LoopUp sinks as it cuts full-year guidance
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The price of shares in AIM-listed teleconference software developer LoopUp (LON:LOOP) plummeted 45.96% to 127p (as of 14:50 BST) after it warned that full year EBITDA would be 20% below market expectations. Revenues during the six months ended 30th June were subdued as demand from long-term clients fell and an unusually high number of quota-bearing senior staff were occupied with management and training activity.
The company’s CEOs Steve Flavell and Michael Hughes commented: “We are experiencing some broad macro-economic headwinds in our business and have needed to take on board some learnings and growing pains resulting from what is essentially a very positive expansion of team size in our new business pods.
“However, we believe the LoopUp product remains strong and differentiated in a very large addressable market, we continue to see excellent demand for that product, and we remain confident in our ability to deliver strong future growth“.
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