TIDMLOOP
RNS Number : 3782M
LoopUp Group PLC
14 September 2023
14 September 2023
LOOPUP GROUP PLC
("LoopUp" or the "Group")
Interim results for the period ended 30 June 2023
Continued strong traction in Cloud Telephony
LoopUp Group plc (AIM: LOOP), the cloud platform for premium
hybrid communications, is pleased to announce its unaudited interim
results for the six months ended 30 June 2023 ("H1-23").
Financial Highlights:
H1-23 H1-22
GBP million (unaudited) (unaudited)
----------------------- -------------- --------------
Revenue 12.2 6.6
Gross margin 76% 67%
Adjusted EBITDA (1) 2.5 (1.5)
Period end gross cash 0.9 0.7
Period end net debt 5.6 8.0
----------------------- -------------- --------------
-- Improved key financial metrics year-on-year
-- Extension of senior debt facilities with Bank of Ireland by twelve months to 30 September 2024
-- Reduction of outstanding Bank of Ireland debt to GBP6.0
million (31 Dec 2022: GBP6.8m) following scheduled repayment of
GBP0.85 million in June 2023
Operating Highlights:
-- Cloud Telephony - Our primary focus - securing customers and strong pipeline building:
- LoopUp was certified onto Microsoft's Operator Connect partner
program, and now has Cloud Telephony service availability in 54
countries, the broadest geographic coverage amongst all c.70
partners in the Operator Connect program globally
- 118% growth in customers from 50 at end H1-22 to 109 at end
H1-23
- 176% growth in contracts from 102 contracts at end H1-22 to
282 at end H1-23
- 154% growth in Booked ARR(3) from GBP1.0 million at end H1-22
to GBP2.5 million at end H1-23
- Zero gross churn in FY-22 and Net Revenue Retention (NRR)(4)
of 155%
-- Meetings and Virtual Events ("Event"):
- Material increase in H1-23 Meetings and Event revenue to
c.GBP9.4 million (H1-22: c.GBP3.6 million), driven by the
transition of PGi Connect customers in October 2022
- However, as expected and previously guided, these lines of
business are in progressive structural decline, as shown in the
following quarterly revenue profile:
c.GBP million Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23
-------------------------- ------ ------ ------ ------ ------ ------
Meetings & Event revenue 2.0 1.6 1.4 5.8 5.3 4.0
Post Period Highlights:
-- Cloud Telephony Booked ARR currently at c.GBP2.7 million, an
increase of 70% from GBP1.6 million at the end of FY22, and a
year-on-year increase of 145% from GBP1.1 million in August
2022
-- Strong pipeline of future Cloud Telephony sales opportunities (c.GBP100 million ARR)
Number Booked
Number of Individual ARR
of customers Contracts (GBP million)
-------------- --------------- ---------------
At end H1-22 50 102 0.98
Increase from base (12 month
to end H1-23) 87 0.54
New customer wins (12 month
to end H1-23) 59 93 0.96
-------------- --------------- ---------------
At end H1-23 109 282 2.49
Increase from base (since end
H1-23) 41 0.19
New customer wins (since end
H1-23) 18 19 0.04
-------------- --------------- ---------------
Current 127 342 2.72
Outlook:
-- Based on current year-to-date trading, the positive
trajectory in Cloud Telephony and the as expected declining
trajectory in Meetings and Event, the Group is confident of broadly
meeting current market expectations for FY-23.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group,
commented:
"Today we report results demonstrating improved financials
year-on-year, boosted by the cash generation associated with last
year's PGi Connect transaction. We are pleased with the continued
strong commercial traction in our primary Cloud Telephony business,
executing on our strategy of enabling multinational enterprises to
consolidate their telephony procurement and management
globally.
Cloud Telephony has seen triple digit growth in both customers
and booked ARR, and we are proud to offer the broadest geographic
licensed coverage on Microsoft's Operator Connect program. Combined
with our global technology platform and team expertise across
telecommunications, unified communications and software
development, we are well placed with a building pipeline to become
a future winner in the multinational segment of the $31 billion (5)
Cloud Telephony market opportunity."
(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
H1-23 to booked ARR at the end of H1-22, from the cohort
of customers in place at the end of H1-22
(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
Cavendish Securities plc 8900
Giles Balleny / Dan Hodkinson (Corporate Finance)
Dale Bellis (Sales)
+44 (0) 20 3727
FTI Consulting, LLP 1000
Emma Hall / 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
Boosted by the material additional cash generation in our
Meetings and Event businesses following the PGi Connect
transaction, as announced in September 2022, the Group has
continued to forge further strong commercial progress in our
primary Cloud Telephony growth business.
