In FY25, Proximity Cloud revenue grew to £7.8m from £1.6m prior year: Beeks has tapped into a geyser. FY25 ended in line with guidance (14 July trading update, see our note). This banner year featured 26% revenue growth, and improved ‘best in class’ profitability. Beeks guides that it is ‘in line’ to achieve FY26 expectations, so the coming 12 months are set to be another growth year. Confidence is ‘bedrocked’ by the soaring growth at Proximity Cloud, strengthening industry tailwinds and a record Total Contract Value, tipping over £19m. In FY25, Beeks inked eight ‘significant’ Proximity and Exchange deals with a bevy of major names. No change to our view: Beeks is gaining from industry tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. This is a long-term secular growth investment play, with a ‘best of breed’ financial model.