Cloud communications company LoopUp Group Plc moved from profit- to loss-making in FY22.

In the 12 months ended 31st December 2022, revenue was £16.5 million, down £3m from the prior year despite benefiting from a deal  – signed in September – to transfer PGi Connect’s conferencing services customers.

Approximately 7,000 customers have transitioned from PGi Connect to LoopUp, leading to an increase in the group’s revenue run rate of 167%.

However LoopUp told the London Stock Exchange that it “continues to expect attrition over time to revenue from the group’s meetings business, including that from the PGi Connect transaction”.

LoopUp, which made a £1.2m EBITDA profit in FY21, fell to a £1m loss in FY22. At year end it had gross cash of £1.7m, down from £5.5m a year prior, and net debt of £5.8m, compared to £2.5m.

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The company, which raised £3.5m in a share placing in September 2022, says cloud telephony now sits squarely at the heart of its growth strategy, with customer numbers in this area growing from 29 to 79.

Booked annual recurring revenue from these customers stands at £1.8m minimum contractually guaranteed and £3.1m expected, it said, with nearly all on three-year initial term licence contracts.

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