LoopUp Group PLC Trading Update (1494T)
July 16 2020 - 01:05AM
UK Regulatory
TIDMLOOP
RNS Number : 1494T
LoopUp Group PLC
16 July 2020
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Trading Update
LoopUp Group plc (AIM: LOOP), the premium remote meetings
company, is pleased to provide the following trading update for the
six months ended 30 June 2020.
Highlights
Six months Six months
to to
30 June 2020 30 June 2019
Year-on-year
GBP million (unaudited) (unaudited) growth
Revenue 31.9 22.3 43%
Gross profit 22.8 15.0 52%
Gross margin 71% 67% +400 BPS
Adjusted EBITDA (1) 12.2 3.5 249%
Adjusted EBITDA margin 38% 16%
Cash 8.2 3.8
Net debt 5.4 11.5
1. Earnings before interest, taxation, depreciation and
amortisation, adjusted to exclude non-recurring transaction costs,
exceptional reorganisation costs and share-based payments
charges
-- H1 2020 revenue increased by 43% to GBP31.9 million (H1 2019:
GBP22.3 million), driven by the large-scale migration towards
working from home associated with Covid-19.
-- H1 2020 gross profit increased by 52% to GBP22.8 million (H1
2019: GBP15.0 million). Gross margins also increased by
approximately 400 BPS to 71% (H1 2019: 67%), driven by particularly
strong growth in our higher margin LoopUp Meetings and Event by
LoopUp lines of business.
-- H1 2020 EBITDA increased by 249% to GBP12.2 million (H1 2019:
GBP3.5 million), driven by the material increase in gross margin,
as above, combined with a modest decrease in staffing and overhead
expenses versus H1 2019. EBITDA margins more than doubled to 38%
(H1 2019: 16%).
-- The Group ended H1 2020 with cash of GBP8.2 million (H1 2019:
GBP3.8 million) and materially reduced net debt of GBP5.4 million
(H1 2019: GBP11.5 million). This is prior to receipt of an expected
R&D tax credit of approximately GBP1.3 million during Q3
2020.
Outlook
Although it is difficult to predict near term developments in
working practices and business climate, and also noting that
seasonal usage is naturally H1-weighted, we expect to exceed market
expectations for the current financial year to 31 December 2020 in
terms of revenue, EBITDA and cash generation.
Investor Event
The Group will hold a virtual presentation to provide an
operational update on the business for analysts, retail investors
and institutional investors - both existing and potential - at
10.30am on Wednesday 29 July. To register for this event, please
visit: https://bit.ly/2CCI6R3.
Note:
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) 207 886
Panmure Gordon (UK) Limited 2500
Dominic Morley / Alina Vaskina (Corporate
Finance)
Erik Anderson (Corporate Broking)
+44 (0) 207 260
Numis Securities Limited 1000
Simon Willis / Jonny Abbott (Corporate Finance)
+44 (0) 203 727
FTI Consulting, LLP 1000
Matt Dixon / Emma Hall / Jamille Smith / Shamma
Kelly
About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution.
The solution provides a reliable, secure and incredibly simple
experience that is optimised for external guests on
business-critical meetings, such as professional services firms'
communications with their clients. Over 5,000 organisations
worldwide trust LoopUp's award-wining SaaS solution with their
remote meetings, including more than 20 of both the world's top-100
law firms and top-100 private equity firms, as well as enterprises
such as Travelex, Kia Motors, Planet Hollywood and National
Geographic. The Group is headquartered in London, with offices in
San Francisco, New York, Boston, Chicago, Dallas, Los Angeles,
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
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