Fast-growing remote meetings enabler LoopUp Group PLC (LON:LOOP) confirmed underlying earnings (EBITDA) doubled last year.
EBITDA in 2016 clocked in at £2.1mln, up from £1mln the year before, on revenue that rose 34% to £13.6mln from £10.1mln, confirming numbers announced in January.
The company made a maiden operating profit, turning 2015's £0.4mln loss into a profit of £0.4mln in 2016.
Revenue from the core LoopUp audio conferencing product rose 39% to £12.8mln from £9.2mln in 2015, representing an acceleration in the growth rate from 2015's 36%.
Customer concentration remained well diversified with the largest single customer representing just 2.4% of total LoopUp revenue, down from 2.9% in 2015.
The group revealed 46% of its revenue came from the USA, 41% from the UK and 11% from continental Europe.
Looking at the number of current customers that have been with the service for at least a year, this grew 8.3% in 2016 after rising 6.7% in 2015.
"We're very pleased to report strong business performance and a positive outlook in our first set of annual results as a public company. The 39% growth in LoopUp Revenue has exceeded FY2014 and FY2015 growth rates, gross margins have improved, EBITDA has doubled, and key underlying business metrics have remained positive,” said Steve Flavell.
The group only listed on Aim in August, raising £8.5mln in the process; the end-year net cash balance was positive at £2.2mln.
"Looking ahead into 2017, we continue to see strong demand for the LoopUp product and are confident in our ability to deliver future growth," Flavell said.