Page 15 - Beeks Financial Cloud Group Annual Report 2021

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

Financial

Review

Key Performance Indicator Review 2021 2020 Growth

Revenue £11.62m £9.36m 24% STRATEGIC REPORT

ACMRR £13.8m £11.2m 23%

Underlying Gross margin 49.6% 50.8% (1%)

Underlying EBITDA* £4.14m £3.33m 24%

Underlying EBITDA margin* 35.7% 35.6% 0%

Underlying profit before tax** £1.61m £1.43m 12%

Underlying EPS (note 24) ** 3.14p 2.52p 25%

Dividend per share 0.20p 0.35p (43%)

^ Underlying gross margin is statutory gross margin excluding other income and acquired amortisation costs
* Underlying EBITDA is defined as earnings before amortisation, depreciation, finance costs, acquisition costs, share based payments, taxation and exceptional costs.
** Underlying profit before tax and underlying EPS excludes amortisation on acquired intangibles, acquisition costs, share based payments and exceptional non-recurring costs.

REVENUE GROSS PROFIT 1 space. The Group has continued
FY21 was a good year in terms of Underlying gross profit earned to invest in developing innovative
revenue growth. Group revenues increased 21% to £5.76m (2020: technology solutions such as the
grew by 24% to £11.62m (2020: £4.75m), with gross margin largely customer portal and the network
£9.36m), through the combination similar to last year. Following the automation project, and has
of continued organic growth and seven new Data centres last year, incurred internal net capitalised
the full year impact of last year’s we added Toronto this year and development costs to date of
acquisition of Velocimetrics (now now have presence in all of the £2.74m (2020: £1.34m).
referred to as Beeks Analytics). The strategic financial hubs across the
analytics business contributed world. The Group has continued OTHER OPERATING EXPENSES
£1.3m revenue to the overall Group. to invest in capacity to support Operational costs, which are
Refer to page 75 for a further our increased revenues and defined as operating expenses less
breakdown of The Group’s revenues customer growth. In relation to exceptional costs, share based
93% of revenues were recurring with sales growth, fixed asset investment payments and non-recurring
Tier 1 customers now representing and therefore depreciation has costs, have increased by £0.8m
18% of delivered revenue (2020: 11%). increased at a higher rate, partly as we support both a growing
due to the timing of sales order to and more mature customer base
revenue recognition and the longer and to gear up for future growth
sales cycle we have seen in the Tier plans. Overall, they increased by
13