LoopUp Group PLC (LON:LOOP), the remote meetings company, said it has seen revenue shoot up during the coronavirus (COVID-19) lockdown period and it expects to exceed market expectations for the full year in terms of revenue, underlying earnings (EBITDA) and cash generation.
Revenue in the first half of 2020 jumped by 43% to £31.9mln from £22.3mln in the first half of last year, with the gain attributed by the company to the large-scale migration towards working from home associated with COVID-19.
EBITDA soared 249% to £12.2mln from £3.5mln as the company saw particularly strong growth in the use of its higher-margin LoopUp Meetings and Event by LoopUp offerings.
Gross margins improved by around four percentage points to around 71% from 67% a year earlier.
The group ended the half-year with cash of £8.2mln, up from £3.8mln a year earlier. Net debt more than halved to £5.4mln at the period end, down from £11.5mln at the end of June 2019, with the company expecting to receive a research & development tax credit of around £1.3mln in the current quarter.