisition of Velocimetrics in 2020. The pandemic has also caused an uptick in the company’s financials as it witnessed an accelerated level of adoption compared to previous years.
The company’s interim dividend stood at 0.20p while the end net debt for the period was £2.05 million.
The company has met several growth indices
Chief Executive Officer of Beeks Financial Cloud, Gordon McArthur, commented on the statement. According to him, the market has been generally positive and the company entered the second part of the year with highly positive expectations.
He added that this period is one of the best times in the country as shown by several growth indices. McArthur stated that the business has been supported by the continued increase of the Tier 1 accounts, broadened product offering, increased customer base, and a significantly expanding business.
He also noted that in the second half of the year, the company has seen increased demand for its product offerings. This has expanded the company’s scope and made it ready to provide its services to a wide range of financial organizations.
Expansion plans for the year
Beeks also has plans to expand its operations in 2021. The company has already mentioned that it increased its investments in product offerings, operations, as well as human resources.
According to McArthur, Beeks is ready for 2021 and poised to meet all the challenges the year may bring. The company has already committed a significant part of its $2.1 million annualized revenue towards the expansion of its products to other geographical areas.