UK's LoopUp Group hits record low on bleak FY earnings outlook

Loopup

14/12/2022 11:47

** Shares of cloud communication software provider LoopUp
Group  LOOP.L  fall as much as 4% to a record low of 4.35p    
    ** Company forecasts FY22 earnings before interest, taxes,
depreciation, and amortisation to be marginally below market
expectations  urn:newsml:reuters.com:*:nTUC9N4ZZG 
    ** Earnings outlook is lower due to higher transition
execution costs related to a recent revenue-sharing and
customer-transfer agreement with virtual conferencing services
provider PGi Connect - co 
    ** LOOP says this cost is not expected to impact FY23
profitability
    ** Expects FY22 revenue to be marginally above market
expectations at no less than 15.5 mln pounds ($19.2 mln)
    ** Including session losses, stock down ~78% YTD
($1 = 0.8080 pounds)
 (Reporting by Amna Karimi in Bengaluru)
 ((Amna.Karimi@thomsonreuters.com; +91 8083261226))