12th Feb 2019 09:06
LONDON (Alliance News) - LoopUp Group PLC on Tuesday said it traded "strongly" in 2018 with profitability "comfortably ahead" of expectations.
Shares in LoopUp were up 7.7% Tuesday morning at 350.00 pence each.
LoopUp - which sells a software-as-a-service audio and web conferencing product - said its revenue in 2018 will be in line with consensus expectations.
In 2017, LoopUp reported pretax profit of GBP729,000 on revenue of GBP17.5 million.
"We're very pleased to report continued strong business performance with transformational revenue growth, and profitability ahead of consensus expectations," said Chief Executive Officer Steve Flavell.
The company said audio conferencing business MeetingZone is now "fully integrated". It expects MeetingZone to transition to LoopUp's platform technology in the summer.
LoopUp said it has opened new offices in Chicago, Dallas, Los Angeles, Atlanta and Madrid this month, in line with its "aggressive" sales expansion plan.
Flavell added: "Notwithstanding this profitability growth, we've also been investing in growing the team to accelerate our expansion into new geographic markets.
"Looking ahead into 2019, we continue to see strong demand for the LoopUp product and remain confident in our ability to deliver future growth."
LoopUp expects to announce its full-year results on March 21.
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