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Remote meetings company LoopUp said it expected annual performance to top market expectations after reporting a sharp increase in core earnings as higher demand for remote working bolstered first-half revenue.
The company said it expected to exceed market expectations for the current financial year to 31 December 2020 in terms of revenue, EBITDA and cash generation.
For the six months ended 30 June 2020, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 249% to £12.2m on-year, and revenue increased 43% to £31.9m
The performance was driven by a material increase in gross margin, driven by 'particularly strong growth in our higher margin LoopUp meetings and event by LoopUp lines of business,' the company said.
Gross margins increased by approximately 4% to 71% for the half on-year.
At 8:53am: (LON:LOOP) Loopup Group Plc share price was +20.5p at 184.5p