- Intense pressure on remote meetings business means first half revenue will be 13 per cent below budget and analysts reduce full-year estimates by 35 per cent.
- Analysts slash 2021 cash profit estimates by 78 per cent from £5.9m to £1.3m.
- Cloud telephony customer base rises five-fold since late March.
- Negotiations on cloud telephony contracts worth £20m at advanced stage.
A pre-close trading update from LoopUp (LOOP:54p), a London-based premium remote conference meetings company, highlights the ongoing transition of the group into a broader cloud platform services communications business.
Cloud telephony facilitates greater remote and hybrid working flexible compared with legacy on premise systems. The $15.8bn (£11.5bn) market is growing rapidly with analysts at Wainhouse Research predicting it will be worth $26bn by 2024. LoopUp's existing cloud telephony business, an expertise in Microsoft voice technology, and a differentiated voice architecture, provide the foundation to tap into this market growth as an add-on capability to Microsoft Teams. The advantages for end users is a unified calling experience, rather than using Teams for internal calls and a separate legacy system for external calls, and the ability to use the Teams app on any internet-connected device to make and receive calls. Essentially an employee’s direct dial business number travels with them.