REG - LoopUp Group PLC - Unaudited preliminary results
07/06/2022 07:00
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RNS Number : 9246N LoopUp Group PLC 07 June 2022
7 June 2022
LOOPUP GROUP PLC
("LoopUp Group" or the "Group")
Unaudited preliminary results for the year ended 31 December 2021
Strong Cloud Telephony and Hybridium traction in continued strategic
transition
LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid
communications, announces its unaudited preliminary results for the year ended
31 December 2021.
Financial Highlights:
· Revenue of £19.5 million (FY2020: £50.2 million) at a gross margin of 69%
(FY2020: 71%)
· Adjusted EBITDA(1) of £1.2 million (FY2020: £15.3 million) and adjusted
operating loss(2) of £6.1 million (FY2020: £9.0 million profit)
· Financial performance versus FY2020 impacted by: (i) the major Q2/Q3 2020
spike in Meetings business demand at onset of the COVID-19 pandemic; and (ii)
a shift in the competitive market environment from Meetings solutions to
holistic Unified Communications (UC) platforms
· Successful placing and retail offer for approximately £8.85 million in
September 2021
· Gross cash of £5.5 million and net debt of £2.4 million at 31 December 2021
(31 December 2020: £12.1 million and £0.7 million respectively)
Operating Highlights:
· Continued execution on strategic transition from traditional base of remote
meetings services into a broader cloud platform for hybrid communications
· 31 new enterprise contract wins during FY2021 (FY2020: zero) and strong new
business pipeline development in Cloud Telephony, our primary forward-looking
growth line of business
· Awarded Microsoft's 'Calling for Microsoft Teams Advanced Specialization', the
top status level in Microsoft partner competency above and beyond gold level
· Acquisition of SyncRTC Inc. in October 2021, a hybrid auditorium technology
company, at an enterprise value of c.£3.3 million
· SyncRTC rebranded to Hybridium (www.hybridium.com (http://www.hybridium.com) )
as the Group's second growth line of business
Post Period Highlights:
· 16 additional new enterprise contract wins in Cloud Telephony
· In aggregate, the 47 Cloud Telephony contract wins to date - 31 in FY2021 and
16 in FY2022 to date - represent minimum Annual Recurring Revenue (ARR) of
c.£0.8 million, expected ARR of c.£1.9 million, and potential ARR of c.£4.4
million, generally on 3-year initial term contracts
· Cloud Telephony sales pipeline of new opportunities has now exceeded c.£100
million of additional potential ARR, of which 17% is at proposal stage or
later in the sales cycle
· Closed a landmark Hybridium contract with Telefónica for deployment at
'Universitas', its global innovation and talent hub in Madrid
· Successful renegotiation of senior debt arrangements with Bank of Ireland in
line with the Group's strategic transition business plan
1. Earnings before interest, tax, depreciation and amortisation,
excluding share-based payments charges
2. Adjusted to exclude amortisation of acquired intangibles and
share-based payment charges
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group, commented:
"As we continue to manage our strategic transition, we are pleased with the 31
new customer wins achieved during our first full year of business in Cloud
Telephony, traction that has further increased in pace during the first half
of 2022. The potential for global provision of telephony services to the
multinational enterprise market is exciting, operating at a geographic
coverage layer above the telecommunications carriers. We believe we are well
positioned to build material shareholder value in this endeavour, driven by
our differentiated technology platform and the tremendous hard work and
innovation of our team, of whom we are very proud.
It has also been a pleasure to start working with our new colleagues at
Hybridium following last year's acquisition, and we believe their hybrid
auditorium technology will also play a material role in the Group's strategic
transition and return to growth in the years ahead."
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.
Chief Executive Officers' Business Review
Continued execution on our strategic transition
FY2021 has been a challenging year for the Group, as we have continued
executing on the strategic transition to grow our forward-looking hybrid
communications lines of business - Cloud Telephony and Hybridium - while our
Remote Meetings line of business declines.
The post pandemic workplace has shone a spotlight on hybrid communications
tools that are equally secure and effective in the office, at home and on the
road.
The Group has two exciting solutions in hybrid communications:
· Cloud Telephony (LoopUp) - enabling next generation phone calls to and from
work phone numbers independently of the user's physical location and in
LoopUp's case enabling multinational enterprises to buy telephony globally
from one service provider as opposed to multiple telecommunications carriers;
and
· Hybrid Auditorium Technology (Hybridium) - enabling large scale collaboration
and events (20-150 people in room and 20-150 people remote) for events such as
company town halls management onsites/offsites, team kick-offs, capital
markets days, product launches, corporate training and external thought
leadership events.
