RENFREWSHIRE-based fintech firm Beeks Financial Cloud is looking for bigger offices as the company expects to create jobs in Scotland after achieving rapid growth in the latest year.
Beeks posted a £0.75m pre tax profit in its first full year results as a stock market-listed company after recording a big increase in revenues. It lost £0.76m in the preceding period.
The company grew turnover by 41 per cent to £5.58m in the year to June 30, from £3.97m, helped by winning a growing following in the City and overseas for its financial technology.
Beeks has developed cloud-based systems that can be used to speed up trading in foreign exchange and other financial products.
Chief executive Gordon McArthur reckons the firm is well placed for growth as the automated trading its technology supports becomes increasingly common.
He said Beeks had only scratched the surface of the market it targets.
There are 20,000 financial institutions that Beeks regards as potential customers. The company grew institutional customer numbers to 192 from 156 in the latest year.
Employee numbers at Beeks increased to 35 from 25. Around 80 per cent of employees work in the company’s head office in Linwood, where key functions such as technology development and support are based.
Mr McArthur said Beeks had started looking for a bigger base noting it expects to create more high technology jobs in the west of Scotland in the current year.
“We are fiercely proud of being a Scottish fintech company,” said Mr McArthur, who noted recently that Beeks can recruit talented graduates in Scotland and accommodation costs in the country are relatively affordable.
With shares in Beeks surging eight per cent yesterday investors appeared pleased with developments at the firm, which listed on the Aim market in November.
The progress of Beeks will be followed closely by development agencies in Scotland amid hopes the fintech sector could help drive growth in the country’s economy.
Beeks has shown firms based in Scotland can build global businesses relatively quickly by capitalising on developments in global markets.
Mr McArthur said the company’s systems allow institutions such as banks and hedge funds to establish trading operations in new markets quickly and then run them efficiently.
Beeks has moved into new geographic markets to help win customers while adding new services to help generate more business from clients.
The company established a centre in Singapore in the latest year, taking the total to 11.
It moved into supporting trading in fixed income assets, cryptocurrencies and equities.
Beeks said current year activity will be focused on continued geographical expansion and enhancements to its offerings.
Mr McArthur said the Aim flotation had given Beeks the firepower to make acquisitions to support growth if the right opportunities came up. The company has acquired firms in the USA to help broaden its offer in the past.
Beeks proposed a maiden final dividend of 0.3p per share. The company’s shares closed up 6p at 84p.
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