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.
- 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.