Beeks ends FY25 with a record month, inking US$10m Proximity Cloud contracts in June. The year saw revenue soar by 25% Y/Y to £35.5m, underlying EBITDA +29% Y/Y (industry-leading EBITDA margin, 38.9%), with net cash of £6.96m vs £6.58m last year. The results were impacted by currency headwinds and the new deferred revenue contracts; however, as this simply delays revenue recognition it ensures that FY26 is off to a flying start. CEO Gordon McArthur signals that Beeks enters FY26 with “ongoing confidence in our ability to convert the strong pipeline of opportunities across our offerings”. 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. A long-term secular growth investment play, with a ‘best of breed’ financial model.