By contrast, the Group's Remote Meetings business has been declining in the
post pandemic environment as enterprises progressively embrace more holistic
Unified Communications (UC) platforms, such as Microsoft Teams, which
incorporate meetings functionality.
Overall, FY2021 Group revenue was £19.5 million (FY2020: £50.2 million) and
Adjusted EBITDA was £1.2 million (FY2020: £15.3 million), declines which
were exaggerated by the material Q2/Q3 2020 spike in Remote Meetings business
at onset of the COVID-19 pandemic, which peaked at over £7 million per month
in each of March and April 2020.
We continue to manage our business operations carefully to preserve cash
during this strategic transition and are excited by the forward-looking growth
potential of both Cloud Telephony and Hybridium.
Strong commercial momentum in Cloud Telephony
In Q3 2020, the Group announced the launch of its Cloud Telephony solution,
integrated into Microsoft Teams, which enables users to make phone calls to
external phone numbers and receive phone calls to their own work phone
numbers, all seamlessly via their Teams-enabled devices. LoopUp's
differentiated platform enables multinational enterprises to consolidate their
telephony provision globally with one vendor partner - LoopUp - rather than
from multiple geographic-specific carriers.
Following 31 new Cloud Telephony contract wins during FY2021 - the Group's
first full year of trading since the launch of its solution for Microsoft
Teams - the Group has added 16 additional new contract wins during FY2022 to
date. This performance places the Group on track to meet its full year target
of securing 50 additional contract wins during the full year.
In aggregate, these 47 contract wins - 31 in FY2021 and 16 in FY2022 to date -
represent:
· Minimum Annual Recurring Revenue (ARR) of c.£0.8 million and minimum Total
Contract Value (TCV) of c.£3.1 million based on minimum contracted levels;
· Expected ARR of c.£1.9 million and expected TCV of c.£6.2 million based on
expected rollout levels where LoopUp has relatively strong visibility of
customer intent based on conversations, planning and pricing; and
· Potential ARR of c.£4.4 million and potential TCV of c.£13.8 million based
on identified potential rollout levels but where LoopUp currently has less
clear visibility of customer intent.
In addition to the 47 contract wins, the Group's sales pipeline of potential
new Cloud Telephony opportunities continues to grow and now stands in excess
of £100 million of additional potential ARR, of which approximately 17% is at
written proposal stage or later.
Operationally, all customer deployments to date have been successful, and all
rollouts are progressing positively.
In August 2021, the Group was awarded the 'Calling for Microsoft Teams
Advanced Specialization', a status given by Microsoft to partners that
demonstrate deep knowledge, extensive experience, and proven success in the
deployment and management of Microsoft Teams Calling and Phone System.
Microsoft's Advanced Specialization series are the top status level, above and
beyond Gold productivity competencies, and allow partners to differentiate
their organisations and capabilities further with their customers, prospects
and partners.
We are excited by the potential of our differentiated solution in this large
market, which is forecast to grow to c.£29 billion by 2025(3).
Acquisition of SyncRTC, since rebranded to Hybridium
In October 2021, the Group acquired SyncRTC Inc., a hybrid auditorium
technology business, at an enterprise value of £3.3 million. The Group has
since rebranded this line of business to Hybridium (www.hybridium.com
(http://www.hybridium.com) ).
The acquisition stemmed from the Group's longstanding relationship with
SyncRTC CEO, Victor Sanchez, who founded the company in 2013. Following the
acquisition and its successful integration, Victor has taken on the combined
role of President of Hybridium and LoopUp Group CTO.
Hybridium combines video wall and hologram technology, bringing unrivaled
engagement and analytics to larger scale hybrid education, corporate training
and events such as management onsites, departmental kick-offs, capital markets
days and thought leadership seminars. Events with Hybridium benefit from
ultra-low latency at ultra-high resolution, with full video wall layout
flexibility facilitating any content on any screen.
In April 2022, Hybridium signed a landmark deal with Telefónica, which is
deploying the solution at 'Universitas', its global innovation and talent hub,
located at its Madrid headquarters in Distrito Telefónica. The initial
two-year contract with Telefónica is for a minimum total value of
approximately EUR 200,000, with potential for expansion and extension.
