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LOOP Loopup Group Plc

0.70
0.00 (0.00%)
04 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Loopup Group Plc LOOP London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.70 00:00:00
Open Price Low Price High Price Close Price Previous Close
0.70 0.70
more quote information »
Industry Sector
SOFTWARE & COMPUTER SERVICES

Loopup LOOP Dividends History

No dividends issued between 05 Nov 2014 and 05 Nov 2024

Top Dividend Posts

Top Posts
Posted at 14/9/2023 08:11 by dave4545
This market revolves around a fast buck so it does not matter wether loop made £10 mil or lost £10 mil when it's top of the leadersboard a load of momentum players enter

That's the market guess you do not get that Terminator
Posted at 14/12/2022 15:13 by 1224saj
Most telcos in the channel where loop sit, are declaring increased turnover and profits. Daisy have just declared upwards of 14% increase in profits
Posted at 14/12/2022 12:01 by 1224saj
As I'm in the industry, I bought into the Loop story and ended up with a bunch of city wide boys that thought they knew how to play the game. With some anger this is going to go! I can't wait to meet the BOD at an industry junket, because they won't be able to keep their mouths shut, blaming everybody and anything apart from their complete incompetence.
Posted at 07/9/2022 06:12 by someuwin
7 September 2022

LOOPUP GROUP PLC

("LoopUp" or the "Group")

PGi Connect contract update

LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid communications, is pleased to announce an update on its agreement with PGi Connect.

On 1 September 2022, the Group announced that it had entered into a revenue sharing and customer transfer agreement with PGi Connect, which gives LoopUp the rights to transfer materially all of PGi Connect's conferencing services customers (but not its webcasting customers) over to LoopUp. While no initial or fixed consideration is payable, the Group will pay PGi Connect a share of revenue invoiced and received from successfully transferred customers for a period of three years.

On Friday 2 September, PGi Connect sent out the first and largest batch of contract assignment notices to c.8,100 of its enterprise customers concerning the transition of services to LoopUp from 1 October 2022. These customers currently generate an annualised revenue run-rate of c.GBP34 million to PGi Connect.

While this is clearly a highly material level of assigned business, and while more is expected to be assigned from PGi Connect to LoopUp in due course, the Group nevertheless reiterates that after making prudent transition loss assumptions for non-term-committed customers as well as general ongoing business attrition, it expects the PGi agreement to generate revenue of approximately GBP10 million and net cash contribution to the Group of approximately GBP5 million over the twelve-month period from October 2022 to September 2023
Posted at 27/4/2022 12:57 by mi hung hai
So says a bankrupt mongrel who trades in chunks of 500 quids.

