18th Jan 2017 08:41
LONDON (Alliance News) - Conference call software firm LoopUp Group PLC on Wednesday said trading in 2016 surpassed its expectations and it is confident on the outlook for this year.
LoopUp, which listed in London in August, said its revenue grew to GBP12.8 million in the year to the end of December, up 39% from the GBP9.2 million reported a year before.
The bottom line was further boosted by a gross profit margin which improved to 76% from 74%, meaning the group anticipates earnings before interest, tax, depreciation and amortisation for the year will double to GBP2.1 million.
LoopUp said it has been successful securing contracts in the financial services and legal sectors and said it has continued to invest in adding new employees to its team whilst also keeping profit on track with its targets.
The group expects the momentum in trading to continue in 2017 and demand for its services to remain strong.
Shares in LoopUp were up 13% early Wednesday to 127.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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