21st Mar 2019 09:09
LONDON (Alliance News) - LoopUp Group PLC on Thursday reported a reduction in annual profit despite a significant increase in revenue.
Shares in the remote meetings firm were trading up 2.2% at 375.60 pence each early Thursday morning.
For 2018, the company, which provides conference call services, posted a steep reduction in pretax profit, down 47% to GBP385,000 from GBP729,000.
The fall was due to amortisation costs of GBP1.3 million and exceptional reorganisation costs of GBP1.2 million, versus nothing a year ago.
Revenue, however, almost doubled year-on-year to GBP34.2 million from GBP17.5 million.
"The results demonstrate transformational growth for the group, driven by both the acquisition of MeetingZone in June 2018 and our organic LoopUp growth engine," the company said.
"The maintenance of strong organic unit economics, combined with a successful proof-of-concept programme to accelerate recruitment into our proven new business pods, now lead the group to announce additional investment out of its increasingly cash-generative operations to accelerate future growth."
Looking ahead, the company said it has continued to see "strong" demand for its platform in the new year, which started with healthy pipelines, with confidence in future strong growth.
Related Shares:
LOOP.L