Beeks trading in line as it launches new cloud service

Beeks Financial Cloud Group announced the launch of ‘Proximity Cloud’ on Tuesday, which it described as “the industry's first” private cloud environment for financial markets.

The AIM-traded firm said the product, developed over the last year and with the support of the proceeds from its fundraise in April, was being launched on Tuesday with a number of client proofs-of-concepts starting.

It described Proximity Cloud as a “high-performance, dedicated and client-owned” trading environment, optimised for low-latency trading conditions and built with security and compliance at the forefront.

“Being hosted and managed on a client site, as opposed to within a Beeks facility, this new offering addresses a significant part of the market that was previously unavailable to the company,” the board explained in its statement.

Looking at its current performance, Beeks said it had experienced “good levels” of trading in its second half, notwithstanding the ongoing impact of Covid-19.

It was expecting to announce results in line with market expectations, delivering growth in both revenue and underlying EBITDA on the prior year.

The group said it had continued to successfully expand its relationships with existing tier 1 customers in the second half, and had a growing pipeline of opportunities.

“With an expanded, differentiated offering, growing sales network and increased sales pipeline, the board remains confident in the group's ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations and the ongoing success of Beeks,” the directors said.

Beeks added that it would provide a further update at the time of its final results in mid-September.

At 1512 BST, shares in Beeks were down 1.92% at 120.64.