TIDMLOOP
RNS Number : 8746B
LoopUp Group PLC
07 June 2023
7 June 2023
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Unaudited preliminary results for the year ended 31 December
2022
Significant uplift in Q4 revenue run-rate and strong Cloud
Telephony traction
LoopUp Group plc (AIM: LOOP), the cloud platform for premium
hybrid communications, is pleased to announce its preliminary
unaudited results for the year ended 31 December 2022.
Financial Highlights:
FY-22 H1-22 FY-21
GBP million (unaudited) (unaudited) (audited)
-------------------------- -------------- -------------- ------------
Revenue 16.5 6.6 19.5
Gross margin 69% 67% 69%
Adjusted EBITDA (1) (0.9) (1.5) 1.2
Group operating loss (2) (8.0) (5.1) (6.1)
Period end gross cash 1.7 0.7 5.5
Period end net debt 5.8 8.0 2.4
-------------------------- -------------- -------------- ------------
Operating Highlights:
-- Group revenue run-rate:
- 166% growth in Group quarterly revenue run-rate from GBP2.7
million in Q3-22 to GBP7.2 million in Q4-22 following the PGi
Connect agreement announced in September 2022
-- Cloud Telephony:
- 169% growth in customers from 29 at end FY21 to 78 at end
FY-22
- 227% growth in contracts from 51 contracts at end FY21 to 167
at end FY-22
- 188% growth in Booked ARR(3) from GBP0.57 million at end FY21
to GBP1.65 million at end FY-22
- Zero gross churn in FY-22 and Net Revenue Retention (NRR)(4)
of 159%
-- Meetings and Virtual Events:
- c.7,000 new customers transitioned to LoopUp Meetings under
the PGi Connect transaction
Post Period Highlights
-- Preliminary Q1-23 Group revenue of c.GBP6.5 million
-- Booked Cloud Telephony ARR has increased to c.GBP2.50
million, an increase of 51% from GBP1.65 million at the
end of FY22, and a year-on-year increase of 215% from
GBP0.8 million at the end of May 2022
-- LoopUp has been certified onto Microsoft's Operator Connect
partner program with Cloud Telephony service availability
in 48 countries, the broadest geographic coverage amongst
all c.65 global partners in the Operator Connect program
-- Scheduled repayment of GBP0.85 million in June 2023 reduces
outstanding debt with Bank of Ireland to GBP6.0 million
(31 Dec 2022: GBP6.8m)
Number Booked
Number of Individual ARR (GBP
of customers Contracts million)
-------------- --------------- ----------
At end FY-21 29 51 0.57
FY-22 increase from base at
end FY-21 42 0.34
FY-22 increase from new customer
wins 49 74 0.74
-------------- --------------- ----------
At end FY22 78 167 1.65
YTD-23 increase from base
at end FY-22 61 0.40
YTD-23 increase from new customer
wins 22 28 0.45
-------------- --------------- ----------
Current 100 256 2.50
Outlook
-- Notwithstanding the expected continued decline in its
Meetings business, the Group is confident both in its
ability to deliver continued strong growth in its primary
Cloud Telephony business and in its ability to meet FY-23
market expectations.
-- The Group's outstanding debt with Bank of Ireland is due
for repayment, extension or refinancing in September 2023.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group,
commented:
"We are delighted to have finished last year and entered this
year strongly on two fronts. First, we have seen a material jump in
revenue run-rate and cash generation delivered from the PGi Connect
agreement. Second, we have achieved strong commercial traction in
our primary Cloud Telephony growth business. Cloud Telephony is a
$31 billion (5) and growing market opportunity. We believe the
combination of our technology assets built over 20 years, together
with our team's expertise transcending software,
telecommunications, and unified communications, positions the Group
with material differentiation and barriers to entry for our
multinational Cloud Telephony strategy."
