30 June 2023
LOOPUP GROUP PLC
("LoopUp" or the "Group")
2022 audited accounts and debt extension
LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid communications, announces that its annual report and audited accounts for the year ended 31 December 2022 (the "2022 Accounts") are now available on its website at www.loopup.com/investors. The 2022 Accounts will be dispatched to shareholders by mail today (to those entitled to receive hard copies).
The Group notes that, subsequent to the announcement of the unaudited preliminary results on 7 June 2023, an adjustment to the Group's unaudited preliminary results has been made during the audit finalisation process to raise an exceptional impairment charge in relation to certain intangible assets arising on the 2018 acquisition of MeetingZone. This adjustment constitutes a reduction of £13,560,000 against a previously announced figure for goodwill and other intangibles, as at 31 December 2022, of £35,425,000. Together with some other minor adjustments, there is an increase against the previously announced Group operating loss for 2022 of £11,589,000, with a resulting Group operating loss of £25,102,000.
Additionally, the Group announces that, since the announcement of the unaudited preliminary results, the Group has extended its debt facilities with Bank of Ireland by twelve months, such that the facilities will now mature on 30 September 2024. The financial covenants to this facility have also been extended through to the updated maturity date, on the same basis as prior to the extension. There are no changes to key commercial terms in connection with the facility.
Market abuse regulation:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
For further information, please contact:
| LoopUp Group plc | via FTI |
| Steve Flavell, co-CEO |
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| Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
| Dominic Morley / Ivo Macdonald (Corporate Finance) |
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| Cenkos Securities Limited | +44 (0) 20 7397 8900 |
| Giles Balleny / Dan Hodkinson (Corporate Finance) |
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| Alex Pollen / Dale Bellis (Sales) |
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| FTI Consulting, LLP | +44 (0) 20 3727 1000 |
| Matt Dixon / Jamille Smith / Tom Blundell | |
About LoopUp Group plc
LoopUp (LSE AIM: LOOP) is a cloud platform for premium hybrid communications. The Group's flagship Cloud Telephony solution for Microsoft Teams enables multinational enterprises to consolidate their global telephony provision into a single, consistently managed cloud implementation rather than disparate implementations from multiple carriers. The Group is listed on the AIM market of the London Stock Exchange and is headquartered in London, with offices in the US, Spain, Germany, Hong Kong, Barbados and Australia. For further information, please visit: www.loopup.com
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