LoopUp expects to report 'material jump' in Q4 revenues
Cloud platform operator LoopUp Group said on Wednesday that it now expects to report a "material jump" in fourth-quarter revenues.
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LoopUp stated Q4 revenues were seen at approximately £7.2m following its recent PGi Connect transaction, which also gave it "a strong run-rate" heading into 2023.
However, LoopUp noted that its continues to expect attrition over time to revenue from the its meetings business, including that from the PGi Connect transaction.
Full-year revenues were seen above market expectations at roughly £16.5m but short of prior year revenues of £19.5, while annual adjusted underlying losses were in line with market expectations at approximately £1.0m - a marked difference when compared to 2021's profit of £1.2m.
Looking ahead, LoopUp expects to see approximately 25% revenue growth in 2023, driven primarily by the full-year impact of the PGi Connect transaction, alongside a return to adjusted underlying profitability.
As of 1155 BST, LoopUp shares were up 4.0% at 3.12p.
Reporting by Iain Gilbert at Sharecast.com