LoopUp Group PLC - London-based software provider for remote meetings - posts revenue of GBP16.5 million for 2022, down 15% from GBP19.5 million a year earlier. Says it has seen a material improvement in the second half of the year with GBP9.9 million. Pretax loss narrows to GBP12.3 million from GBP31.1 million, as it books a currency translation gain of GBP209,000 compared to a loss of GBP340,000 a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation are down to GBP867,000 from GBP1.2 million.

Looking ahead, says it is confident to meet financial 2023 market expectations. Revenue amounts to about GBP6.5 million for the first quarter of 2023.

Co Chief Executive Officers Steve Flavell and Michael Hughes say: "We are delighted to have finished last year and entered this year strongly on two fronts. First, we have seen a material jump in revenue run-rate and cash generation delivered from the PGi Connect agreement. Second, we have achieved strong commercial traction in our primary Cloud Telephony growth business."

Current stock price: 2.50 pence each, down 5.7% on Wednesday morning in London

12-month change: down 62%

By Xindi Wei, Alliance News reporter

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