Beeks Financial Cloud Group PLC on Monday reported a double-digit rise in annual revenue despite swinging to a loss, as it eyes its results for financial 2024 to be in line with expectations.

For the financial year that ended on June 30, the Glasgow-based cloud computing and connectivity provider reported revenue of £22.4 million, up 22% from £18.3 million the year before. This was due to continued momentum across its Private Cloud offering, Beeks explained.

Annualised committed monthly recurring revenge shot up by 23% to £23.8 million from £19.3 million a year prior.

However, Beeks swung to a £650,000 pretax loss from a £66,000 profit in financial 2022, as administrative expenses grew 24% to £9.4 million.

Looking ahead, Beeks said it is supported by underlying market trends and is well positioned moving forward due to a ‘track record of sustained growth’, and is confident in meeting its expectations for financial 2024.

Chief Executive Officer Gordon McArthur said: ‘With an established reputation and a track record of sustained growth, we are well-positioned to capitalise on the shift of the financial services sector to cloud computing and continue on our growth trajectory.

‘We remain focused on converting our record pipeline of opportunities across our product offerings, and in particular the recently launched Exchange Cloud offering. The advanced nature of several of these discussions, including additional proof of concept implementations, provides confidence in our ability to provide growth acceleration in [financial 2024].

With high levels of contracted, recurring revenue, a unique proposition and growing international profile, we look to the future with continued confidence.’

Shares in Beeks were up 2.2% at 92.00 pence each in London on Monday at around midday.

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