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LoopUp reports strong revenue as performance beats market expectations

By BFN News | 10:10 AM | Tuesday 06 March, 2018

LoopUp reported revenue of £17.5m for 2017, up 36% from £12.8m in 2016, amid strong demand for its product from mid-to-large enterprises and professional services firms. The group generated strong revenue growth in the US - which now announces for 51% of revenue - 40% from the UK, 7% from continental Europe and 2% from rest of the world. The uptick in revenue comes as customer additions in 2016 developed into major revenue contributors in 2017, while customer concentration remained well diversified with the largest single customer representing just 3.6% of total LoopUp Revenue, up slightly from 2.4% in 2016. The firm said it secured 'landmark' accounts 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 reported a 220 basis point improvement in like-for-like gross margin to 76.7% compared to 2016, leading to 40% growth in gross profit. EBITDA grew to £3.5m, up 161% on £1.3m in FY2016, while operating profit grew £0.7m. Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group, said: 'We are very pleased to report continued strong business performance ahead of market expectations at all key P&L levels. Our track record of consistent revenue growth in excess of 30% has been maintained, gross margins have improved further and LoopUp EBITDA has grown by 161%.' 'Our differentiated product and competitive positioning are not only winning clients; not only keeping clients; but also helping us to grow clients into key revenue contributors over time. When combined with our efficient distribution unit economics and size of market, it makes for very exciting times here at LoopUp.' '2018 has started encouragingly with some major recent customer wins set to roll out, and we remain confident in our ability to deliver continued strong growth.' At 10:10am: (LON:LOOP) Loopup Group Plc share price was +30p at 365p Story provided by

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