12 Feb 2019 07:00
12 February 2019
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Trading Update
Transformational growth and new offices in Chicago, Dallas, LA, Atlanta and Madrid
LoopUp Group plc (LSE AIM: LOOP), the premium remote meetings company, is pleased to provide a trading update for its financial year ended 31 December 2018.
Highlights:
· The Group has traded strongly in FY2018, with revenue in line with consensus expectations and profitability comfortably ahead
· LoopUp and MeetingZone are now fully integrated into a unified organisational structure for new business acquisition, customer success and operations
· The project to transition MeetingZone audio conferencing business over to the LoopUp platform continues to progress well and the Group expects a successful overall transition to be completed by Summer 2019
· The Group continues to see strong demand for the LoopUp product. Landmark accounts won in the second half of the year include Australia's largest law firm; a US-headquartered medical nonprofit organization operating in 43 countries; and a leading global brokerage company with joint headquarters in London and New York
· As announced on 18 January 2019, the Group closed a material contract renewal with leading global law firm, Clifford Chance. The minimum total contract value of £2.34 million in aggregate over the 3-year term is for the provision of conference calls across Clifford Chance's global operations, spanning 32 major financial centres in the Americas, Asia Pacific, Europe, the Middle East and Africa
· In line with the Group's aggressive sales pod expansion plan, we have opened new offices this month in Chicago, Dallas, Los Angeles, Atlanta and Madrid
· Staffing of these new offices has been aided by the successful conclusion of the Group's first 'Pod Academy' program, in which the Group recruited 20 'career change' people with experience outside of sales. Following three months of intensive training, 14 graduated Pod Academy in January 2019 as sales and account executives, the more senior roles within pods
· The Pod Academy graduates are joined by 30 new Business Development Associates, recruited through the Group's established graduate recruitment program
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group, commented,
"We're very pleased to report continued strong business performance with transformational revenue growth, and profitability ahead of consensus expectations.
Notwithstanding this profitability growth, we've also been investing in growing the team to accelerate our expansion into new geographic markets, and we're very excited to have opened new offices in Chicago, Dallas, Los Angeles, Atlanta and Madrid this month.
Looking ahead into 2019, we continue to see strong demand for the LoopUp product and remain confident in our ability to deliver future growth."
The Group will announce its full preliminary FY2018 results on 21 March 2019.
Market abuse regulation:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
LoopUp Group plc | via FTI |
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Steve Flavell, co-CEO |
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Panmure Gordon (UK) Limited |
+44 (0) 20 7886 2500 | |
Dominic Morley / Alina Vaskina (Corporate Finance) |
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Erik Anderson (Corporate Broking) |
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Numis Securities Limited | +44 (0) 20 7260 1000 |
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Simon Willis / Jonny Abbott (Corporate Finance) |
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Tom Ballard (Corporate Broking) |
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FTI Consulting, LLP | +44 (0) 20 3727 1000 |
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Matt Dixon / Harry Staight |
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About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a premium remote meetings solution. Streamlined and intuitive, LoopUp is built to give mainstream business professionals a better and more productive experience than basic dial-in conferencing, while delivering the quality, security and reliability required in the enterprise. One-click screen sharing and integration with tools business people use every day, like Outlook™, make it easy for LoopUp users to collaborate in real time. LoopUp's award-winning SaaS solution doesn't overwhelm users with features and doesn't require training. Over 2,000 enterprises worldwide, including Travelex, Kia Motors America, Planet Hollywood, National Geographic and Clifford Chance trust LoopUp with their remote meetings.
The Group is headquartered in London, with offices in San Francisco, New York, Boston, Chicago, Dallas, Los Angeles, Atlanta, Denver, Cardiff, Milton Keynes, Madrid, Berlin, Malmo, Hong Kong, Sydney and Barbados, and is listed on the AIM market of the London Stock Exchange (LOOP). For further information, please visit: www.loopup.com.