(Alliance News) - 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 GBP25.1 million from GBP11.6 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 GBP11.6 million from GBP30.6 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. GBP6.8 million was outstanding at December 31 of a principal amount of GBP17 million borrowed in 2018, which was due for repayment in September 2023.
Earlier this month, LoopUp posted revenue for 2022 of GBP16.5 million, down 15% from GBP19.5 million the previous year, noting a material improvement in the second half of the year with GBP9.9 million.
LoopUp's pretax loss narrowed to GBP12.3 million from GBP31.1 million, as it booked a currency translation gain of GBP209,000 compared to a loss of GBP340,000 a year earlier.
Adjusted earnings before interest, tax, depreciation and amortisation were down to GBP867,000 from GBP1.2 million.
By Sabrina Penty, Alliance News reporter
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