Cloud platform LoopUp swung to an annual profit as demand for remote working software grew amid the ongoing work-from-home trend owing to the pandemic.
For the year ended 31 December 2020, pre-tax profit was £5.7 million compared with a loss of £2.1 million year-on-year as revenue grew 18% to £50.2 million.
Revenue was boosted by a 'significant spike in demand for both our meetings and managed event capabilities during March and April 2020, after which demand gradually declined with starkly-divergent performance between core professional services sectors and non-core, non-PS sectors, the company said.
Gross margin was up 4.5% to 70.9%.
'FY2021 is set to be a transitional year for the group as we migrate from a remote meetings business to a broader cloud platform for external and specialist communications,' the company said.
"The Group continues to receive a tax benefit from its development activities, and expects to receive an R&D tax credit of £1.4 million from HMRC for FY2020 (FY2019: £1.3 million), payable during FY2021."