(Sharecast News) - Cloud platform operator LoopUp Group said on Friday that full-year revenues and earnings would be "moderately below" current market expectations, principally due to the "societal and economic effects" of the Covid-19 pandemic.
LoopUp now expects full-year revenues to be at least £50.0m, up 18% year-on-year, while EBITDA was projected come in no at less than £15.0m, 134% growth on the prior year.
The AIM-listed group's annualised revenue run-rate currently stood at around £34.0m, made up of £28.0m of LoopUp Platform capabilities and £6.0m of Cisco resale.
LoopUp stated it had seen an acceleration of churn in non-professional services sectors, where its meetings capability was less differentiated and competition was more intense, with trading expected to remain "challenging".
However, while LoopUp acknowledged that trading was anticipated to remain tough in the non-PS part of its meetings business, the company noted that this now represents just 14% of total LoopUp platform revenue.
"With a continued focus to drive forward our PS business, it is expected this will have progressively less impact on overall trading going forward," said LoopUp.
As of 0845 GMT, LoopUp shares had sunk 44.58% to 85.90p.
25 Mar 2024 13:29