Shares of LoopUp Group PLC (LON: LOOP) surged 13.6% today after the cloud communications and remote meetings software provider reported its H1 2020 earnings, which beat analysts expectations by a wide margin.
The company reported that its gross profits for the first half of 2020 ending June 30 were £12.2 million, a 247% jump as compared to last year, while its revenues rose 43% to £31.9 million.
The firm said that its impressive figures were driven by higher demand for its core products, which generated £27.9 million of its overall revenues during the review period, a 54% jump as compared to 2019.
LoopUp co-CEO’s Steve Flavell and Michael Hughes issued a joint statement saying: “It has been a strong and incredibly busy first half for our business as [coronavirus] has accelerated changes in working habits. We're proud to be helping our customers with their business-critical communications in these challenging times, by providing simple, reliable and secure products that are diligently operated and supported. We would like to thank our team for their tremendous and ongoing efforts.”
Loopup share price
Loopup shares today surged 13.6% to trade at 250p having ended Tuesday’s session trading at 220p.