(1) Earnings before interest, tax, depreciation, and amortisation,
excluding share-based payments charges
(2) Adjusted to exclude amortisation of acquired intangibles
and share-based payment charges
(3) Booked Annual Recurring Revenue: minimum contracted annual
revenue during the initial term of the customer contract
(4) NRR is calculated as the ratio of booked ARR at the end of
FY22 to booked ARR at the end of FY21 from the cohort of
customers in place at the end of FY21
(5) Source: Gartner 2023
Market abuse regulation:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
LoopUp Group plc via FTI
Steve Flavell, co-CEO
+44 (0) 20 7886
Panmure Gordon (UK) Limited 2500
Dominic Morley / Ivo Macdonald (Corporate
Finance)
+44 (0) 20 7397
Cenkos Securities Limited 8900
Giles Balleny / Dan Hodkinson (Corporate Finance)
Alex Pollen (Sales)
+44 (0) 20 3727
FTI Consulting, LLP 1000
Matt Dixon / Jamille Smith / Tom Blundell
About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a cloud platform for premium hybrid
communications. The Group's flagship Cloud Telephony solution for
Microsoft Teams enables multinational enterprises to consolidate
their global telephony provision into a single, consistently
managed cloud implementation rather than disparate implementations
from multiple carriers. The Group is listed on the AIM market of
the London Stock Exchange and is headquartered in London, with
offices in the US, Spain, Germany, Hong Kong, Barbados and
Australia. For further information, please visit:
www.loopup.com.
Chief Executive Officers' Business Review
Continued execution on our strategic transition
Commercially, the Group turned a corner during FY-22, following
a challenging transition period since the COVID-19 pandemic. We
made strong commercial progress in our primary Cloud Telephony
business and benefitted from a material injection of new business
into our otherwise generally declining Meetings business.
On the surface, Group revenue of GBP16.5 million marked a 15%
reduction from GBP19.5 million in FY-21. However, we saw a material
improvement in the second half of the year with GBP9.9 million
revenue in H2-22 compared to GBP6.6 million revenue in H1-22
(GBP8.0 million in H2-21). More precisely, the change in run-rate
hit in October 2022 following the 'Revenue Sharing and Customer
Transfer Agreement' with PGi Connect. This saw more than 7,000
customers transition from PGi Connect onto the LoopUp Meetings
platform, and a 167% increase in Q4-22 revenue over Q3-22 as a
result.
While our now materially larger Meetings business will
inevitably continue to decline over time in the face of customers
switching to broader UC platforms such as Microsoft Teams, our
Meetings business nevertheless represents a valuable source of cash
generation to fund the growth of our relatively young, but
fast-growing and exciting Cloud Telephony business that we launched
in September 2020.
We achieved strong commercial progress in Cloud Telephony during
FY-22 with triple digit growth in both customer numbers and booked
Annual Recurring Revenue (ARR). Furthermore, Microsoft has since
certified our product onto its Operator Connect partner program
with differentiated country coverage of regulated/licensed service
provision over all of the c.65 certified telecommunications
partners globally. This has enhanced our proposition to
multinational target market customers and we have seen accelerating
ARR growth during FY-23 to date.
Strong commercial momentum in Cloud Telephony
The Group's flagship Cloud Telephony solution is integrated into
Microsoft Teams and enables users to make phone calls to external
phone numbers and receive phone calls to their own work phone
numbers, all seamlessly via their Teams-enabled devices. Our
platform targets multinational mid-market and enterprise
organisations with the value proposition of consolidating their
global telephony procurement with one vendor partner - LoopUp -
rather than from multiple geographic-specific carriers.
Cloud Telephony now sits squarely at the heart of the Group's
forward-looking growth strategy, and we achieved strong operational
progress and commercial traction during FY-22. Customer numbers
grew by 169%, a growth of 49 customers from the 29 at the end of
FY-21 to 78 at the end of FY-22.
Given the geographic rollouts generally associated with
multinational customer deployments, customer wins often comprise
multiple individual contracts over time. In FY-22, individual
contract numbers grew from the 51 contracts with the Group's 29
customers at the end of FY-21 to 167 with the Group's 79 customers
at the end of FY-22, a growth of 116 contracts or 227%.
