LONDON (Alliance News) - LoopUp Group PLC on Wednesday said it swung to a loss in the first half of 2018, but revenue rose on acquisitions and increased demand for its products.
The remote meetings company swung to a loss in the six months to the end of June of GBP220,000 compared a to GBP507,000 profit reported for the same period a year ago, as administrative expenses jumped to GBP9.0 million from GBP6.7 million.
Meanwhile, revenue rose by 39% year-on-year to GBP12.0 million from GBP8.7 million, as the company said it saw a strong demand for its products.
In June, the company bought MeetingZone for GBP61.4 million, funded by a GBP50 million equity placement and a new GBP17 million term loan.
In addition, LoopUp expanded into Australian market, where to-date it has won more than 30 new customers.
"It's been an action-packed and tremendously progressive first six months of the year," said Co-Chief Executives Steve Flavell and Michael Hughes.
"Looking ahead, we remain confident in our ability to meet market expectations and deliver strong future growth," added Flavell and Hughes.
LoopUp shares were trading 1.2% higher on Wednesday at 430.00 pence each.
