Beeks Financial Cloud Group has reported a 35% rise in revenues from £7.72m to £10.40m year-on-year, with gross profit also up by 47% from £2.97m to £4.35m.
The results for the six months ended 31 December 2022 also revealed underlying earnings before tax increasing by 48% from £2.43m to £3.59m during the period.
These highlights are based on underlying results, while reconciliations between underlying and statutory results show a loss before tax of £760,000 - up from £270,000 at the half-year stage.
The trading update explained that the Glasgow-based group is undergoing final contractual negotiations with two more exchange cloud clients, following 12 and 18 month sales cycles and proof of concepts.
Beeks also stated a record pipeline of further exchange cloud opportunities, with current talks with a number of major exchanges across the globe to provide market data distribution or end-user cloud compute using Beeks Proximity or Exchange Cloud solutions.
The group continues to make "significant investment" into the development of its offering, in order to "exploit the considerable market opportunity".
During the period, Beeks also increased headcount to 106, to support both the product roadmap and pipeline execution.
Chief executive Gordon McArthur commented: “Our principal focus for the second half will be to convert our substantial pipeline of opportunities across the newly-launched Exchange Cloud offering.
“While the macro environment presents challenges to all businesses, we believe the shift of the financial services sector to cloud computing will continue at pace.
“Our pipeline of business with both existing and potential new customers provides us with a considerable runway of visible revenue and our balance sheet strength has enabled us to continue to make substantial investment into product, people and stock capacity to capitalise on this pipeline and considerable market opportunity.”
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