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LoopUp earnings up 102%

By BFN News | 09:28 AM | Wednesday 08 March, 2017

LoopUp's earnings before interest, tax, depreciation and amortisation rose by 102% to £2.1m in the year to the end of December. LoopUp revenues rose by 39% to £12.8m while gross profits increased by 37% to £10.3m and the group reports an operating profit of £0.4m against a loss of £0.4m a year ago. Group co-chief executive Steve Flavell said: "We're very pleased to report strong business performance and a positive outlook in our first set of annual results as a public company. "The 39% growth in LoopUp Revenue has exceeded FY2014 and FY2015 growth rates, gross margins have improved, EBITDA has doubled, and key underlying business metrics have remained positive. "Our successful IPO on the AIM market of the London Stock Exchange in August was a major milestone for the Group. "It has significantly strengthened our balance sheet and has enabled us to pursue our growth strategies to expand our proven distribution model, introduce inbound marketing, and continue to innovate our product that we believe offers a best-in-class experience for our customers' important day-to-day remote meetings. "Looking ahead into 2017, we continue to see strong demand for the LoopUp product and are confident in our ability to deliver future growth." At 9:28am: (LON:LOOP) Loopup Group Plc share price was 0p at 161.5p Story provided by

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