REG - LoopUp Group PLC - 2022 audited accounts and debt extension

LoopupAnnouncement

30/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230630:nRSd4664Ea&default-theme=true

RNS Number : 4664E  LoopUp Group PLC  30 June 2023

30 June 2023

LOOPUP GROUP PLC

 

("LoopUp" or the "Group")

 

2022 audited accounts and debt extension

 

LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid
communications, announces that its annual report and audited accounts for the
year ended 31 December 2022 (the "2022 Accounts") are now available on its
website at www.loopup.com/investors (http://www.loopup.com/investors) . The
2022 Accounts will be dispatched to shareholders by mail today (to those
entitled to receive hard copies).

The Group notes that, subsequent to the announcement of the unaudited
preliminary results on 7 June 2023, an adjustment to the Group's unaudited
preliminary results has been made during the audit finalisation process to
raise an exceptional impairment charge in relation to certain intangible
assets arising on the 2018 acquisition of MeetingZone. This adjustment
constitutes a reduction of £13,560,000 against a previously announced figure
for goodwill and other intangibles, as at 31 December 2022, of £35,425,000.
Together with some other minor adjustments, there is an increase against the
previously announced Group operating loss for 2022 of £11,589,000, with a
resulting Group operating loss of £25,102,000.

Additionally, the Group announces that, since the announcement of the
unaudited preliminary results, the Group has extended its debt facilities with
Bank of Ireland by twelve months, such that the facilities will now mature on
30 September 2024. The financial covenants to this facility have also been
extended through to the updated maturity date, on the same basis as prior to
the extension. There are no changes to key commercial terms in connection with
the facility.

 

Market abuse regulation:

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018.

 

For further information, please contact:

 

 LoopUp Group plc                                    via FTI
 Steve Flavell, co-CEO

 Panmure Gordon (UK) Limited                         +44 (0) 20 7886 2500
 Dominic Morley / Ivo Macdonald (Corporate Finance)

 Cenkos Securities Limited                           +44 (0) 20 7397 8900
 Giles Balleny / Dan Hodkinson (Corporate Finance)
 Alex Pollen / Dale Bellis (Sales)

 FTI Consulting, LLP                                 +44 (0) 20 3727 1000
 Matt Dixon / Jamille Smith / Tom Blundell

 

 

About LoopUp Group plc

 

LoopUp (LSE AIM: LOOP) is a cloud platform for premium hybrid communications.
The Group's flagship Cloud Telephony solution for Microsoft Teams enables
multinational enterprises to consolidate their global telephony provision into
a single, consistently managed cloud implementation rather than disparate
implementations from multiple carriers. The Group is listed on the AIM market
of the London Stock Exchange and is headquartered in London, with offices in
the US, Spain, Germany, Hong Kong, Barbados and Australia. For further
information, please visit: www.loopup.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDGGDLBSDDGXC