18th Jan 2019 14:36
LONDON (Alliance News) - Remote meetings firm LoopUp Group PLC said it was pleased to see its shares rise on the back on a contract renewal announced on Friday, as it believes the company to be "undervalued".
LoopUp shares were trading up 12% at 358.50 pence each on Friday afternoon.
In an interview with Alliance News, the company said: "We feel the company is undervalued when compared to peers in the sector, so it was good to see the rise today. That said, we're really focused on growing the business rather than day-to-day movements in the share price."
Earlier on Friday, the company announced a "material" contract renewal with law firm Clifford Chance. The deal is worth GBP2.3 million and will last for three years.
LoopUp will provide conference calls across Clifford Chance's global operations, which span 32 "major" financial centres around the world.
LoopUp's product is designed to help customers stop dialling in to conferencing calls. The product guides clients to its interface, which is designed to deliver a more productive experience for users without wasting time.
LoopUp said its services are normally pay-as-you-go, but Clifford Chance agreed to a guaranteed minimum spend, which LoopUp said "is a mark of their commitment to the group's differentiated product over the long-term".
The company explained it remains open to more deals like this, but added that "the pay-as-you-go model is preferred in the market and by LoopUp".
"We believe this model is really well aligned with our differentiated product and value proposition," it added.
LoopUp will provide a trading update for 2018 on February 12.
Related Shares:
LOOP.L