TIDMLOOP
RNS Number : 6930P
LoopUp Group PLC
12 February 2019
12 February 2019
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Trading Update
Transformational growth and new offices in Chicago, Dallas, LA,
Atlanta and Madrid
LoopUp Group plc (LSE AIM: LOOP), the premium remote meetings
company, is pleased to provide a trading update for its financial
year ended 31 December 2018.
Highlights:
-- The Group has traded strongly in FY2018, with revenue in line
with consensus expectations and profitability comfortably ahead
-- LoopUp and MeetingZone are now fully integrated into a
unified organisational structure for new business acquisition,
customer success and operations
-- The project to transition MeetingZone audio conferencing
business over to the LoopUp platform continues to progress well and
the Group expects a successful overall transition to be completed
by Summer 2019
-- The Group continues to see strong demand for the LoopUp
product. Landmark accounts won in the second half of the year
include Australia's largest law firm; a US-headquartered medical
nonprofit organization operating in 43 countries; and a leading
global brokerage company with joint headquarters in London and New
York
-- As announced on 18 January 2019, the Group closed a material
contract renewal with leading global law firm, Clifford Chance. The
minimum total contract value of GBP2.34 million in aggregate over
the 3-year term is for the provision of conference calls across
Clifford Chance's global operations, spanning 32 major financial
centres in the Americas, Asia Pacific, Europe, the Middle East and
Africa
-- In line with the Group's aggressive sales pod expansion plan,
we have opened new offices this month in Chicago, Dallas, Los
Angeles, Atlanta and Madrid
-- Staffing of these new offices has been aided by the
successful conclusion of the Group's first 'Pod Academy' program,
in which the Group recruited 20 'career change' people with
experience outside of sales. Following three months of intensive
training, 14 graduated Pod Academy in January 2019 as sales and
account executives, the more senior roles within pods
-- The Pod Academy graduates are joined by 30 new Business
Development Associates, recruited through the Group's established
graduate recruitment program
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group,
commented,
"We're very pleased to report continued strong business
performance with transformational revenue growth, and profitability
ahead of consensus expectations.
Notwithstanding this profitability growth, we've also been
investing in growing the team to accelerate our expansion into new
geographic markets, and we're very excited to have opened new
offices in Chicago, Dallas, Los Angeles, Atlanta and Madrid this
month.
Looking ahead into 2019, we continue to see strong demand for
the LoopUp product and remain confident in our ability to deliver
future growth."
The Group will announce its full preliminary FY2018 results on
21 March 2019.
Market abuse regulation:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
LoopUp Group plc via FTI
Steve Flavell, co-CEO
+44 (0) 20 7886
Panmure Gordon (UK) Limited 2500
Dominic Morley / Alina Vaskina (Corporate Finance)
Erik Anderson (Corporate Broking)
+44 (0) 20 7260
Numis Securities Limited 1000
Simon Willis / Jonny Abbott (Corporate Finance)
Tom Ballard (Corporate Broking)
+44 (0) 20 3727
FTI Consulting, LLP 1000
Matt Dixon / Harry Staight
About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution.
Streamlined and intuitive, LoopUp is built to give mainstream
business professionals a better and more productive experience than
basic dial-in conferencing, while delivering the quality, security
and reliability required in the enterprise. One-click screen
sharing and integration with tools business people use every day,
like Outlook(TM), make it easy for LoopUp users to collaborate in
real time. LoopUp's award-winning SaaS solution doesn't overwhelm
users with features and doesn't require training. Over 2,000
enterprises worldwide, including Travelex, Kia Motors America,
Planet Hollywood, National Geographic and Clifford Chance trust
LoopUp with their remote meetings.
The Group is headquartered in London, with offices in San
Francisco, New York, Boston, Chicago, Dallas, Los Angeles, Atlanta,
Denver, Cardiff, Milton Keynes, Madrid, Berlin, Malmo, Hong Kong,
Sydney and Barbados, and is listed on the AIM market of the London
Stock Exchange (LOOP). For further information, please visit:
www.loopup.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTTBMPTMBMBBAL
(END) Dow Jones Newswires
February 12, 2019 02:00 ET (07:00 GMT)
Loopup (LSE:LOOP)
Historical Stock Chart
From Apr 2024 to May 2024
Loopup (LSE:LOOP)
Historical Stock Chart
From May 2023 to May 2024