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LoopUp forecasts to rise again as virtual meetings soar during lockdown

The group has continued to trade materially above pre-COVID-19 levels.

LoopUp Group PLC -

LoopUp Group PLC (LON:LOOP), the virtual meeting specialist,  says trading has continued to be strong and it now expects to beat the forecasts it raised in May.

In a trading update then, the AIM-listed group noted a material increase in business volumes, driven by the large-scale migration towards working from home associated with the COVID-19 outbreak.

The group was also confident it would beat prevailing market expectations in terms of revenue, EBITDA and cash generation for the 2020 financial year. 

Since that update, it said today, the group has continued to trade materially above pre-COVID-19 levels.

As a result, it said it expects to exceed revised market expectations in terms of revenue, EBITDA and cash generation for the current financial year.

“The group is proud to be helping its customers with their business-critical communications in these challenging times, by providing simple, reliable and secure products that are diligently operated and supported,” it added.

The shares looped up 12% to 141.45p by mid-morning on Wednesday. 

   --Adds shares--

Quick facts: LoopUp Group PLC

Price: 220 GBX

AIM:LOOP
Market: AIM
Market Cap: £121.81 m
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