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LoopUp swings to annual profit on growing demand for remote working software
StockMarketWire.com
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Cloud platform LoopUp swung to an annual profit as demand for remote working software grew amid the ongoing work-from-home trend owing to the pandemic.
For the year ended 31 December 2020, pre-tax profit was £5.7 million compared with a loss of £2.1 million year-on-year as revenue grew 18% to £50.2 million.
Revenue was boosted by a 'significant spike in demand for both our meetings and managed event capabilities during March and April 2020, after which demand gradually declined with starkly-divergent performance between core professional services sectors and non-core, non-PS sectors, the company said.
Gross margin was up 4.5% to 70.9%.
'FY2021 is set to be a transitional year for the group as we migrate from a remote meetings business to a broader cloud platform for external and specialist communications,' the company said.
At 8:36am: (LON:LOOP) Loopup Group Plc share price was 0p at 192.5p
Story provided by StockMarketWire.com
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