Beeks Financial Cloud Group plc has recently given out a trading update. This update is in regards to the 12-month period that has now ended on the 30th of June, 2020. Within this update, the company states that the COVID-19 pandemic has had a relatively small impact when it comes to the overall trading of the company.
Relatively Little Impact From COVID-19
The statement itself was filed via the London Stock Exchange on Tuesday. This statement detailed that the Group has made solid progress against its various strategic objectives, doing so in spite of the ongoing pandemic.
The cloud computing and connectivity provider, as a result of the relatively small impact the pandemic has had on it, is expecting to announce trading results with a positive light. In particular, the company stated that the trading results are expected to be well within the current market expectations it has already published.
All According To Plan
Beeks further outlined within this update that the Velocimetrics acquisition has been integrated rather well. Alongside this, the company’s Tier 1 implementations for institutional customers are continuing as planned, as well.
It was back in April when Beeks managed to acquire the entirety of the issued share capital for Velocimetrics Limited. Beeks did this for a base consideration valued at £1.3 million, paid through cash as well as equity. Alongside this, a contingent earn-out was present, as well.
Velocimetrics stands as a trade analytics software and network monitoring company based within the UK. Velocimetrics provides software to an array of financial services businesses, such as exchanges, Tier 1 banks, hedge funds, brokers, as well as payment service providers.
Things Are Going (Relatively) Smoothly
In the public statement, Beeks explained that the overall trading has been relatively unmoved due to the pandemic, having only a small impact on it. While the company did acknowledge that the decision making processes of some customers were affected by the lockdown, Beeks assured that Tier 1 clients are still in advanced discussions for contracts. As such, Beeks stated that its sales pipeline is in the process of continuous growth.
As such, Beeks stated that its Board has the utmost confidence that it will see an ongoing success within the Group. Furthermore, the statement highlighted the growing demand for connectivity and cloud computing from various financial services organizations.
It should be noted that this announcement was just a simple trading update. More information will be provided by the company when it publishes its final results for its financial year, which ended on the 30th of June, 2020. It’s expected that this will be given in the middle of September.