UK's LoopUp Group soars on posting half-year profit, upbeat outlook

Loopup

14/09/2023 11:45

** Shares of LoopUp Group  LOOP.L  surge as much as 62.7% to
3.5p, their highest since March 14
    ** The global provider of cloud communications confident of
broadly meeting current market expectations for FY23 following
"positive trajectory" in cloud telephony and expected decline 
in meetings and events
    ** Company posts HY adjusted core profit of 2.5 mln pounds
($3.1 mln) vs loss of 1.5 mln pounds a year ago; revenue jumps
twofold to 12.2 mln pounds
    ** LOOP, certified onto Microsoft's  MSFT.O  Operator
Connect partner programme, says its primary business of cloud
telephony has a strong pipeline in place
    ** Stock set to post best day since April 27, 2022, if trend
holds 
    ** Currently, stock up 49%, trimming YTD losses to 21.2%


($1 = 0.8025 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))