What LoopUp does

LoopUp Group PLC (LON:LOOP) is a technology firm specialising in remote meetings and conference calls.

In a nutshell, the company’s core software-as-a-service (SaaS) product aims to make remote conferencing a whole lot simpler, and more productive.

LoopUp works with dozens of the world’s top law and private equity firms.

How it is doing

LoopUp said the migration to remote working during the coronavirus pandemic sparked a surge in demand for its conference call and remote working services.

In July it extended its flagship solution, LoopUp, to include global cloud voice services via direct route integration with Microsoft Teams alongside its premium remote meetings capability.

The result has been a surge of interest with the order pipeline in the new cloud telephony business now worth £106mln.

The online conferencing specialist said the cloud business notched up revenues of £2.7mln in the year to end-December out of total sales of £50.2mln, an 18% improvement on 2019.

The large-company focused platform business saw revenues rise by 25% by £43mln, which helped to offset a sharp drop in the increasingly competitive non-professional business.

Underlying profits {EBIDTA) over the year jumped by 239% to £15.3mln (FY2019: £6.4mln) and diluted EPS increased 760% to 15.2p (2019: 2p).

LoopUp added that it ended the year with gross cash of £12.1mln and an improved net debt position of £0.7mln (FY2019: £11.5mln).

What the bosses say: Steve Flavell and Michael Hughes, co-CEOs

“While remote meetings will no doubt continue to be a competitive market, particularly beyond our core Professional Services sweet spot, other communications segments are opening up and accelerating even faster.

“The cloud telephony market is forecast to become a $26 billion market by 2024, and we’re incredibly excited and encouraged by the commercial traction we’ve generated in just seven months since bringing this differentiated capability onto our core global platform.

“While 2021 will inevitably be a transitional year as we commercialise a broader technology platform, we have a strong balance sheet and are confident in our ability to manage the transition and provide the platform for strong, profitable growth.”

Inflexion points

  • COVID-19 restrictions have driven a surge in usage of Loopup’s service
  • Cloud telephony business is booming 
  • Remote conferencing set to become a feature of working life after COVID-19

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