Despite volatile global markets Beeks reminds us that it is business as usual. Today’s news of the latest US$2m four-year term Proximity contract continues the momentum from interim results (17 March) and underpins our H2 FY25 expectations. Once again CEO Gordon McArthur flags the “substantial pipeline” and that the company is confident in its “ability to capitalise on the growth opportunity ahead”. Our view is unchanged: 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. In volatile markets investors are best advised to lean into those companies with a track record of cash generation. We remind that Beeks is a long-term secular growth investment play and its ‘best of breed’ financial model gives resilience in these difficult times.