LoopUp FY underlying earnings seen 'marginally below' expectations
By Iain Gilbert
Date: Wednesday 14 Dec 2022
(Sharecast News) - Cloud communications group LoopUp warned on Wednesday that full-year underlying earnings would be "marginally below" market expectations.
LoopUp said higher execution costs associated with its PGi Connect revenue sharing and customer transfer agreement weighed on EBITDA throughout the year but noted that it was not expected to impact full-year 2023 profitability.
The AIM-listed group also stated that following the successful transition of the PGi Connect Meetings business and the commercial progress achieved in cloud telephony, which has secured 76 customer wins since launching in Q3, it now expects full-year 2022 revenues to be "marginally above" market expectations at no less than £15.5m.
"This rapid acceleration of revenue run rate leaves the group in a materially stronger position to accelerate its primary cloud telephony growth line of business in 2023, where a sizable market opportunity exists for the group's differentiated multinational value proposition," said LoopUp.
As of 1030 GMT, LoopUp shares had slipped 6.95% to 4.22p.
Reporting by Iain Gilbert at Sharecast.com
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