LoopUp revenues boosted by MeetingZone acquisition
Loopup Group
0.70p
16:55 10/04/24
Remote meetings company LoopUp saw group revenues rise more than a third in the first half of its trading year, boosted by the group's recent acquisition of MeetingZone.
FTSE AIM 100
3,637.40
17:14 26/04/24
FTSE AIM All-Share
755.28
17:14 26/04/24
Software & Computer Services
2,441.17
16:59 26/04/24
LoopUp's revenues jumped 39% to £12m in the six months leading to 30 June.
The AIM-listed firm, which completed the acquisition of MeetingZone for £61.4m on a debt-free and cash-free basis back in June, said the addition of the new business had brought "a material increase in scale to the group".
LoopUp, which had also continued to see strong demand for its products from mid-to-large enterprises and professional services firms, won landmark accounts in the first half of the year, including a publicly-quoted UK telecommunications company, a leading pet products retailer, and multiple major international law firms.
The firm saw gross margin improve to 77.2%, 40 basis points higher than a year earlier.
As of 30 June, LoopUp held £5.8m in cash and had net debt of £11.2m.
LoopUp's co-chief executives Steve Flavell and Michael Hughes said it had been a "transformational period" for the group.
"It's a very exciting time for the Group - we have an opportunity to change the way mainstream business professionals meet remotely and capture a meaningful share of this multi-billion pound global market," the CEOs added.
As of 0940 BST, LoopUp shares had jumped 4.88% to 430p.