LoopUp PLC (LON:LON:LOOP), up 20% at 87.5p, was always likely to be seen as a winner in the year of the pandemic and so it has proved.
The remote meeting technology specialist said today that full-year underlying earnings (EBITDA) are expected to be around £15.3mln, up from £6.4mln in 2019, while revenues are forecast to rise to around £50.2mln from £42.5mln.
The company also said it had ended the year with gross cash of £12.1mln, up from £3mln at the end of the prior year, while net debt was cut to £700,000 from £11.5mln.
There’s a strongly positive early market reaction to this cloud telephony company’s FY 12/2020 results. On quite high volume too, with 721k shares already having changed hands in the first 10 minutes of trading.
Although this does have to be seen in the context of a big disappointment late last year, when management dropped a bombshell that highly profitable trading in H1 2020 had hit a brick wall in H2. To this day, I still don’t understand what went wrong, they haven’t explained it clearly enough.