LONDON (Alliance News) - IT services provider Beeks Financial Cloud Group PLC proposed a maiden dividend Wednesday after its first full-year results saw it swing to a profit as revenue rose sharply.
For the year ended June, the firm 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 from GBP4.0 million the year before.
Profit performance was helped by a noticeable fall in costs.
Administrative expenses fell to GBP2.1 million from GBP2.2 million the year prior, while costs associated with its initial public offering also halved to GBP368,000 from GBP736,000 the year before.
The firm raised GBP4.5 million through its November 2017 initial public offering on the AIM market of the London Stock Exchange.
"I am delighted to report on a successful first year as a public company, delivering good levels of profitable growth and the announcement of our maiden dividend," Chief Executive Gordon McArthur said.
Beeks proposed a 0.3 pence per share maiden final dividend.
"We have delivered against our strategy, expanding both geographically and into all the key asset classes in financial markets," McArthur added. "While the majority of revenue is still associated with forex and futures, the increased breadth of our offering further strengthens our competitive position and provides for the potential for additional growth."
"Our business opportunities remain strong going into the start of the new financial year, as we see continued momentum to our infrastructure-as-a-service model," McArthur continued.
"With an established and growing customer base, high levels of recurring revenue and strong market drivers, we are confident in delivering a successful outcome for the year ahead."
Shares in Beeks were 9.3% higher at 85.25 pence on Wednesday.
Beeks Fin.cloud (BKS)