Beeks Financial trading in line

(Sharecast News) - AIM-listed Beeks Financial said on Wednesday that it traded in line with board expectations in the six months to the end of December 2024. Revenues are expected to rise 22% to £15.8m, while underlying pre-tax profit is set to increase 31% to £1.8m, it said.

Beeks said it had achieved a positive free cash flow position in the period after working capital movements, with unaudited net cash of £6.6m at the end of December, versus £6.6m in June, with the company having received a delayed post period end payment of £1.2m in early January.

It said strong Exchange Cloud momentum has continued and that it had secured a further extension to the Johannesburg Stock Exchange contract and, post-period end, a "major" new win with Grupo Bolsa Mexicana de Valores, the second-largest exchange in Latin America.

Chief executive Gordon McArthur said: "We have continued to deliver strong growth in the first half and prove our ability to secure deals with the largest exchanges globally.

"With a robust business model and an established reputation as a technology provider to financial markets, we are confident in converting our strong pipeline of additional Exchange Cloud opportunities and achieving a full year financial performance in line with the board's expectations."

At 1035 GMT, the shares were down 8.5% at 295.40p.

Beeks is a cloud computing and connectivity provider for financial markets.