27th Sep 2021 09:34
(Alliance News) - Beeks Financial Cloud Group PLC on Monday said it expects further growth going forward, following a strong performance in its most recently ended financial year.
The IT service management company said revenue increased 24% in the financial year that ended on June 30 to GBP11.6 million from GBP9.4 million posted the year before. Pretax profit, meanwhile, rose to GBP1.3 million from GBP678,000 in financial 2020.
The Glasgow, Scotland-based firm said its headcount increased to 80 from 65 the year ago, primarily in revenue generating areas such as sales & marketing and product development to support the company's growth.
"The prospects for Beeks have never been more promising," noted Chief Executive Gordon McArthur. "Having completed the first stages of our product investment, our focus for the year ahead will be on sales execution and delivery for our customers."
Going forward, the company said it continues to assess the impact of Covid-19 on its business and operations, and the pipeline of opportunities will take time to convert. However, Beeks said it is confident in another "strong" year of growth ahead.
Beeks said it achieved record sales in excess of USD5 million of total contract value through July, August and September.
The company said it now anticipates revenue for the year ending June 2022 to be ahead of current market expectations. The additional revenue will be reinvested in the further development of the Proximity Cloud offering, Beeks said, to capitalise on its growing sales pipeline and market opportunity.
Beeks shares were trading 8.1% higher in London on Monday at 184.30 pence each.
By Evelina Grecenko; [email protected]
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