Cloud computing and connectivity provider for financial markets, Beeks Financial Cloud Group (“Beeks”), has reported FY 20A results in line with our forecasts. In our view the impressive growth in revenue and EBITDA delivered demonstrates the group’s defensive qualities against the COVID19 environment. The group also made strong operational progress during the year: FY 20A saw the strategically important (organic) Tier-1 client base reach five, alongside material expansion of the platform and a key new product launch. Management commentary on the outlook is positive, and we maintain our FY 21E earnings estimates following the announcement.