Business priorities
Looking ahead into FY2022, the Group expects to see the following
developments:
· Cloud Telephony: the next phase of commercial traction
- - Continued flow of new opportunities into the sales pipeline
- - Further maturation of the pipeline towards more progressed stages in the sales
cycle
- - Increased rate of successful conversions into new customer wins
- - Progression towards a state of predictable revenue growth at attractive unit
customer acquisition economics
· Cloud Telephony: introduction of highly scalable strategic distribution
partnerships
- - Formation of strategic partnerships with major Microsoft partners, who sell
other related Microsoft technology but are not licensed to sell cloud
telephony, particularly on a multi-jurisdictional basis consistent with their
enterprise customer bases
· Hybridium: extending distribution into the enterprise market
- - Extension of Hybridium's target market from its roots in education to
encompass the corporate market, in line with post pandemic demand for
communications tools that can drive communications, learning and engagement in
the hybrid workplace
· Hybridium: introducing LoopUp-managed hybrid events in London
- - Extension of the Group's long-established virtual events business by launching
a managed hybrid events capability, initially as a proof of concept in London
Outlook
The strong and accelerating commercial traction in our primary forward-looking
growth line of business, Cloud Telephony, as well as the exciting early
traction for Hybridium in its extended corporate market, provide affirmation
of the Group's chosen strategic transition path. While we continue to manage
our operations carefully during this transition to preserve cash, these growth
lines of business give us confidence and excitement in the Group's medium-term
outlook.
Steve Flavell Michael Hughes
co-CEO co-CEO
3. Source: Gartner 2022
Chief Financial Officer's Review
During 2021, the Group has made good progress in its strategic transition
towards hybrid communications and collaboration, which began in the latter
part of 2020 with the launch of its Cloud Telephony product for Microsoft
Teams. The acquisition of SyncRTC (rebranded as Hybridium in 2022) in
October 2021 added to the Group's product offerings.
Operating Results
With the acquisition of SyncRTC Inc. in October 2021 (since rebranded to
Hybridium), the Group has added a new revenue stream: hybrid auditorium
technology. The segmental reporting now considers the following segments:
· Revenue from our Cloud Telephony, Remote Meetings and Managed Events
capabilities, all delivered on LoopUp's global technology platform, is
categorised as LoopUp Platform Capabilities ("LPC");
· Revenue from the provision of hybrid auditorium technology is categorised as
"Hybridium"; and
· Revenue from the resale of Cisco WebEx meetings is categorised as "third party
resale services".
2020 was an exceptional year due to the global lockdown having a hugely
positive, but relatively short-lived impact on revenues. While revenue spiked
in Q2 and Q3 2020, a steady decline then set in as enterprises progressively
moved to more holistic Unified Communications platforms, such as Microsoft
Teams, rather than using discrete meetings products. Relative to that high
point, 2021 revenue from LPC decreased by 70% to £13.1 million (2020: £43.0
million), and revenue from third party resale services declined by 37% to
£4.5 million (2020: £7.2 million).
Included in the LPC figures is £0.74 million of Cloud Telephony revenue, for
which 2021 was the first year of trading (excluding the Group's legacy cloud
telephony capability for Skype for Business).
The Group's overall gross profit decreased by 62% to £13.5 million (2020:
£35.6 million), representing a gross margin of 69.0% (2020: 70.9%). This
slight decrease of two percentage points reflects a change in mix between LPC
and lower margin third party resale services.
The gross profit on LPC business fell by 65% to £11.7 million (2020: £33.5
million), at a slightly improved gross margin of 79.1% (2020: 77.8%).
The administrative costs of the Group in 2021 were reduced by 39% on 2020
levels at £12.3 million (2020: £20.3 million). Management and the Board
have actively managed costs in line with the reduced revenues, and this has
included reorganising staffing levels where necessary. Furthermore, the
Group's performance in 2020 gave rise to a large bonus accrual, which was not
the case in 2021.
Assets and Cash Flows
The Group has reassessed the carrying value of its intangible assets as at 31
December 2021, which has led to an exceptional impairment charge of £19.6
million in respect of the customer relationships asset that arose on the
acquisition of MeetingZone in 2018. The majority of the customers represented
by this asset were Remote Meetings and Managed Events customers, and the
decline in those lines of business has resulted in: (1) this asset needing to
be impaired; and (2) the amortisation period being revised down to 6 years
from the original 15 years. The does not apply to the goodwill recognised on
the same acquisition, as the technological, telecommunications and operating
platform acquired is a key part of the Group's Cloud Telephony offering going
forward.
