LoopUp's revenue jumps nearly 40%

Shares rose in LoopUp Group as the remote meetings company profit announced it has traded ahead of expectations as revenue jumped 39%.

Revenue grew 39% to £12.8m in the year ended 31 December 2016, which was up three percentage points from the previous year, and the company remains confident about delivering future growth.

This resulted in a 37% increase in gross profit to £10.3m and a wider gross profit margin by two percentage points to 76%.

The AIM-listed company had £2.2m in net cash at the end of December, slightly down from £2.7m it had immediately after its initial public offering in August.

Since floating on AIM, the company has invested funds to increase the number of new business acquisition pods to 7.25 by the end of the year, recruit a new London-based marketing team, and in product innovation.

The legal and financial professional services sectors were particularly successful during the year, as it won a contract with a magic circle law firm and a North American financial services firm.

LoopUp said that it maintained its track record of net growth in its customer base of customers that are at least a year old.

Shares in LoopUp Group were up 12.89% to 127p at 0815 GMT.