Booked ARR from these 78 customers stood at GBP1.65 million at
the end of FY-22, a 188% increase from GBP0.57 million at the end
of FY-21. This represents the minimum contractually guaranteed
level of won ARR, and the Group realistically expects the ARR from
these 78 customers to progress to c.GBP3.2 million as rollouts
progress, materially above the minimum contracted level.
Nearly all of the Group's Cloud Telephony customers are on
3-year initial term licence contracts. To date, the Group is proud
to have experienced zero gross customer churn since entering the
market and very strong Net Revenue Retention (NRR). NRR was 159% in
FY-22, this being the ratio of booked ARR at the end of FY-22 to
booked ARR at the end of FY-21 from the cohort of 29 customers in
place at the end of FY-21.
Late stage sales cycles in Cloud Telephony often involve a Proof
of Concept (POC), which enables prospective customers to test our
technology in their own IT environment. At the end of FY-22, our
success rate in POCs stood at 95%, with 19 out of 20 POC projects
completed by the Group having successfully converted into customer
wins.
The Group maintains a strong pipeline of future Cloud Telephony
sales opportunities (c.GBP100 million ARR). We are confident in our
continued Cloud Telephony growth prospects and are excited by the
traction and potential of our differentiated multinational solution
in this large Cloud Telephony market, which is forecast to grow
from GBP21.2 billion in 2022 to GBP31.4 billion by 2027(6) .
Meetings and PGi Connect transaction
The Group's Meetings business remains structurally in decline,
primarily due to customers switching to Microsoft Teams meetings as
part of a broader unified communications strategy on that
platform.
However, our Meetings business received a substantial boost in
September 2022, when the Group announced a 'Revenue Sharing and
Customer Transfer Agreement' with PGi Connect. The agreement gave
LoopUp the rights to onboard materially all of PGi Connect's
conferencing services customers. While no initial or fixed
consideration was payable, the Group agreed to pay PGi Connect a
share of invoiced and received revenue(7) from successfully
transferred customers for a period of three years.
Since October 2021, LoopUp has transitioned approximately 7,000
former PGi Connect customers onto its Meetings platform. This led
to Meetings revenue increasing from c.GBP2.7 million in Q3-22 to
c.GBP7.2 million in Q4-22, an increase of c.167%.
While this transitioned Meetings business is expected to decline
over time, it is nevertheless highly cash generative, with a gross
margin of 65-70% (after LoopUp COGS and PGi Connect revenue share)
and just c.GBP0.3 million in incremental quarterly staff and
overheads costs.
Hybridium
Following the acquisition of SyncRTC Inc. in October 2021, the
Group has since rebranded this line of business to Hybridium (
www.hybridium.com ) as a hybrid events business. The solution is
focused on relatively large-scale corporate events that have a mix
of in-room and remote guests and/or a mix of in-room and remote
hosts/presenters, such as management onsites, departmental
kick-offs, capital markets days and thought leadership
seminars.
Events with Hybridium's video wall technology benefit from
ultra-low latency at ultra-high resolution, with full video wall
layout flexibility facilitating any content on any section of the
wall. In April 2022, Hybridium signed a landmark deal with
Telefónica, which has deployed the solution at its 'Universitas'
global innovation and talent hub, located at its Madrid
headquarters in Distrito Telefónica.
The majority of 2022 product development time has been spent
materially reworking the platform from its legacy education focus
to a next generation version for large scale hybrid corporate
training and events. The Group is currently reviewing its
go-to-market strategy with a view to the scalable growth potential
of this differentiated technology, and will make further market
announcements in due course.
Outlook
While the Directors expect the Group's Meetings business to
continue to decline over time, this is now from a materially larger
base following the transition of former PGi Connect customers.
Combined with the fast and accelerating growth in its primary
forward-looking Cloud Telephony business, the Directors are
confident in the Group's ability to meet FY-23 market
expectations.
The Directors also draw attention to the Group's senior debt
arrangements with Bank of Ireland, where GBP6.8 million was
outstanding at 31 December 2022 (c.GBP6.0 million following a
repayment in June 2023) of an original principal of GBP17 million
borrowed in 2018. This debt facility comes around for repayment,
extension or refinancing in September 2023, and while the Directors
are confident in the Group's ability to do so, this is nevertheless
a project that needs to be successfully executed.
