- LoopUp posts a 247% annualised growth in adjusted underlying earnings in H1.
- The British firm says its revenue from core products jumped 54% in the first half.
- Its professional services noted a 90% growth in volumes to 335 million minutes.
LoopUp Group plc (LON: LOOP) published hawkish financial report for the fiscal first half on Wednesday on the back of the Coronavirus pandemic that pushed companies into resorting to work from home arrangements. Consequently, demand for LoopUp’s remote working services, including conference call remained strong in H1.
Earlier in September, LoopUp revealed to have secured a major contract with top five global law firms.
For the six months that concluded on 30th June, LoopUp reported £12.2 million of adjusted underlying earnings (EBITDA) that represents a 247% annualised growth. In terms of revenue, the British company saw a 43% year over year increase in the first half to £31.9 million.
Revenue from core products jumped 54% in H1
LoopUp also said on Wednesday that revenue from its core products jumped 54% in the first six months of the current fiscal year to £27.9 million. Its professional services, the company added, noted a 90% growth in volumes to 335 million minutes. Its Event by LoopUp segment also registered an 88% growth in volumes to 3,596 events.
But the cloud communications solution provider acknowledged the COVID-19-related uncertainty as it highlighted that it was difficult to provide specific guidance on near-term performance at the moment. In related news from the UK, catering company SSP Group forecast an 86% decline in sales on Wednesday for its fiscal second half.
In a joint statement, co-CEOs Michael Hughes and Steve Flavell of LoopUp commented on Wednesday:
“It has been a strong and incredibly busy first half for our business as Coronavirus has accelerated changes in working habits. We’re proud to be helping our customers with their business-critical communications in these challenging times, by providing simple, reliable and secure products that are diligently operated and supported. We would like to thank our team for their tremendous and ongoing efforts.”
LoopUp Group’s performance in the stock market
LoopUp Group plc was reported about 3% up in premarket trading on Wednesday. Shares of the company continued the rally and gained another 3% on market open. The stock is now trading at 242 pence per share. In comparison, it had plummeted to 40 pence per share in March. Learn more about the financial analysis of a company.
LoopUp’s performance was significantly dovish in the stock market last year with an annual decline of roughly 75%. At the time of writing, the London-based company has a market cap of £134 million.