At a Group level, all key financials improved year-on-year, with
H1-23 revenue 84% higher than the prior year, gross profit 109%
higher, gross margin 9 percentage points better, profitable at an
adjusted EBITDA level, and an 81% reduction in operating loss.
Our primary Cloud Telephony growth business continued its strong
growth profile since launch in H2-20, with triple digit growth in
customers, contracts, Booked ARR and revenue, and very strong churn
and retention metrics. Our strategy of enabling multinational
enterprises to consolidate their telephony procurement and
management globally has been strengthened by the Group's leading
global coverage on Microsoft's Operator Connect cloud telephony
partner program.
Revenue from our Meetings and Event business was 160% higher in
the period than prior year due to the PGi Connect transaction, but
as expected, continues to decline due to the global trend of these
capabilities being fulfilled by broader Unified Communications
platforms, such as Microsoft Teams and Zoom.
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 further strong
operational progress and commercial traction during H1-23.
LoopUp was certified onto Microsoft's Operator Connect partner
program in April 2023. Importantly for our multinational
go-to-market strategy, our service availability in 54 countries is
the broadest geographic coverage amongst all c.70 partners in the
Operator Connect program globally.
Customer numbers grew by 118%, a growth of 59 customers from the
50 at the end of H1-22 to 109 at the end of H1-23.
Given the geographic rollouts generally associated with
multinational customer deployments, customer wins often comprise
multiple individual contracts over time. Individual contract
numbers grew from the 102 contracts with the Group's 50 customers
at the end of H1-22 to 282 with the Group's 109 customers at the
end of H1-23, a growth of 180 contracts or 176%.
Booked ARR from these 180 customers stood at GBP2.5 million at
the end of H1-23, a 154% increase from GBP1.0 million at the end of
H1-22. This represents the minimum contractually guaranteed level
of won ARR, and the Group realistically expects the ARR from these
109 customers to progress to c.GBP3.9 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 155% in
the twelve months to end H1-23, this being the ratio of booked ARR
at the end of H1-23 to booked ARR at the end of H1-22 from the
cohort of 50 customers in place at the end of H1-22.
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 Event
The Group's Meetings and Event businesses remain structurally in
decline, primarily due to customers switching to broader Unified
Communications platforms such as Microsoft Teams that include
similar features and capabilities.
However, our Meetings and Event businesses 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.
Meetings and Event revenue was c.GBP9.3 million in H1-23, an
increase of 160% over c.GBP3.6 million in H2-22. However, the
underlying structural decline is demonstrated in the quarterly
revenue profile as below:
c.GBP million Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23
-------------------------- ------ ------ ------ ------ ------ ------
Meetings & Event revenue 2.0 1.6 1.4 5.8 5.3 4.0
Recent churn was amplified by a major collections initiative
beginning in Q2 across the thousands of new accounts transitioned
from PGi Connect, and the Group believes this churn rate will
settle at a lesser but nevertheless still material level in due
course.
Notwithstanding the structural decline, Meetings and Event are
highly cash generative for the Group.
Hybridium
Following the acquisition of SyncRTC Inc. in October 2021, the
Group's Hybridium ( www.hybridium.com ) 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. The Group is currently reviewing its go-to-market strategy
for Hybridium and will make further market announcements in due
course.
Bank of Ireland debt arrangements
In June 2023, the Group successfully extended its debt
facilities with Bank of Ireland by twelve months, such that the
facilities will now mature on 30 September 2024. The financial
covenants to this facility were extended through to the updated
maturity date, on the same essential basis as prior to the
extension. There were no material changes to key commercial terms
in connection with the facility .
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 Group is confident of
broadly meeting current market expectations for FY-23.
