Shares in cloud computing, connectivity and analytics provider Beeks Financial Cloud (BKS:AIM) scaled a new all-time high of 282p after the firm announced (20 August) it had won a contract extension with the Johannesburg Stock Exchange.

The latest advance takes the year-to-date gain for the stock to 181%, supported by positive fundamental news flow over the last 12 months. Following the initial contract win in the summer of 2023, Beeks announced a ‘significant’ extension in March 2024.

Under the latest multi-year extension, the service provided will allow the JSE to meet the needs of large banks’ regulatory requirements for dual-location disaster recovery.

Beeks chief executive officer Gordon McArthur said: ‘Exchange Cloud continues to be a unique offering in the market, and the success of the solution at the JSE is supporting our discussions with other global exchanges, underpinning our confidence in continued momentum.’

Analysts at Canaccord Genuity believe the success of the ‘land and expand’ strategy deployed at JSE supports their confidence in their financial projections for Beeks.

In its latest trading update (22 July), Beeks delivered another set of record results with revenue rising 27% and underlying pre-tax profit rising 67% for the full year to June 2024. 

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