Steve Flavell Michael Hughes
co-CEO co-CEO
(6) Source: Gartner 2023
(7) Approximately 13% on a weighted average basis
ss
Chief Financial Officer's Review
During 2022, the Group has continued to make good progress in
its strategic transition towards hybrid communications and
collaboration. The PGi Connect agreement, which took effect from 1
October 2022, has significantly bolstered the Group's financial
position and returned the Group to a positive EBITDA run-rate.
Operating Results
The Group's primary segment is LoopUp Platform Capabilities
(LPC), which includes Meetings, Virtual Events and Cloud Telephony.
The structural decline in the Meetings business that began in
lockdown continued throughout FY-22. The PGi Connect agreement
brought a significant boost to Meetings and Virtual Events revenue
in Q4. In addition, the Cloud Telephony business grew 62% to GBP1.2
million (FY-21: GBP0.74 million). As a whole, LPC revenue fell by
12% to GBP13.0 million (FY-21: GBP14.8 million)., reflecting the
historically stronger Meetings business and the fact that the PGi
Connect agreement only came into effect in Q3-22.
The Group's revenue from Hybridium in the year was GBP0.6
million (2021 post acquisition revenue: GBP0.2 million).
Revenue from low margin third party resale services declined by
32% to GBP3.0 million (FY-21: GBP4.4 million).
The Group's overall gross profit decreased by 15% to GBP11.4
million (FY-21: GBP13.5 million), which reflects the reduction in
revenue as gross margin increased to 69.3% (FY-21: 69.0%). This
slight improvement in margin represents a significant shift in
revenue mix away from the low margin resale services, towards the
higher margin Meetings and Cloud Telephony business.
The gross profit on LPC business fell by 16% to GBP9.8 million
(FY-21: GBP11.7 million), at a lower gross margin of 75.9% (FY-21:
79.1%). The reduction in margin is a result of the revenue share
payable on PGi Connect transitioned business (around 13% on amounts
invoiced and paid by customers).
The administrative costs of the Group in 2022 were stable at
GBP12.3 million (FY-21: GBP12.3 million). This results from
management's focus on cost control as the nature of the Group's
business continues to change. The modest increase in staffing and
overhead levels necessitated by the increased volume of Meetings
and Virtual Events activity arising from the PGi Connect agreement
has been successfully accommodated without increasing the overall
cost-base of the Group.
Assets and Cash Flows
The Group had an operating cash outflow after capital
expenditure of GBP6.0 million (FY-21: GBP11.1 million). This was
partly offset by the proceeds of a placing in October 2022, which
raised GBP3.1 million net of costs.
Net debt (ie total debt, less cash balances) has risen to GBP5.8
million as at 31 December 2022 (2021: GBP2.4 million).
In 2018, the Company entered into a term loan with Bank of
Ireland for GBP17.0 million, which has since reduced to GBP6.8
million as at 31 December 2022 (balance at 31 December 2021: GBP6.8
million). During the year, the Group successfully renegotiated and
amended this senior debt with Bank of Ireland to reflect the
Group's ongoing strategic transition plan. Key elements of the
amended arrangements include:
-- a holiday on planned principal repayments through to June
2023, representing GBP1.7 million in aggregate deferred
payments;
-- a margin increase of 2.0 percent, taking the total interest
rate to 4.5 percent above the Sterling Overnight Index
Average (SONIA);
-- an extension of the term through to September 2023;
-- a revised set of financial covenants which are more concerned
with sufficient ongoing cash liquidity, EBITDA, and the
growth objectives for Cloud Telephony;
-- the Group's undrawn revolving credit facility of GBP1.5
million, which was drawn in the year, was repaid, and
terminated.
The loan matures in September 2023, and the Group is in the
process of seeking to refinance or extend this facility.
Notwithstanding the fact that this has not been successfully
completed to date, the Board is confident that this will be
achieved.
