LoopUp Group PLC said its pipeline of cloud telephony businesses continues to grow rapidly in a first-half trading update.
The out-of-office meeting specialist won fifteen new cloud customers in the first half of 2021, with all new contracts in its pipeline worth £117mln.
LoopUp added this new cloud-based business is helping to offset a decline in its original remote meetings arm, which is being affected by fierce competition outside the professional arena.
The AIM-listed company now expects first-half turnover to come in at about £11.1mln or 13% below previous expectations due to this drop in remote meetings revenues.
Underlying profits [EBITDA] will be at least £1mln with overhead cost savings of 20% helping to mitigate the dip in revenue.
LoopUp expects revenues to start to grow again on a monthly basis again in the second half as more cloud-based business comes through with "material annual growth" forecast from 2022 and beyond.
The group added it is also increasingly being included in negotiations with Microsoft partners, systems integrators and carriers, who want a partner for Microsoft Teams Calling.
LoopUp said its platform gives these potential customers a single global option rather than multiple, country-specific or regional carriers.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp added: "The first half of the year has underlined the validity and potential of our shift to a broader, more valuable platform strategy, particularly in the cloud telephony arena where our internationally-differentiated offering is really resonating with both customers and channel partners.
"We are taking the right steps to rebalance our remote meetings business alongside investing in the meaningful opportunity for growth that cloud telephony represents.
"The acceleration of new customer wins is a significant endorsement of our cloud telephony solution, and while the group as a whole continues to execute on its transition, the size, potential and value of our shift to a broader platform strategy continues to build."