Remote meetings technology firm LoopUp Group PLC (LON:LOOP) topped market expectations with its performance last year as revenues and profits soared in 2017.
The markets had been expecting as much given after LoopUp reported solid first-half results back in September and said the strong performance had continued into the second half.
READ: LoopUp investors dial after strong first-half results
Revenues, profits and margins in the 12 months to 31 December 2017 were well ahead of last year, driven by strong demand for LoopUp’s eponymous flagship conferencing product from mid-to-large companies.
Among those signed up in the second half of 2017 was a major newspapers and media group, a leading asset management firm and a global human rights organisation.
The AIM-quoted company reported a 36% rise in LoopUp revenues 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.
Strong demand set to continue
“We're very pleased to report continued strong business performance ahead of market expectations,” said co-chief executives Steve Flavell and Michael Hughes.
“Our track record of consistent revenue growth has been maintained, and has in fact accelerated on a constant currency basis.
“Our strategy of focusing on the needs and challenges of discerning mainstream business conference callers, who want a high quality, non-intimidating experience on every call, continues to resonate and return strong, consistent and efficient business growth.”
Flavell and Hughes added: “Looking ahead into 2018, we continue to see strong demand for the LoopUp product and we remain confident in our ability to deliver future growth.”