Page 7 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Chairman;s Statement For the year ended 30 June 2021

Chairman’s

Statement

Beeks has delivered another Following consultation with our I would like to thank all Beeks
strong performance in the year, shareholders during our equity employees for their continued
in which the expansion of its Tier raise in April, the Board has decided hard work, especially during these STRATEGIC REPORT
1 customer base has driven 24% to change our dividend policy continuing challenging times. The
growth in revenues. With financial which has been in place since our Group has expanded considerably
institutions increasingly looking IPO in November 2017. For the last over the past 18 months, through
to the flexibility of the cloud to host few years we have been paying a the integration of the Velocimetrics
their IT infrastructure, The Group modest dividend whilst continuing team and new hires across the
increased investment in the year in to re-invest in our business. organisation, and yet there is a
its people, product and network, to Notwithstanding our solid balance clear sense of shared purpose and
capture more of this growing market, sheet, the expected growth and passion which has been key to the
resulting in the successful launch investment into the business success of the Beeks journey to
of two new offerings, increasing its over the next few years, driven by date and will no doubt continue to
attractiveness and opportunity. Proximity Cloud has led us to take propel it forward in the year ahead.
the decision that cash would be
Revenues grew by 24% and better re-invested in the business to We have entered the new financial
underlying EBITDA also by 24%. compound growth for the benefit of year in a strong position, with an
The Group exited the year with shareholders in the medium term. expanding offering, customer base
£13.8m of Annualised Committed Therefore subject to shareholder and market reach, and the Board is
Monthly Recurring Revenue approval at the forthcoming Annual confident in continued success in
(ACMRR), an increase of 23%, General Meeting, future dividend this coming year and beyond.
providing the business with strong distributions are expected to be
foundations for continued strong put on hold.
growth going forward.
We were delighted to welcome of
While Covid-19 continued to Kevin Covington to the Board as an
present some challenges through independent Non-Executive Director
the year, in terms of reduced in January 2021. Kevin has had more MARK CUBITT
access to data centres, some than 30 years’ experience working Chairman
increase in churn amongst smaller internationally in the financial 24 September 2021
customers and elongation of services industry for both vendors
sales cycles, the resilience of the and banks, with a particular focus
recurring revenue model and on M&A and advisory. He brings
strong progress within existing with him a wealth of industry
Tier 1 customers ensured the knowledge and experience, having
business delivered an overall held a number of senior roles in
positive trading result and The the fintech space and has already
Group required the use of none made a valuable contribution to
of the various government The Group.
furlough support schemes.
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