REG - LoopUp Group PLC - Audited accounts

LoopupAnnouncement

26/07/2022 07:00

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RNS Number : 6824T  LoopUp Group PLC  26 July 2022

26 July 2022

LOOPUP GROUP PLC

 

("LoopUp Group" or the "Group")

 

Audited accounts for the year ended 31 December 2021

 

 

LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid
communications, announces that its 2021 annual report and accounts are now
available on its website at www.loopup.com/investors
(http://www.loopup.com/investors) . The annual report will be dispatched to
shareholders on 29 July 2022, together with notice of a General Meeting to be
held on 18 August 2022 to consider resolutions relating to the annual report
and accounts that were not put to the Annual General Meeting.

 

While there is no impact on the financial or operating highlights contained in
the announcement of the unaudited preliminary results on 7 June 2022, the
following adjustments to the preliminary results have been made during the
audit finalisation process:

 

·    An amendment to the 2021 deferred tax charge and provision arising
from the exceptional impairment charge in respect of the customer
relationships asset. This had the effect of releasing £2,948,000 of the
deferred tax provision, thereby decreasing the post-tax loss for the year by
£2,948,000.

·     Recognition of a dilapidations provision of £172,000 in respect
of three properties occupied by the Group. This effectively reclassifies part
of the Lease Liabilities as Provisions and has no impact on the result for the
year.

·    A prior year adjustment in relation to the deferred tax charge to
correct the tax rate at which the deferred tax provision was calculated in
2020, which has the effect of increasing the deferred tax charge and liability
in 2020 by £518,000, and reducing net profit and net assets accordingly.

·     Consequential changes to the cash flow statements for both years.

 

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.

 

 LoopUp Group plc                                    via FTI
 Steve Flavell, co-CEO

 Panmure Gordon (UK) Limited                         +44 (0) 20 7886 2500
 Dominic Morley / Alina Vaskina (Corporate Finance)
 Erik Anderson (Corporate Broking)

 Cenkos Securities Limited                           +44 (0) 20 7397 8900
 Giles Balleny / Dan Hodkinson (Corporate Finance)
 Alex Pollen (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 telecommunications into
a single, consistently managed cloud implementation rather than disparate
implementations from multiple carriers. The Group's hybrid auditorium and
events solution, Hybridium (www.hybridium.com (http://www.hybridium.com) ),
brings unrivaled engagement and analytics to larger scale hybrid education,
training and events such as management onsites, departmental kick-offs,
capital markets days and thought leadership seminars.

 

The Group is listed on the AIM market of the London Stock Exchange (LOOP) and
is headquartered in London, with offices in the US, Spain, Germany, Hong Kong,
Barbados and Australia.

 

 

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