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Beeks financial results FY 2019

We are pleased to report on a good year for revenue growth in our Financial results for FY19.

Beeks GroupPress and communications
5th Sep 2019

This year saw a revenue increase of 31.7% up from the previous year to £7.35 million. Our recent acquisition of VPS provider, CNS, helped to contribute to this figure and additionally to our increase in Annualised Committed Monthly Recurring Revenue (ACMRR).

Gross profit also rose 22.5% year on year to £3.65million, with an anticipated decrease in gross margins due to investment in our new Singapore and London data centre locations that were launched at the outset of the financial year, and have recently become revenue generating.

We continue to have a healthy level of customer concentration, with institutional customer numbers increasing to 220 from 192 as at June 30 2018. Due to the number of companies still to transition to cloud-based IT systems, our addressable market leaves plenty of scope to grow.

CEO Gordon McArthur stated: “Following an excellent close to the year, during which Beeks signed three Tier 1 clients, we have entered the new financial year in a strong position and enjoyed a good level of trading in the first two months of the year. Our core business with mid-tier organisations continues to grow and we are now layering on more strategic engagements with larger organisations. We are confident that the quality of our service will see our  client list continue to grow in the year ahead, and we look to the future with confidence.”

Here’s to another strong financial year ahead!

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