Paisley fintech Beeks Financial Cloud has reported revenue up 32% and pre-tax earnings up 11% after February's profit warning.
Shares in the company rose by more than 4% this morning after its end of year results published today showed revenue of £7.35 million and profit before tax of £1.32 million.
The company's stock had plunged by 11% after the earlier warning that profits would undershoot expectations.
Chief executive Gordon McArthur put that down to a strong second half of the year and said the number of companies still to transition to cloud-based IT systems meant there was plenty of scope to grow.
He said: "Following an excellent close to the year, during which Beeks signed three Tier 1 clients, we have entered the new financial year in a strong position and enjoyed a good level of trading in the first two months of the year. Our core business with mid-tier organisations continues to grow and we are now layering on more strategic engagements with larger organisations.
"Overall, the business is delivering on its early promise, using the enhanced profile and strengthened balance sheet resulting from the IPO in 2017 to capitalise on the growth in demand for Infrastructure as a Service offerings within financial markets. We are confident the quality of our service will see our client list continue to grow in the year ahead, and we look to the future with confidence."
Beeks, which went public with an IPO in 2017, aims to speed up automated trading in Forex, Futures, Equities, Fixed income and cryptocurrencies through 11 data centres across the world. It had in February said investment in new data centres would hit profits for the year. It also signed a deal with London and Malta based cryptocurrency exchange BeQuant.
Chairman Mark Cubitt said: "We have continued to invest in our platform and operations, and expanded our geographical footprint, in line with our stated strategy set out at the time of the IPO. With the addition of the second Equinix data centre in New York, we now operate out of 11 data centres and were pleased to see our two newest data centres, London InterXion and Singapore, become revenue generating in the year, in line with our targets."
