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Remote meetings company LoopUp upgraded its outlook on profit after reporting a surge in revenue following a 'material' increase in business volumes as the Covid-19 pandemic led to large-scale migration towards working from home since mid-March.
'At this point in the year, the group is confident of exceeding current market expectations in terms of revenue, earnings (EBITDA) and cash generation for the current financial year. However, just four months into the financial year, it is difficult to provide more specific guidance,' the company said.
'With gross margins stable and overheads broadly in line with market expectations, we expect EBITDA to be accordingly higher in that same year-to-date period,' it added.
Year-to-date group revenue from January through April 2020 was at least 40% higher than the same period last year,
At 10:05am: (LON:LOOP) Loopup Group Plc share price was +3.5p at 129p