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LoopUp warns on performance as churn accelerates amid rising competition

By BFN News | 07:59 AM | Friday 27 November, 2020

Cloud platform LoopUp warned on performance following an acceleration in churn in its non-professional services segments amid a rise in competition. The company said it expected performance 'moderately below current market expectations,' with revenue forecast to be no lower than £50 million, about 18% growth on FY2019, and earnings before interest, taxes, depreciation and amortization, or EBITDA, no lower than £15 million, about 134% growth on FY2019. '(W)e are seeing an acceleration of churn in non-PS sectors, where our meetings capability is less differentiated and competition is more intense, the company said. 'Here, we expect trading to remain challenging, although this now represents just 14% of total LoopUp platform revenue.' Its core professional services meetings and event businesses, however, had continued to trade robustly versus pre-pandemic levels. Story provided by

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