Page 13 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Strategic Report – Chief Executive’s Review For the year ended 30 June 2021

analytics is a key attraction of our overall business the impact on you feel is appropriate
offering to Tier 1 customers. The revenue Group revenue was minimal. / Robust regular deep cleaning
contribution from Velocimetrics was Following the year end in September of the office and facilities STRATEGIC REPORT
lower than anticipated, while product 2021, we confirmed our purchase of
updates took place and investment new premises for our headquarters We will continue to build and maintain
was made in the senior management as planned, funded funded out of meaningful communications
team. This coupled whilst operating existing Company cash balances between employees and re-
within a COVID-19 environment and a new debt facility of £1.5m establishing corporate culture
resulted in a delay in signing new taken post year end. Our head office through a hybrid model.
deals and overall a lower revenue will move from the Lumina Building to
generation than was expected at Riverside/Braehead in early 2022 after CUSTOMER EXPANSION
the time of acquisition. For prudency, two years at our current address. This Our customer base is growing and
the goodwill of Velocimetrics has move follows our impressive growth comprises of institutions, both Tier 1
therefore been impaired by £1m in over the past few years. and mid-tier as well as retail. We have
the current year. a compelling offering for each of these
These larger premises will provide customers, but it is institutional and
We have however considerably the necessary space to fulfil in particular Tier 1 institutions which
enhanced our offering and this our growth potential while also offer the greatest growth opportunity.
is expected to contribute to being able to accommodate our
revenue growth moving forward as employees and customers in our Institutional revenue represents 91%
evidenced post year end in August new office as we continue to grow. of total revenue, and we expect to
by securing a $1.1 million multiyear see this figure increase as we grow
analytics deal with a Tier 1 Bank for As a result of the impact of Covid-19, we our Tier 1 customer engagements
their Asia deployment .In addition, are introducing and supporting a flexible and continue to add to our
we see our analytics product as a ‘hybrid working’ model to Beeks, in line institutional client base.
key differentiating factor within the with all government guidelines and
proximity cloud solution. see this continuing in the year ahead. We continue to see considerable
expansion of the types of customer
Our retail offering, which includes We are committed to a short–term we support, with Beeks now catering
the Commercial Network Services plan for a COVID-safe return including for banks, brokers, hedge funds,
(CNS) business, acquired in May employee communication and crypto traders, exchanges,
2019 experienced higher levels of reassurance about COVID-19 safe insurance organisations, financial
churn during the year, due to the measures to ensure we are providing markets technology providers and
impact of COVID-19 on smaller a safe working environment for payments providers.
organisations and individuals. everyone. Some of these measures
As a result of this we are now include: We have now nine Tier 1 customers
accelerating the useful life of the / Appropriate risk assessments at various stages of deployment,
customer list over five years rather / Access to protective baseline secured both directly and via our
than eight years. As this is now a measures such as effective hand partner IPC, these contributed to
considerably smaller part of our hygiene facilities 18% of overall revenue throughout
/ Face coverings to wear where the year. Our infrastructure,
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