Simon Sacerdoti
CFO
Unaudited Consolidated Statement of Comprehensive income
For the year ended 31 December
2022
2022 2021
Note GBP000 GBP000
Revenue 16,480 19,526
Cost of sales (5,060) (6,058)
--------- ---------
Gross profit 2 11,420 13,468
Adjusted administrative expenses(i) (12,287) (12,272)
--------- ---------
Adjusted EBITDA (ii) (867) 1,196
Depreciation (1,556) (1,760)
Amortisation of development costs (5,542) (5,582)
Adjusted operating loss (iii) (7,965) (6,146)
Exceptional reorganisation and
tax charge (633) (392)
Exceptional impairment charge - (19,597)
Amortisation of acquired intangibles (1,849) (2,211)
Share-based payments charges (1,142) (2,208)
Operating loss (11,589) (30,554)
Finance costs (719) (465)
--------- ---------
Loss before income tax (12,308) (31,019)
Income tax (406) 6,052
--------- ---------
Loss for the year (12,714) (24,967)
--------- ---------
Currency translation (loss) 209 (340)
--------- ---------
Total comprehensive loss for
the year attributable to the
equity holders of the parent (12,505) (25,307)
========= =========
Loss per share (pence): 3
Basic (7.5) (39.0)
Diluted (7.5) (39.0)
========= =========
(i) Total administrative expenses excluding depreciation, amortisation
of development costs and acquired intangibles, non-recurring
transaction costs, exceptional reorganisation costs, exceptional
impairment charges and share
based payments charges.
(ii) Adjusted EBITDA is operating (loss) / profit stated before
depreciation, amortisation of development costs and acquired
intangibles, non-recurring transaction costs, exceptional
reorganisation and tax charge, exceptional impairment charges
and share based payments charges.
(iii) Before amortisation of other intangible assets, non-recurring
transaction costs, exceptional reorganisation costs, exceptional
impairment charges and share based payments charges.
Unaudited Consolidated Statement of Financial Position
As at 31 December 2022
2022 2021
GBP000 GBP000
Assets:
Property, plant and equipment 1,626 2,368
Right of use assets 779 2,130
Development costs 12,896 12,726
Other intangible assets 4,020 5,638
Goodwill and other intangibles 35,425 35,425
Total non-current assets 54,746 58,287
--------- ---------
Trade and other receivables 8,173 3,608
Cash and cash equivalents 1,661 5,465
Current tax 178 1,862
Total current assets 10,012 10,935
--------- ---------
Total assets 64,758 69,222
--------- ---------
Liabilities:
Trade and other payables (6,313) (3,384)
Accruals and deferred income (3,914) (2,036)
Lease liabilities (819) (956)
Borrowings (6,772) (1,700)
Total current liabilities (17,818) (8,076)
--------- ---------
Net current (liabilities)/assets (7,806) 2,859
Non-current liabilities:
Borrowings (686) (6,181)
Lease liabilities (897) (1,463)
Deferred tax (1,851) (1,721)
Provisions (178) (172)
--------- ---------
Total non-current liabilities (3,612) (9.537)
--------- ---------
Total liabilities (21,430) (17,613)
Net assets 43,328 51,609
========= =========
Equity
Share capital 881 485
Share premium 74,055 70,860
Other reserve 12,691 12,691
Foreign currency translation
reserve (2,540) (2,749)
Share-based payment reserve 4,028 3,395
Retained loss (45,787) (33,073)
--------- ---------
Shareholders' funds attributable
to equity owners of parent 43,328 51,609
========= =========
Unaudited Consolidated Statement of Changes in Equity
For the year ended 31 December 2022
Share Share Other Foreign Share-based Retained Shareholders
capital premium reserve currency payment profit funds/
translation reserve / (loss) (deficit)
reserve attributable
to equity
owners
of parent
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
As at 1 January
2021 277 60,677 12,691 (2,409) 1,354 (8,106) 64,484
--------- --------- --------- ------------- ------------ ---------- --------------
Loss for the year - - - - - (24,967) (24,967)
Other comprehensive
income - - - (340) - - (340)
Total comprehensive
loss for the year - - - (340) - (24,967) (25,307)
--------- --------- --------- ------------- ------------ ---------- --------------
Transactions with
owners of parent
in their capacity
as owners:
Equity share-based
