LoopUp adjusted profits rise; downgrades full-year guidance

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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


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