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(Alliance News) - Beeks Financial Cloud Group PLC said Tuesday it has signed two "additional substantial" tier 1 clients.
Shares in the low-latency service provider for capital markets were up 14% in London on Tuesday at 89.0 pence each.
Beeks said the two new clients are a "global" investment management organisation and a "global bank".
Beeks will provide the investment management company with managed connectivity to support its fixed income platform. The contract is worth approximately GBP500,000 over the initial two-year period.
For the bank, Beeks will deliver an "initial proof of concept for a fixed income implementation".
"This proof of concept is revenue generating and is currently live with the bank. It is anticipated to be a pre-cursor to an extensive deployment with the client," Beeks added.
"We are pleased to announce a strong second half and successful outcome to the year, in which we delivered continued revenue and profit growth, while expanding our offering," said Chief Executive Gordon McArthur.
"Beeks Financial Cloud is growing the services we can provide and therefore the variety of customers we can serve, as reflected by these exciting Tier 1 client wins. We are seeing growing interest from financial services organisations in managed cloud computing and connectivity. The resilience and scalability of our network, combined with our specialist financial services expertise, means we are increasingly well positioned to benefit from the growth of this market and we look to the future with confidence."
Beeks added that it traded in line with expectations in the financial year ended June 30.
In financial 2018, Beeks swung to a pretax profit of GBP747,000 from a loss of GBP761,000 the year prior after revenue rose 40% to GBP5.6 million.