payment compensation 4 163 - - 2,041 - 2,208
Share issues 204 10,020 - - - - 10,224
As at 31 December
2021 485 70,860 12,691 (2,749) 3,395 (33,073) 51,609
--------- --------- --------- ------------- ------------ ---------- --------------
As at 1 January
2022 485 70,860 12,691 (2,749) 3,395 (33,073) 49,179
--------- --------- --------- ------------- ------------ ---------- --------------
Loss for the year - - - - - (12,714) (12,714)
--------- --------- --------- ------------- ------------ ---------- --------------
Other comprehensive
income - - - 209 - - 209
--------- --------- --------- ------------- ------------ ---------- --------------
Total comprehensive
(loss) / profit
for the year - - - 209 - (12,714) (12,505)
--------- --------- --------- ------------- ------------ ---------- --------------
Transactions with
owners of parent
in their capacity
as owners:
--------- --------- --------- ------------- ------------ ---------- --------------
Equity share-based
payment compensation 46 460 - - 633 - 1,139
--------- --------- --------- ------------- ------------ ---------- --------------
Share issues 350 2,735 - - - - 3,085
--------- --------- --------- ------------- ------------ ---------- --------------
As at 31 December
2022 881 74,055 12,691 (2,540) 4,028 (45,787) 43,328
--------- --------- --------- ------------- ------------ ---------- --------------
Unaudited Consolidated Statement of Cash Flows
For the year ended 31 December 2022
2022 2021
Net cash flows from operating
activities
Loss before income tax (12,308) (31,019)
Non-cash adjustments
Depreciation and amortisation 8,947 9,548
Share-based payments charges 1,142 2,208
Impairment charge - 19,597
Interest payable 502 465
Working capital adjustments
Decrease in trade and other receivables (3,214) 3,377
Increase / (decrease) in trade
and other payables 4,214 (4,864)
Tax received 1,280 1,194
Net cash generated by operations 563 506
--------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (39) (586)
Addition of intangible assets (5,942) (6,919)
Payment for acquisition of subsidiary - (3,574)
Net cash used in investing activities (5,981) (11,079)
--------- ---------
Cash flows from financing activities
Proceeds from share issue net of
issue costs 3,085 10,391
Repayment of loans (424) (5,839)
Payments in respect of leases (885) (840)
Loans acquired on acquisition - 971
Interest and finance fees paid (400) (365)
Net cash generated from financing
activities 1,376 4,318
--------- ---------
Net decrease in cash and equivalents (4,042) (6,255)
Cash and cash equivalents brought
forward 5,465 12,086
Effect of foreign exchange rate
changes 238 (366)
--------- ---------
Cash and cash equivalents carried
forward 1,661 5,465
========= =========
Notes to the Financial Statements
1. Background and basis of preparation
The principal activity of the Group is a premium cloud
communications platform for hybrid and remote communications.
LoopUp Group plc ('the Group') is a limited liability company
incorporated and domiciled in England and Wales, with company
number 09980752. Its registered office is 9 Appold Sreet, London
EV2A 2AP.
The unaudited summary financial information set out in this
announcement does not constitute the Group's consolidated statutory
accounts for the years ended 31 December 2022 or 31 December 2021.
The results for the year ended 31 December 2022 are unaudited. The
statutory accounts for the year ended 31 December 2022 will be
finalized on the basis of the financial information presented by
the Directors in this preliminary announcement, and will be
delivered to the Registrar of Companies in due course. The
statutory accounts are subject to completion of the audit and may
also change should a significant adjusting event occur before the
approval of the Annual Report.
The unaudited summary financial information set out in this
announcement has been prepared using the accounting policies as
described in the 31 December 2021 audited year end statutory
accounts and have been consistently applied.
The preliminary announcement for the year ended 31 December 2022
was approved by the Board for release on 7 June 2022.
