Beeks Financial Cloud Group PLC shares were up on Monday, after it said it has signed a number of private cloud contracts in July, with a total contract value of over $4 million.

Shares in the Glasgow-based cloud computing and connectivity provider were up 6.3% to 108.38 pence each in London on Monday morning.

It said that the contracts include a significant win with ‘one of the UK’s largest banks’. Beeks left the bank unnamed, but said the contract has room for ‘considerable expansion.’

The company added that the wins come on the back of good contract momentum, thereby providing increasing levels of revenue visibility for financial 2023.

In June, Beeks had signed a deal with the Johannesburg Stock Exchange to power customer private cloud deployments.

Looking ahead, Beeks said that it has a pipeline of addition opportunities, although ‘they may take time to progress to signing’.

Chief Executive Gordon McArthur commented: ‘The global financial services industry continues to move to cloud computing, presenting us with a considerable opportunity. With a growing number of the world’s largest financial institutions as customers, recognition of the value of our cloud offerings is increasing and we remain focused on the conversion of our sales pipeline.’

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