By Elena Vardon
LoopUp Group is confident it will broadly meet market expectations for 2023 as traction in its cloud telephony business offsets the progressive structural decline in its meetings and events division, the company said as it reported a narrower pretax loss for the first half of the year.
The U.K. communications-services provider on Thursday posted a pretax loss of 1.6 million pounds ($1.9 million) of for the six months ended June 30, compared with a pretax loss of GBP7.1 million in the year-prior period.
Revenue rose to GBP12.2 million from GBP6.6 million, boosted by its PGi Connect transaction, it said.
It said it has a strong pipeline of future cloud telephony sales opportunities that represent around GBP100 million in annual recurring revenue.
Write to Elena Vardon at [email protected]
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