Cloud communications company LoopUp Group Plc moved from profit- to loss-making in FY22.
In the 12 months ended 31st December 2022, revenue was 拢16.5 million, down 拢3m from the prior year despite benefiting from a deal聽 – signed in September – to transfer PGi Connect’s conferencing services customers.
Approximately 7,000 customers have transitioned from PGi Connect to LoopUp, leading to an increase in the group’s revenue run rate of 167%.
However LoopUp told the London Stock Exchange that it 鈥渃ontinues to expect attrition over time to revenue from the group’s meetings business, including that from the PGi Connect transaction鈥�.
LoopUp, which made a 拢1.2m EBITDA profit in FY21, fell to a 拢1m loss in FY22. At year end it had gross cash of 拢1.7m, down from 拢5.5m a year prior, and net debt of 拢5.8m, compared to 拢2.5m.
The company, which raised 拢3.5m in a share placing in September 2022, says cloud telephony now sits squarely at the heart of its growth strategy, with customer numbers in this area growing from 29 to 79.
Booked annual recurring revenue from these customers stands at 拢1.8m minimum contractually guaranteed and 拢3.1m expected, it said, with nearly all on three-year initial term licence contracts.