Steve Flavell Michael Hughes
co-CEO co-CEO
(6) Source: Gartner 2023
(7) Approximately 13% on a weighted average basis
Unaudited consolidated statement of comprehensive income for the
six months to 30 June 2023
Six months Six months
to to Year to
30 June 30 June 31 December
GBP'000 2023 2022 2022
--------------------------------------- ----------- ----------- -------------
Revenue 12,218 6,632 16,480
Cost of sales (2,975) (2,211) (5,060)
---------------------------------------- ----------- ----------- -------------
Gross profit 9,243 4,421 11,420
Adjusted operating expenses
(1) (6,769) (5,967) (12,287)
---------------------------------------- ----------- ----------- -------------
Adjusted EBITDA (2) 2,474 (1,546) (867)
Depreciation (579) (806) (1,556)
Amortisation of development
costs (2,880) (2,722) (5,495)
Adjusted operating profit
/ (loss)(3) (985) (5,074) (7,918)
Exceptional reorganisation
costs - (259) (633)
Exceptional impairment charge - - (13,560)
Amortisation of acquired intangibles - (925) (1,846)
Share-based payment charges (300) (602) (1,142)
---------------------------------------- ----------- ----------- -------------
Total administrative expenses (10,528) (11,281)
---------------------------------------- ----------- ----------- -------------
Operating profit / (loss) (1,285) (6,860) (25,102)
Finance costs (269) (212) (766)
Profit / (loss) before income
tax (1,554) (7,072) (25,868)
Income tax (113) (121) 4,066
Profit / (loss) for the period (1,667) (7,193) (21,802)
Other comprehensive income
and loss
Currency translation gain
/ (loss) (374) 27 209
Total comprehensive income
/ (loss) for the period attributable
to the equity holders of the
parent (2,041) (7,166) (21,593)
======================================== =========== =========== =============
Earnings / (loss) per share
(pence) - Note 4
* Basic and diluted adjusted (4) (1.1) (5.4) (6.9)
* Basic and diluted (1.4) (7.1) (18.1)
======================================== =========== =========== =============
(1.) Total administrative expenses excluding depreciation,
amortisation of development costs and acquired intangibles,
exceptional reorganisation costs, exceptional impairment
charge and share-based payment charges.
(2.) Adjusted EBITDA is operating profit/(loss) stated before
depreciation, amortisation of development costs and acquired
intangibles, exceptional reorganisation costs, exceptional
impairment charge and share-based payment charges.
(3.) Adjusted operating profit/(loss) is operating profit/(loss)
stated before amortisation of acquired intangibles, exceptional
reorganisation costs, exceptional impairment charge and
share-based payment charges.
(4.) Basic adjusted and diluted adjusted earnings per share
are calculated using profit/(loss) attributable to equity
holders adjusted for exceptional reorganisation costs,
exceptional impairment charges, amortisation of acquired
intangibles and share based payment charges.
Unaudited consolidated statement of financial position at 30
June 2023
30 June 30 June 31 December
GBP'000 2023 2022 2022
---------------------------------- --------- --------- ------------
Assets
Non-current assets
Property, plant and equipment 1,307 1,985 1,626
Right of use assets 532 1,717 780
Intangible assets:
* Development costs 12,779 12,384 13,126
* Other intangible assets - 5,397 -
* Goodwill 25,649 35,425 25,654
* Deferred tax 1,974 - 1,974
Total non-current assets 42,241 56,908 43,160
----------------------------------- --------- --------- ------------
Current assets
Trade and other receivables 6,170 3,632 8,173
Cash and cash equivalents 885 662 1,661
Current tax 712 2,063 825
----------------------------------- --------- --------- ------------
Total current assets 7,767 6,357 10,659
----------------------------------- --------- --------- ------------
Total assets 50,008 63,265 53,819
----------------------------------- --------- --------- ------------
Liabilities
Trade and other payables (5,715) (3,796) (6,313)
Accruals and deferred income (3,846) (1,659) (3,914)
Lease liabilities (835) (762) (819)
Borrowings (1,700) (1,700) (6,772)
Total current liabilities (12,096) (7,917) (17,818)
----------------------------------- --------- --------- ------------
Net current assets/(liabilities) (4,329) (1,560) (7,159)
Non-current liabilities
Borrowings (4,742) (6,948) (686)
Lease liabilities (674) (1,468) (897)
Deferred tax liability - (1,721) -
Provisions - (172) (178)
Total non-current liabilities (5,416) (10,309) (1,761)
Total liabilities (17,512) (18,226) (19,579)
----------------------------------- --------- --------- ------------
Net assets 32,496 45,039 34,240
=================================== ========= ========= ============
Equity
Share capital 881 518 881
Share premium 74,055 71,129 74,055
Other reserve 12,691 12,691 12,691
