Loopup's revenues dialed up after MeetingZone acquisition

LoopUp Group reported a jump in first-half revenue on Wednesday after the company scaled up its operations with the £61.4m acquisition of MeetingZone.

For the six-month period ended 30 June, Loopup’s revenue increased by 39% to £12m but the remote meetings company swung to an operating loss of £0.1m from a profit of £0.5m due to costs associated with the acquisition and a fundraising.

However, the outfit claimed that cost saving measures had been put in place with greater success and at a faster time scale than had been previously announced following the acquisition of conference call experts MeetingZone.

At 30 June the AIM-traded company had cash and cash equivalents of £5.8m, up from £1.6m at the same point last year.

Steve Flavell and Michael Hughes, co-chief executives, said: "It's been an action-packed and tremendously progressive first six months of the year - a transformational acquisition in terms of LoopUp's business scale, successful expansion into the Australian market, and continuation of our strong organic growth."

The company has won 30 new customers through its Australian expansion, with their respective solutions to be rolled out in the second half of the year by the businesses two new Australian business ‘pods’.

Elsewhere, the company said it continued to see strong demand for its product from medium to large businesses and professional services.

"Looking ahead, we remain confident in our ability to meet market expectations and deliver strong future growth, driven by our highly differentiated product in the £5 billion market for outsourced remote meetings services," said Flavell and Hughes.

LoopUp’s shares were down 2.86% at 425.00p at 0836 BST.