Beeks shares fall as it reports 'good progress' on strategy

4th Aug 2020 15:59

(Sharecast News) - Financial cloud computing company Beeks Financial Cloud Group updated the market on its trading for the year ended 30 June on Tuesday, reporting "continued good progress" against its strategic objectives.
The AIM-traded firm said it was expecting to announce trading results within the range of market expectations.

It said the integration of the Velocimetrics acquisition had progressed "well", with all existing tier 1 institutional customer implementations continuing to plan.

"Covid-19 has had a relatively small impact on Beeks' overall trading, and whilst the lockdown has inevitably impacted some customers' decision making processes, contract discussions with prospective tier 1 clients remain in advanced form, and the group has a continually growing sales pipeline," the company's directors said in their statement.

"The board therefore remains confident in the ongoing success of the group, and ability to capitalise on the growing demand for cloud computing and connectivity from financial services organisations."

Beeks said it would release its final results for the year ended 30 June in mid-September.

At 1549 BST, shares in Beeks Financial Cloud Group were down 9.4% at 89.24p.