Foreign currency translation
reserve (2,914) (2,722) (2,540)
Share based payment reserve 4,325 3,689 4,028
Retained loss (56,542) (40,266) (54,875)
Shareholders' funds attributable
to equity owners of parent 32,496 45,039 34,240
=================================== ========= ========= ============
Unaudited consolidated statement of changes in equity at 30 June
2023
Shareholders'
funds /
(deficit)
Foreign Share attributable
currency based to equity
Share Share Other translation payment Retained owners of
GBP'000 capital premium reserve reserve reserve loss parent
------------------------ --------- --------- --------- ------------- --------- --------- --------------
Balance at 1 January
2022 485 70,860 12,691 (2,749) 3,395 (33,073) 51,609
Total comprehensive
income / (loss) - - - 27 - (7,193) (7,166)
Equity share-based
payment compensation 33 269 - - 294 - 596
Balance at 30 June
2022 518 71,129 12,691 (2,722) 3,689 (40,266) 45,039
Total comprehensive
income / (loss) - - 182 - (14,609) (14,427)
Equity share-based
payment compensation 13 191 - - 339 - (517)
Proceeds from share
issues 350 2,735 - - - - 3,085
Balance at 31 December
2022 881 74,055 12,691 (2,540) 4,028 (54,875) 34,240
Total comprehensive
income / (loss) - - - (374) - (1,667) (2,041)
Equity share-based
payment compensation - - - - 297 - 297
Balance at 30 June
2023 881 74,055 12,691 (2,914) 4,325 (56,542) 32,496
------------------------ --------- --------- --------- ------------- --------- --------- --------------
Unaudited consolidated statement of cash flows for the six
months to 30 June 2023
Six months Six months
to to Year to
30 June 30 June 31 December
GBP'000 2023 2022 2022
----------------------------------- ----------- ----------- -------------
Operating activities
(Loss) before tax (1,554) (7,072) (25,868)
Non-cash adjustments:
Depreciation and amortisation 3,465 4,413 8,900
Share based payment charge 300 602 1,145
Impairment charges - - 13,560
Interest payable 269 212 502
Working capital adjustments:
Decrease/(increase) in trade
and other receivables 2,260 (24) (3,170)
(Decrease)/increase in trade
and other payables (811) 34 4,214
Net income tax received /
(paid) 113 (302) 1,280
----------------------------------- ----------- ----------- -------------
Cash generated from/(used
in) operations 4,042 (2,137) 563
----------------------------------- ----------- ----------- -------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (13) (38) (39)
Development expenditure (2,533) (3,000) (5,942)
Net cash used in investing
activities (2,546) (3,038) (5,981)
----------------------------------- ----------- ----------- -------------
Cash flows from financing
activities
Proceeds from share issues - - 3,085
Repayment of loans (1,015) - (424)
Payments for leased assets (648) (379) (885)
Credit facility - 930 -
Interest and finance fees paid (235) (152) (400)
Net cash generated from/(used
in) financing activities (1,898) 399 1,376
----------------------------------- ----------- ----------- -------------
Net (decrease) in cash and
cash equivalents (402) (4,776) (4,042)
Cash and cash equivalents brought
forward 1,661 5,465 5,465
Effect of foreign exchange
rate changes (374) (27) 238
Cash and cash equivalents
carried forward 885 662 1,661
=================================== =========== =========== =============
Notes to the financial information for the six months ended 30
June 2023
1. General information
LoopUp Group plc (AIM: "LOOP", "LoopUp Group", or the "Group")
is a global provider of hybrid communication software and services.
It is a public limited company incorporated and domiciled in
England and Wales, with company number 09980752. Its registered
office is 9 Appold Street, London EC2A 2AP.
2. Basis of preparation and significant accounting policies
These consolidated interim financial statements have been
prepared in accordance with UK adopted International Accounting
Standards ("IFRS") and IFRS Interpretations Committee (formerly
IFRIC) interpretations in accordance with international accounting
standards in conformity with the requirements of the Companies Act
2006. This results announcement does not constitute statutory
accounts of the Group within the meaning of sections 434(3) and
435(3) of the Companies Act 2006. The balance sheet at 31 December
2022 has been derived from the full Group accounts published in the
Annual Report and Accounts 2022, which has been delivered to the
Registrar of Companies and on which the report of the independent
auditors was unqualified and did not contain a statement under
either section 498(2) or section 498(3) of the Companies Act
2006.
The results have been prepared in accordance with the accounting
policies set out in the Group's 31 December 2022 statutory
accounts, which are based on the recognition and measurement
principles of IFRS.
