14th Dec 2022 11:02
LoopUp Group PLC - London-based software provider for remote meetings - Expects revenue for financial 2022 to be marginally above expectations at no less than GBP15.5 million, with revenue in the first half of the year being GBP6.6 million. However, it expects earnings before interest, tax, depreciation and amortisation to be marginally below expectations, but says it will not impact profitability for financial 2023.
"During October 2022, about 7,000 out of 8,100 former PGI Connect conferencing services customers successfully transferred to service provision on LoopUp's Meetings and Event platforms, and have subsequently been invoiced for their October licences and usage", LoopUp notes.
Says its Cloud Telephone market is forecast to grow to GBP32 billion by 2025, adding that the rapid acceleration of revenue run rate leaves it in a "materially stronger position to accelerate its primary Cloud Telephony growth line of business in 2023".
Current stock price: 4.22 pence, down 7.0% on Wednesday in London
12-month change: down 78%
By Xindi Wei, Alliance News reporter
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