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Loopup Group shares jump on news of encouraging start to 2018

Full-year results from the remote meetings technology firm confirmed the numbers in last month’s trading update
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"We are very pleased to report continued strong business performance ahead of market expectations at all key P&L levels."

LoopUp Group PLC (LON:LOOP) shares gained 9% on Tuesday as the firm said 2018 has started in encouraging fashion with some major recent customer wins set to roll out.

Full-year results from the remote meetings technology firm confirmed the numbers in last month’s trading update, with a 36% rise in revenues in 2017 to £17.5mln (2016: £13.6mln), while gross profits jumped 40% to £13.4mln (2016: £9.6mln) as margins improved to 76.7% (2016: 74.5%).

Underlying earnings (EBITDA) surged 161% higher in the year to £3.5mln (2016: £1.3mln) and LoopUp finished the year with net cash of £2.9mln.

READ: LoopUp Group flying high after sparkling 2017

The group generated particularly strong revenue growth in the US, with 51% of revenue now from that region, 40% from the UK, 7% from continental Europe and 2% from the rest of the world.

The group’s top 100 customers accounted for 62% of the LoopUp product’s revenue and the top 500 accounted for 91%.

“We continue to see strong demand for our product from our target market of mid-to-large enterprise and professional services firms. Our highly differentiated market positioning and competitive strategy, combined with our efficient new business unit economics, make for an exciting outlook and we remain confident in our ability to deliver further growth,” the company said.

In a separate announcement, the company said that Numis Securities has been appointed as its joint broker, alongside Panmure Gordon.

In late morning trading, Loopup shares were up 9% at 365p.

 -- Adds share price --

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