Cloud communications firm's revenues pick up by 43% as homeworking thrives
A cloud communications provider has reported that it saw “significant” revenue growth of 43 per cent in the six months to the end of June.
LoopUp Group, based in London, saw its revenue increase from £22.4m in the first half of 2019 to £31.9m in the same period this year.
The company said that the growth was largely driven by the move towards homeworking, meaning that there was a larger demand for online communications among office teams.
It also reported that its gross profits for the period had risen by 52 per cent, up to £22.8m from £15m.
Steve Flavell and Michael Hughes, co-CEOs of LoopUp Group, commented: “It has been a strong and incredibly busy first half for our business as Covid-19 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.
“With change comes opportunity, and we’re embracing this opportunity with our recent product expansion into global cloud telephony integration for Microsoft Teams.
“Early market reactions to our differentiated implementation have been highly encouraging, and we’re confident in our ability to generate strong, profitable growth in this vibrant market that is set to grow from $3.5bn to $10.4bn over the next four years.
“We have a balance sheet that enables us to invest for growth and we’re excited and focused.”
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