The Group had an operating cash outflow after capital expenditure of £11.3
million (FY2019: £11.4 million inflow). This was partly offset by the
proceeds of a placing in October 2021 which raised £8.85 million and enabled
a prepayment of £4.1 million of term debt in addition to the £1.7 million
that was scheduled.
Net debt has risen to £2.4 million as at 31 December 2021 (2020: £0.7
million).
In 2018, the Company entered into a term loan with Bank of Ireland for £17.0
million, which has since reduced to £6.76 million as at 31 December 2021,
following an additional repayment of £4.10 million following the Group's
£8.85 million placing in October 2021 (balance at 31 December 2020: £12.75
million). Since the year-end, the Group has successfully renegotiated and
amended this senior debt with Bank of Ireland to reflect the Group's ongoing
strategic transition plan. Key elements of the amended arrangements include:
· a holiday on planned principal repayments through to June 2023, representing
£1.7 million in aggregate deferred payments;
· a margin increase of 2.0 percent, taking the total interest rate to 4.5
percent above the Sterling Overnight Index Average (SONIA);
· continuation of the Group's undrawn revolving credit facility of £1.5
million;
· an extension of the term through to September 2023; and
· a revised set of financial covenants which are more concerned with sufficient
ongoing cash liquidity and the growth objectives for Cloud Telephony and
Hybridium in the Group's transition business plan.
Due to the reduced scale of the business since the high point in 2020, the
Group's management and Board have carefully reviewed both near and mid-term
cash forecasts and are comfortable with the Group's application of the going
concern basis of accounting.
Simon Sacerdoti
CFO
Unaudited Consolidated Statement of Comprehensive income
For the year ended 31 December 2021
2021 2020
Restated
Note £000 £000
Revenue 19,526 50,230
Cost of sales (6,058) (14,632)
Gross profit 2 13,468 35,598
Adjusted administrative expenses((i)) (12,273) (20,270)
Adjusted EBITDA((ii)) 1,195 15,328
Depreciation (1,760) (1,702)
Amortisation of development costs (5,582) (4,581)
Adjusted operating (loss) / profit ((iii)) (6,147) 9,045
Exceptional reorganisation and tax charge (392) -
Exceptional impairment charge (19,597) -
Amortisation of acquired intangibles (2,210) (2,210)
Share-based payments charges (2,208) (575)
Operating (loss) / profit (30,554) 6,260
Finance costs (465) (599)
(Loss) / profit before income tax (31,019) 5,661
Income tax 3,104 826
(Loss) / profit for the year (27,915) 6,487
Currency translation (loss) (340) (75)
Total comprehensive (loss) / income for the year attributable to the equity (28,255) 6,412
holders of the parent
(Loss) / earnings per share (pence): 3
Basic (48.6) 11.7
Diluted (48.6) 10.8
(i) Total administrative expenses excluding depreciation, amortisation of
development costs and acquired intangibles, non-recurring transaction costs,
exceptional reorganisation costs, exceptional impairment charges and share
based payments charges.
(ii) Adjusted EBITDA is operating (loss) / profit stated before depreciation,
amortisation of development costs and acquired intangibles, non-recurring
transaction costs, exceptional reorganisation and tax charge, exceptional
impairment charges and share based payments charges.
(iii) Before amortisation of other intangible assets, non-recurring transaction
costs, exceptional reorganisation costs, exceptional impairment charges and
share based payments charges.
