TIDMLOOP
RNS Number : 5930C
LoopUp Group PLC
23 January 2018
23 January 2018
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Trading Update
Group announces strong revenue and profit growth
LoopUp Group plc (LSE AIM: LOOP), the premium remote meetings
company, is pleased to provide a trading update for its financial
year ended 31 December 2017.
The Group has traded strongly as follows:
FY2017 FY2016
Year-on-year
like-for-like
GBP million (unaudited) (audited) growth
------------------------------- ---- ------------- ----------- ---------------
LoopUp Revenue(1) 17.5 12.8 36%
Total revenue 17.5 13.6 29%
LoopUp Gross Profit(1) 13.4 9.6 40%
LoopUp Gross Profit margin(1) 76.7% 74.5% +220 BPS
LoopUp EBITDA(1, 2) 3.5 1.3 161%
------------------------------------- ------------- ----------- ---------------
1. LoopUp Revenue, LoopUp Gross Profit and LoopUp EBITDA are
revenue, gross profit and EBITDA respectively from the LoopUp
product and associated value-added add-on capabilities, and so
exclude discontinued BT technology licensing business. Total
revenue, gross profit and EBITDA for FY2016, inclusive of GBP0.74m
discontinued BT technology licensing revenue, were GBP13.56m,
GBP10.29m and GBP2.06m respectively. FY2017 numbers are unaffected
as the BT technology licensing business discontinued in November
2016.
2. Earnings Before Interest, Taxation, Depreciation and Amortisation
Highlights
-- LoopUp Revenue grew by 36% to GBP17.5m in FY2017 (FY2016:
GBP12.8m), ahead of market expectations in spite of the currency
headwind in the second half which saw the pound/dollar rate rise to
$1.32 versus $1.23 at the start of the year (51% of LoopUp Revenue
was dollar-denominated in FY2017).
-- Constant currency revenue growth was 33.5%, ahead of the 31%
recorded in both FY2016 and FY2015. This was made up by 37%
year-on-year constant currency growth in the first half and 30% in
the second half.
-- Gross margins rose to 76.7%, a 220 basis point improvement on
a like-for-like basis over FY2016, leading to 40% growth in LoopUp
Gross Profit.
-- LoopUp EBITDA grew to GBP3.5 million, up 161% on GBP1.3 million in FY2016.
-- The group continues to see strong demand for its product from
mid-to-large enterprises and professional services firms. Landmark
accounts won in the second half of the year included a major
newspapers and media group, a leading international financial
advisory and asset management firm and a global human rights
NGO.
-- The Group ended the year with net cash of GBP2.9 million.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group,
commented,
"We're very pleased to report continued strong business
performance ahead of market expectations. Our track record of
consistent revenue growth has been maintained, and has in fact
accelerated on a constant currency basis. Gross margins have also
improved and EBITDA growth is up over 160%.
Our strategy of focusing on the needs and challenges of
discerning mainstream business conference callers, who want a high
quality, non-intimidating experience on every call, continues to
resonate and return strong, consistent and efficient business
growth. This is a contrarian and highly differentiated strategy
vis-à-vis other software players in the space who tend to focus on
early adopters and more specialist tech-savvy users.
Looking ahead into 2018, we continue to see strong demand for
the LoopUp product and we remain confident in our ability to
deliver future growth."
The Group will announce its full preliminary FY2017 results in
March 2018.
Market abuse regulation:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
LoopUp Group plc via FTI
Steve Flavell, Co-CEO
+44 (0) 207 886
Panmure Gordon (UK) Limited 2500
Dominic Morley / Alina Vaskina(Corporate Finance)
Erik Anderson / Amy Sarra (Corporate Broking)
+44 (0) 203 727
FTI Consulting, LLP 1000
Matt Dixon / Harry Staight
About LoopUp Group plc:
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution.
Streamlined and intuitive, LoopUp is built for business users and
delivers the quality, security and reliability required in the
enterprise. One-click screen sharing and integration with tools
business people use every day, like Outlook(TM), make it easy for
LoopUp users to collaborate in real time. LoopUp's award-winning
SaaS solution doesn't overwhelm users with features, and doesn't
require training. Over 2,000 enterprises worldwide, including
Travelex, Kia Motors America, Planet Hollywood, National
Geographic, and Subaru trust LoopUp with their remote meetings.
The Group is headquartered in London, with offices in San
Francisco, New York, Boston, Hong Kong and Barbados, and is listed
on the AIM market of the London Stock Exchange (LOOP). For further
information, please visit: www.loopup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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