TRADING technology firm Beeks Financial Cloud has said it is on course to record growth in revenues and profits in spite of the challenges posed by the pandemic.

The company, which is based on the outskirts of Glasgow, said it has experienced good levels of trading in the second half of the year, “notwithstanding the ongoing impact of Covid-19”.

It expects to achieve results for the year to June 30 in line with market expectations, with revenue and underlying earnings up on the preceding year.

In August last year Beeks said the lockdown had inevitably impacted some customers’ decision-making processes but it was in advanced contract discussions with prospective clients.

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Aim market-listed Beeks said yesterday that it expects to be able to capitalise on growing demand for the kind of cloud-based services it provides from financial services organisations.

The company supplies technology that can be used to speed up online trading in financial products and also operates data centres.

Beeks said it had continued to successfully expand its relationships with existing Tier 1 customers in the second half and has a growing pipeline of opportunities.

The company has launched a new cloud-based trading technology that customers can host and manage on their owns sites “as opposed to within a Beeks facility”. It said: “This new offering addresses a significant part of the market that was previously unavailable to the Company.”

Beeks drew on the proceeds of the £5 million placing it completed in April to support the development of the new technology. It completed the fund-raiding at 115p per share.

Shares in Beeks Financial Cloud closed down 1p at 122p yesterday.

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The company has gown staff numbers at its Hillington head office to 49, from 42, over the past year.

Beeks achieved £1.43m underlying profits in the year to end June 2020, on £9.4m revenues.