Unaudited Consolidated Statement of Financial Position
As at 31 December 2021
2021 2020
£000 £000
Restated
Assets:
Property, plant and equipment 2,368 2,663
Right of use assets 2,130 2,951
Development costs 12,726 11,389
Goodwill and other intangibles 41,063 58,957
Total non-current assets 58,287 75,960
Trade and other receivables 3,608 6,875
Cash and cash equivalents 5,465 12,086
Current tax 1,862 1,647
Total current assets 10,935 20,608
Total assets 69,222 96,568
Liabilities:
Trade and other payables (3,387) (6,305)
Accruals and deferred income (2,036) (3,605)
Lease liabilities (956) (953)
Borrowings (1,700) (1,700)
Total current liabilities (8,079) (12,563)
Net current assets 2,856 8,045
Non-current liabilities:
Borrowings (6,181) (11,050)
Lease liabilities (1,633) (2,372)
Deferred tax (4,150) (5,581)
Total non-current liabilities (11,964) (19,003)
Total liabilities (20,043) (31,566)
Net assets 49,179 65,002
Equity
Share capital 485 277
Share premium 70,860 60,677
Other reserve 12,691 12,691
Foreign currency translation reserve (2,749) (2,409)
Retained loss (32,108) (6,234)
Shareholders' funds attributable to equity owners of parent 49,179 65,002
Unaudited Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Share capital Share premium Other reserve Foreign currency translation reserve Retained profit / (loss) Shareholders funds/
(deficit) attributable to equity owners of parent
£000 £000 £000 £000 £000 £000
As at 1 January 2020 (Restated) 276 60,588 12,691 (2,334) (13,296) 57,925
Profit for the year - - - - 6,487 6,487
Other comprehensive income - - - (75) - (75)
Total comprehensive profit / (loss) for the year - - - (75) 6,487 6,412
Transactions with owners of parent in their capacity as owners:
Equity share-based payment compensation - - - - 575 575
Share issues 1 89 - - - 90
As at 31 December 2020 (Restated) 277 60,677 12,691 (2,409) (6,234) 65,002
As at 1 January 2021 277 60,677 12,691 (2,409) (6,234) 65,002
Loss for the year - - - - (27,915) (27,915)
Other comprehensive income - - - (340) - (340)
Total comprehensive (loss) / profit for the year - - - (340) (27,915) (28,255)
Transactions with owners of parent in their capacity as owners:
Equity share-based payment compensation 4 163 - 2,041 2,208
-
Share issues 204 10,020 - - - 10,391
As at 31 December 2021 485 70,860 12,691 (2,749) (32,108) 49,179
Unaudited Consolidated Statement of Cash Flows
For the year ended 31 December 2021
2021 2020
Restated
£000 £000
Net cash flows from operating activities
(Loss) / profit before income tax (31,019) 5,661
Non-cash adjustments
Depreciation and amortisation 8,713 7,612
Share-based payments charges 2,208 575
Impairment charge 19,597 -
Interest payable 465 599
Working capital adjustments
Decrease in trade and other receivables 5,018 1,998
(Decrease) / increase in trade and other payables (6,343) 1,370
Tax received 1,111 1,200
Net cash (used in) / generated by operations (250) 19,015
Cash flows from investing activities
Purchase of property, plant and equipment (578) (757)
Addition of intangible assets (6,919) (6,866)
Payment for acquisition of subsidiary (3,622) -
Net cash used in investing activities (11,119) (7,623)
Cash flows from financing activities
Proceeds from share issue net of issue costs 10,391 90
Repayment of loans (5,832) (1,700)
Loans acquired on acquisition 1,020 -
Interest and finance fees paid (465) (599)
Net cash generated from financing activities 5,114 (2,209)
Net (decrease) / increase in cash and equivalents (6,255) 9,214
Cash and cash equivalents brought forward 12,086 3,000
Effect of foreign exchange rate changes (366) (128)
Cash and cash equivalents carried forward 5,465 12,086
Notes to the Financial Statements
1. Background and basis of preparation
The principal activity of the Group is a premium cloud communications platform
for hybrid and remote communications.
LoopUp Group plc ('the Group') is a limited liability company incorporated and
domiciled in England and Wales, with company number 09980752. Its registered
office is The Tea Building, 56 Shoreditch High Street, London E1 6JJ.
The unaudited summary financial information set out in this announcement does
not constitute the Group's consolidated statutory accounts for the years ended
31 December 2021 or 31 December 2020. The results for the year ended 31
December 2021 are unaudited. The statutory accounts for the year ended 31
December 2021 will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement, and will be
delivered to the Registrar of Companies in due course. The statutory accounts
are subject to completion of the audit and may also change should a
significant adjusting event occur before the approval of the Annual Report.
The statutory accounts for the Group for the year ended 31 December 2020 have
been reported on by the Group's previous auditors and delivered to the
Registrar of Companies. The auditor's report on those accounts was unqualified
and did not include references to any matter which the auditors drew attention
by way of emphasis without qualifying their report and did not contain
statements under section 498(2) or (3) of the Companies Act 2006.
The unaudited summary financial information set out in this announcement have
been prepared using the accounting policies as described in the December 2020
audited year end statutory accounts and have been consistently applied.
