Shares in Beeks Financial Cloud Group PLC fell on Wednesday despite the company forecasting double-digit revenue and profit growth for the first half of its financial year, driven by demand for its Exchange Cloud solutions.

Shares in Beeks were down 11% at 288.40 pence on Wednesday afternoon in London.

The Glasgow-based cloud computing and connectivity provider for financial markets said revenue for the six months ended December 31 is expected to rise 22% to £15.8 million from £13.0 million a year prior.

Underlying pretax profit is expected to increase 31% to £1.8 million from £1.4 million. The company also said it achieved a ‘positive’ free cash flow position, maintaining a net cash balance of £6.6 million at the end of the period.

Beeks highlighted strong momentum in its Exchange Cloud business, announcing on Tuesday that it had secured its fourth major exchange customer, Grupo Bolsa Mexicana de Valores SAB de CV, the second-largest exchange in Latin America. The agreement, signed through Beeks’ partner IPC Systems Inc, will enable the deployment of Beeks’ technology infrastructure at BMV’s primary and disaster recovery sites in Mexico City, with the rollout expected to go live in the second half of 2025.

Chief Executive Officer Gordon McArthur said: ‘We have continued to deliver strong growth in the first half and prove our ability to secure deals with the largest exchanges globally. With a robust business model and an established reputation as a technology provider to financial markets, we are confident in converting our strong pipeline of additional Exchange Cloud opportunities and achieving a full year financial performance in line with the board’s expectations.’

Beeks will release its interim results on March 17.

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