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(Sharecast News) - Shares in AIM-listed Beeks Financial Cloud Group soared on Tuesday after the company announced two contract wins and delivered a bullish outlook for the next financial year.
The cloud computing and connectivity provider for financial markets said that after winning a number of competitive tenders in the first half ended 31 December, results for the financial year ending June 2025 should be "significantly ahead of previous board expectations".
The stock was 41% higher at 152.07p by 0830 GMT.
Beeks has signed a further contract with an unnamed "Tier 1 investment manager", after first winning work with the customer in November 2023 for Proximity Cloud, its fully configured and pre-installed physical trading environment. The new contract has been awarded for additional locations and more than doubles the initial contract's value to $3.6m in aggregate over a four-year period.
Beeks also said it's hoping for "considerable further expansion" with only 30% of the customer's trading infrastructure currently migrating to Proximity Cloud.
Meanwhile, Beeks also signed a conditional contract with one of the world's largest exchange groups for its Exchange Cloud offering - the start of what it hopes to be a multi-year partnership. This is the third major international exchange to sign up to the Exchange Cloud offering, Beeks said.
"The delivery of free cash flow was a key objective for the current year and we are pleased to have achieved that to plan, as we capitalise on the investments we have made into the expansion of our product offering," said chief executive Gordon McArthur.
"Our growing contract momentum demonstrates the considerable appetite we see across the financial markets, and we now anticipate FY25 will be significantly ahead of our previous expectations."