The preliminary announcement for the year ended 31 December 2021 was approved
by the Board for release on 7 June 2022.
Prior year restatements
During the year, the Group identified that certain assets, liabilities and
charges relating to right of use assets had been misstated in prior years.
These balances have been restated as at 1 January 2020 and 31 December 2020,
and the adjustments at each date are set out below:
31 December 1 January
2020 2020
£000 £000
Right of use asset 527 76
Lease liabilities (687) (290)
Prepayments 131 -
Trade creditors 60 -
Opening reserves - 214
Depreciation of right of use assets 3 -
Finance charges 31 -
Exchange differences (65) -
Basic and diluted earnings per share was unaffected.
2. Revenue and segmental reporting
The Directors have identified the segments by reference to the principal
groups of services offered and the geographical organisation of the business
as reported to the chief operating decision-maker (CODM).
In addition to the segments adopted in the 2020 annual report and accounts,
this year a new segment exists as a result of the acquisition of SyncRTC in
October 2021, that of Hybridium.
In July 2020 the Group announced a major extension to the LoopUp proposition
to include global cloud voice services via Direct Routing integration with
Microsoft Teams. This capability, alongside the Group's longstanding Remote
Meetings and Managed Events capabilities, combine into a category termed
LoopUp Platform Capabilities (LPC), as below. The revenue previously
categorised as 'third party and other services' revenue has now been
categorised as 'third party resale services'.
Segmental revenues are external and there are no material transactions between
segments.
The Group's largest customer represented less than 5% of total revenue in both
years.
No segmental balance sheet was presented to the CODM. Overheads are not
presented to the CODM on a segmental basis.
The Group's revenue disaggregated by primary geographical markets is as
follows:
LoopUp Third party
Platform Resale
Capabilities Services Hybridium Total
£000 £000 £000 £000
For the year ended 31 December 2021:
UK 7,027 1,624 13 8,664
EU 2,181 1,136 138 3,455
North America 5,363 1,684 61 7,108
Rest of World 269 - 30 299
Total 14,840 4,444 242 19,526
For the year ended 31 December 2020:
UK 22,634 2,957 - 25,591
EU 6,217 1,573 - 7,790
North America 13,258 2,651 - 15,909
Rest of World 940 - - 940
Total 43,049 7,181 - 50,230
The Group's revenue disaggregated by pattern of revenue recognition is as
follows:
LoopUp Third party
Platform Resale
Capabilities Services Hybridium Total
£000 £000 £000 £000
For the year ended 31 December 2021:
Services transferred at a point in time 12,740 10 - 12,750
Services transferred over time 2,100 4,434 242 6,776
Total 14,840 4,444 242 19,526
For the year ended 31 December 2020:
Services transferred at a point in time 40,774 599 - 41,373
Services transferred over time 2,275 6,582 - 8,857
Total 43,049 7,181 - 50,230
The Group's gross profit disaggregated by segment is as follows:
2021 2020
£000 £000
LoopUp Platform Capabilities 11,740 33,497
Third party resale services 1,487 2,101
Hybridium 241 -
13,468 35,598
The Group's non-current assets disaggregated by primary geographical markets
are as follows: IFRS16
2021 2020
£000 Restated
£000
UK 56,851 74,230
Other EU 253 24
North America 1,181 1,701
Rest of world 2 5
58,287 75,960
3. Loss / earnings per share
The basic earnings per share is calculated by dividing the net (loss) / profit
attributable to equity holders of the Group by the weighted average number of
ordinary shares in issue during the year.
12 months to 12 months to
31 December 2021 31 December 2020
Restated
(Loss) /profit attributable to equity holders (£000) (31,121) 6,487
Adjusted profit attributable to equity holders (£000)* (6,649) 9,272
Weighted average number of ordinary shares in issue (000) 63,992 55,330
Basic (loss) / earnings per share (pence):
- Basic adjusted* (10.4) 16.8
- Basic (48.6) 11.7
* - Calculated using the (loss) / profit attributed to equity holders adjusted
for exceptional reorganisation costs, exceptional impairment charges,
amortisation of acquired intangibles and share based payment charges.
The diluted loss per share in 2021 was equal to the basic loss per share, as
no potentially dilutive shares were deemed not to be anti-dilutive.
4. Dividends
The Directors do not recommend the payment of a dividend (2020: £nil).
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