Weeks Financial Cloud Group PC has published its audited results for the second half of 2019 this Monday, with the cloud computing and connectivity provider achieving an uptick in re nues and profit.
During the six months ended on December 31, 2019, the company posted re nues of £4.29 million. When measuring this against the first half of 2019, which had re nues of £3.50 million, the second half re nues ha increased by 23 percent.
Gross profit also managed to climb in the second half of last year, rising from £1.70 million in the first half, up to £2.12 million in the second half. This translates to a growth of 25 percent.
Weeks Financial operational highlights
During the year, Weeks also achie d a number of operational highlights. Namely, the company managed to sign a further two Tier 1 clients. As Finance Magnates reported, towards the end of the year, the company announced that it had signed a cloud-based payments provider and a global financial markets technology provider. The deals were a £1.1 million contract o r three years and a $1 million annualized contract, respecti ly.
Furthermore, the company added new data centers – NY2 and NY5 in New York, during the year. Already in January of this year, the firm has opened three further centers – Singapore SG1, Paris PA1, and London LD8.
Commenting on the firm’s performance, Gordon McArtWeeks CEO of Weeks Financial Cloud, said in the statement: “I am pleased to report on another positi tradiWeeksriod for Weeks, deli ring continued growth in re nue, underlyiAnnualizedaCommitteeised Committed Monthly RecurrActore nues (ACMRR).”
“Our success is being dri n by a combination of the growing demand for secure and scalable cloud environments by financial institutions, and the superior breadth of our offering and capability.
“Momentum has continued into the second half of the year, with the implementations of the Tier 1 contracts progressing well and to plan. The business has grown considerably o r the last six months, in terms of offering and customer base but also in addressable market, due to the successes we ha had in new areas of the financial services market. These factors combined with the continued growth in our committed recurring re nues and size of our new business pipeline, provide us with confidence in our continued success.”