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LoopUp Group PLC on Friday announced an adjustment to its full-year results relating to an impairment charge on a 2018 acquisition. Shares in LoopUp were down 12% at 1.80 pence each in London on Friday. The London-based software provider for remote meetings said its operating loss widened in 2022 to £25.1 million from £11.6 million a year prior. This resulted from a reduction of goodwill and other intangible assets, related to the 2018 acquisition of London-based communications services provider MeetingZone Ltd. Earlier this month, LoopUp said its operating loss in 2022 had narrowed to £11.6 million from £30.6 million the year before. Additionally, LoopUp said it has extended debt facilities - which are due to mature on September 30, 2024 - with the Bank of Ireland by 12 months, since the release of its annual results. £6.8 million was outstanding at December 31 of a principal amount of £17 million borrowed in 2018, which was due for repayment in September 2023. Earlier this month, LoopUp posted revenue for 2022 of £16.5 million, down 15% from £19.5 million the previous year, noting a material improvement in the second half of the year with £9.9 million. LoopUp’s pretax loss narrowed to £12.3 million from £31.1 million, as it booked a currency translation gain of £209,000 compared to a loss of £340,000 a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation were down to £867,000 from £1.2 million. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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