2. Revenue and segmental reporting
The Directors have identified the segments by reference to the
principal groups of services offered and the geographical
organisation of the business as reported to the chief operating
decision-maker (CODM).
The segments adopted in 2022 were the same as those in 2021.
Segmental revenues are external and there are no material
transactions between segments.
The Group's largest customer represented less than 5% of total
revenue in both years.
No segmental balance sheet was presented to the CODM. Overheads
are not presented to the CODM on a segmental basis.
The Group's revenue disaggregated by primary geographical
markets is as follows:
LoopUp Third party
Platform Resale
Capabilities Services Hybridium Total
GBP000 GBP000 GBP000 GBP000
------------------------------------------------- ------------ ----------- --------- ------
For the year ended 31 December 2022 (unaudited):
UK 2,801 995 - 3,796
EU 1,503 811 468 2,782
North America 8,194 1,165 161 9,520
Rest of World 471 - - 471
------------------------------------------------- ------------ ----------- --------- ------
Total (unaudited) 12,969 2,971 629 16,569
------------------------------------------------- ------------ ----------- --------- ------
For the year ended 31 December 2021:
UK 7,027 1,624 13 8,664
EU 2,181 1,136 138 3,455
North America 5,363 1,684 61 7,108
Rest of World 269 - 30 299
------------------------------------------------- ------------ ----------- --------- ------
Total 14,840 4,444 242 19,526
------------------------------------------------- ------------ ----------- --------- ------
The Group's revenue disaggregated by pattern of revenue
recognition is as follows:
LoopUp Third party
Platform Resale
Capabilities Services Hybridium Total
GBP000 GBP000 GBP000 GBP000
------------------------------------------------- ------------ ----------- --------- ------
For the year ended 31 December 2022 (unaudited):
Services transferred at a point in time 10,995 - - 10,995
Services transferred over time 1,974 2,971 629 5,574
Total (unaudited) 12,969 2,971 629 16,569
------------------------------------------------- ------------ ----------- --------- ------
For the year ended 31 December 2021:
Services transferred at a point in time 12,740 10 - 12,750
Services transferred over time 2,100 4,434 242 6,776
------------------------------------------------- ------------ ----------- --------- ------
Total 14,840 4,444 242 19,526
------------------------------------------------- ------------ ----------- --------- ------
The Group's gross profit disaggregated by segment is as
follows:
2022 2021
unaudited
GBP000 GBP000
------------------------------ ----------- --------
LoopUp Platform Capabilities 9,838 11,740
Third party resale services 953 1,487
Hybridium 629 241
------------------------------- ----------- --------
11,420 13,468
------------------------------ ----------- --------
The Group's non-current assets disaggregated by primary
geographical markets are as follows:
2022 2021
unaudited
GBP000 GBP000
--------------- ----------- --------
UK 52,394 56,851
Other EU 237 253
North America 2,113 1,181
Rest of world 2 2
---------------- ----------- --------
54,746 58,287
--------------- ----------- --------
3. Loss / earnings per share
The basic earnings per share is calculated by dividing the net
loss attributable to equity holders of the Group by the weighted
average number of ordinary shares in issue during the year.
12 months
to 12 months
31 December to
2022 31 December
unaudited 2021
------------------------------------- ------------- -------------
Loss attributable to equity
holders (GBP000) (12,714) (24,967)
Adjusted profit attributable
to equity holders (GBP000)* (9,090) (4,938)
Weighted average number of ordinary
shares in issue (000) 120,522 63,992
Basic loss per share (pence):
* Basic adjusted* (7.5) (7.7)
* Basic (10.5) (39.0)
`
====================================== ============= =============
* - Calculated using the loss attributable to equity holders
adjusted for exceptional reorganisation costs, exceptional
impairment charges, amortisation of acquired intangibles and share
based payment charges.
The diluted loss per share in 2022 and 2021 were equal to the
basic loss per share, as no potentially dilutive shares were deemed
not to be anti-dilutive.
4. Dividends
The Directors do not recommend the payment of a dividend (2021:
GBPnil) .
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END
FR EAFKKEEFDEAA
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June 07, 2023 02:00 ET (06:00 GMT)
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