These unaudited interim results have been prepared on the going
concern basis. At the balance sheet date, the Group had cash of
GBP0.9m and net assets of GBP32.5m. Based on detailed forecasts
prepared by management, the Directors have a reasonable expectation
that the Group has adequate resources to continue operations for
the next twelve months, and as such these results have been
prepared on a going concern basis.
The results for the six months ended 30 June 2023 were approved
by the Board on 13 September 2023. A copy of these interim results
will be available on the Group's web site www.loopup.com from 14
September 2023.
The principal risks and uncertainties faced by the Group have
not changed from those set out in the Annual Report and Accounts
2022.
No impact is anticipated from new standards coming into effect
from 1 January 2023.
3. Revenue and segmental reporting
IFRS 8 Operating Segments requires operating segments to be
identified on the same basis as is used internally for the review
of performance and allocation of resources by the CODM. 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 CODM.
The primary segment is that of LoopUp Platform Capabilities
(LPC), and includes global cloud voice services via Direct Routing
and Operator Connect integration with Microsoft Teams (known as
Cloud Telephony), as well as the Group's longstanding Remote
Meetings and Managed Events capabilities. Revenue from resale of
Cisco WebEx services is categorised as 'third party resale
services'. A third segment exists as a result of the acquisition of
SyncRTC in October 2021, that of Hybridium.
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. It is not
possible to allocate overheads, and therefore profits, by segment
due to the pooled nature of the overhead base and the capital
structure. Overheads are not presented to the CODM on a segmental
basis.
The Group's revenue disaggregated by primary geographical
markets is as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 December
GBP'000 2023 2022 2022
--------------- ------------ ------------ ----------------
UK 1,517 2,674 3,783
EU 1,049 1,058 2,781
North America 9,189 2,813 9,453
Rest of world 463 87 463
--------------- ------------ ------------ ----------------
12,218 6,632 16,480
--------------- ------------ ------------ ----------------
The Group's revenue disaggregated by pattern of revenue
recognition is as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 December
GBP'000 2023 2022 2022
--------------------------------- ------------ ------------ ----------------
Services transferred at a point
in time 9,666 4,237 10,995
Services transferred over time 2,552 2,395 5,485
--------------------------------- ------------ ------------ ----------------
12,218 6,632 16,480
--------------------------------- ------------ ------------ ----------------
The Group's revenue disaggregated by segment is as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 December
GBP'000 2023 2022 2022
------------------------------ ------------ ------------ ----------------
LoopUp Platform Capabilities 10,877 4,590 12,880
Third party resale services 1,127 1,642 2,971
Hybridium 214 400 629
------------------------------ ------------ ------------ ----------------
12,218 6,632 16,480
------------------------------ ------------ ------------ ----------------
The Group's non-current assets disaggregated by primary
geographical markets are as follows:
6 months 6 months 12 months
to 30 June to 30 June to 31 December
GBP'000 2023 2022 2022
--------------- ------------ ------------ ----------------
UK 39,090 55,222 40,055
EU 565 170 237
North America 2,585 1,513 1,866
Rest of world 1 3 2
--------------- ------------ ------------ ----------------
43,241 56,908 43,160
--------------- ------------ ------------ ----------------
4. Earnings per share
The basic earnings per share is calculated by dividing the net
profit attributable to equity holders of the Group by the weighted
average number of ordinary shares in issue during the year.
6 months 6 months 12 months
to 30 June to 30 June to 31 December
2023 2022 2022
------------------------------------- ------------ ------------ ----------------
Profit / (loss) attributable
to equity holders (GBP'000) (1,667) (7,193) (21,802)
Adjusted profit attributable
to equity holders (GBP'000)
(1) (1,367) (5,407) (9,090)
Weighted average number of ordinary
shares in issue ('000) 120,522 100,783 120,522
Basic earnings per share (pence):
* Basic adjusted (1) (1.1) (5.4) (6.9)
- Basic (1.4) (7.1) (18.1)
===================================== ============ ============ ================
(1.) Calculated using profit / (loss) for the period, adjusted
for exceptional reorganisation costs, exceptional impairment
charges, amortisation of acquired intangibles and share
based payment charges.
Since the Group made a loss in each of the periods above, there
were no potentially dilutive shares that were not anti-dilutive,
and the diluted earnings per share is identical to the basic
earnings per share.
5. Dividends
The directors did not recommend the payment of a dividend for
the years ended 31 December 2022 or 2021, or the six month periods
ended 30 June 2023 or 2022.
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