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LoopUp adjusted profits rise; downgrades full-year guidance

By BFN News | 09:27 AM | Tuesday 17 September, 2019


Remote meetings company LoopUp reported a first-half loss and downgraded its annual guidance owing to market uncertainty. Pre-tax losses for the six months through June amounted to £0.48m, compared to losses of £0.22m on-year. Revenue jumped 86% to £22.4m and adjusted profit, which stripped out a rise in amortisation expenses, rose 29% to £1.2m. The company said the volatile macro environment made it 'difficult to project the near-term evolution of average usage, which is very much linked to the overall economic activity of our customers'. Revenue growth for the full year was now seen at around 26%, with Ebtida margins of about 15%. 'This guidance makes the cautious assumption that the headwinds strengthen even further during the second half before stabilising during the 2020 financial year,' LoopUp added. At 9:27am: (LON:LOOP) Loopup Group Plc share price was -14.5p at 87.5p Story provided by StockMarketWire.com

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