with an average of 100p or so here. OK

kirk 6 - 14 Apr 2022 - 08:22:30 - 2947 of 3009 ☎☎ Loopup - Pain-free Teleconferencing ☎☎ - LOOP
Written this one off a while ago
Posted at 27/4/2022 09:48 by mi hung hai
kirk 6 - 14 Apr 2022 - 08:22:30 - 2947 of 3009 ☎☎ Loopup - Pain-free Teleconferencing ☎☎ - LOOP
Written this one off a while ago
Posted at 28/10/2021 10:01 by team cheltenham
I worked in this space for 20 years, I know most of the players, I know a lot about Loop Up and even more about their recentish acquisition Meeting Zone. In short, Loop Up revenue was heavily influenced by people dialing into a conference call, when dialing in was switching to digital meetings on any device. They tried but most of the clients Loop Up would have had already had digital collaboration options - they had MS Teams or Cisco WebEx ready to go, these solution often as not weren't used because Microsoft or Cisco never really managed their accounts so whilst a lot of users had the solution on their desktop or mobile device they never used them; they stuck with what they knew and knew how to use. Mind, if they didn't have them IT managers were rushing to them (MS and Cisco). Loop Up also had digital offerings but it's a difficult move from one solution (dialing in) that had a 70% - 80% margin to one (digital) that was nearer 20% - so going digital was never really encouraged. but most IT managers would choose one of the biggies before Loop Up, that's not to say they didn't have the odd success. However numbers started to head South, so what to do? Go to market for a fund raise and buy another legacy telco company for the sort of multiples of EBITDA you'd expect for a successful software outfit. MeetingZone were even more reliant on telephone call revenue. They did partner with both MS and Cisco as a reseller but they were on small margins. The acquisition looked good on paper but scratch away and it was rotten. I don't see where Loop Up can go from here - the market has been swallowed up by the big players and there's some niche stuff doing well but Loop Up aren't in that game. I know people that work there, good people, good at their jobs too but this is all about maintenance now. Just like all the other players in the conferencing space, the good years were 2000 - 2017, it was a free for all, massive margins, all telephone centric. But the digital transformation hit the industry fast and most were left chasing their legacy clients who were switching to Teams and WebEx. As a sales mgr most of my meetings in 2017 were trying to persuade clients to stay with us and start using our digital offering; some did, a lot left. Loop Up were no different, nor Meeting Zone. I know some of the senior guys at MZ couldn't believe what they were bought for. I was at another company who did some deep dd on MZ as they wanted to buy them (they'd been up for sale for years), at the time we walked away from it because the price was way too high and it was a price much much lower than what Loop Up paid. But they were desperate - like the stock price.
Posted at 27/11/2020 20:23 by thordon
Non-core revenue drags run-rate down
LoopUp has published a trading update detailing a modest miss for FY20,
but a materially lower-than-expected run rate as the business moves
towards FY21. The shortfall is attributable almost entirely to a faster-thanexpected and more dramatic decline for the LoopUp meetings product in
sectors outside the core focus Professional Services segment. We make
reductions in estimates to reflect this revised outlook – clearly this is
disappointing, but there are a number of positives within the parts of the
business likely to drive long-term value.
▪ Trading update The group has this morning announced an update,
describing the likely outturn for 2020 slightly below our previous
forecasts. This is driven by current trading showing an increase in meeting
minutes (up 43% overall) but a drop in revenue per minute (down 24%) as
more of the calls are domestic/dial-out and less are international/dial-in.
▪ Challenges most apparent in non-core areas The pressure is being most
clearly seen in the non-Professional Services side of the group, which is
seeing volumes 10% down y/y (even before the pricing impact described
above) and with customer churn running at around 30%. We had
expected pressure in this area, but not to the extent clearly being felt –
the competitive threats of Teams and Zoom (in these non-Professional
Services sectors) are combining with customer end-market challenges and
financial pressures to drive a dramatic decline in revenue and customer
numbers.
▪ Impact on estimates For 2020, the impact of this pressure is muted, given
that the bulk of the year has passed, and these effects have only recently
come to the fore. For 2021, however, the current annual run rate of
c.£34m is dramatically below our previous £56m estimate. We make a
relatively modest reduction to 2020 forecasts, but a much more material
cut to 2021 estimates to reflect this new reality.
Clearly the downgrades are a disappointment, and we are surprised to see
the scale and the pace of the pressure outside Professional Services.
Nevertheless, there are a number of bright spots – the growth in minutes
within Professional Services and the strong pipeline for the recentlylaunched product which seeks to benefit from the Cloud Telephony uplift
described above. We await further news and to see additional progress on
the core and emerging revenue streams.
0
50
100
150
200
250
300
FYE DEC (£M) 2017 2018 2019 2020E 2021E
LoopUp Revenue 17.5 34.2 42.5 50.1 35.2
Adjusted EBITDA 3.5 7.7 6.4 15.1 6.1
Adjusted PBT 0.7 4.1 0.5 8.4 -0.3
Adjusted EPS 4.4 9.3 2.2 14.7 -1.0
EV/Sales 5.1x 2.6x 2.1x 1.8x 2.5x
EV/ Adj. EBITDA 25.7x 11.6x 13.9x 5.9x 14.5x
P/E 35.0x 16.7x 71.7x 10.5x n.a.
Source: Company Information and Progressive Equity Research estimates
LOOPUP IS A RESEARCH CLIENT OF PROGRESSIVE
ANALYSTS
Gareth Evans
+44 (0) 20 7781 5301
gevans@progressive-research.com
Ian Poulter
+44 (0) 20 7781 5307
ipoulter@progressive-research.com
27 November 2020
2 LoopUp
Changes to estimates
We make the changes as shown below to our forecasts, reflecting management guidance
for 2020 as described in the RNS, and a view of 2021 based largely on the current run-rate,
again as described.
From the current run-rate revenue of some £34m, we expect modest ongoing decline in
the Cisco business and non-Professional Services revenues…together this could reduce
sales by £2m per year.
Offsetting this, we expect the new Cloud Telephony revenue streams to begin to contribute
modestly in 2021 as the Teams-based sales opportunities continue to convert. The pipeline
for this business appears extremely strong at some £84m in total contract value, suggesting
a good level of customer interest and strong long-term potential.
The major unknown for 2021 is the core LoopUp Meetings business within the Professional
Services sector. We would hope that this should perform strongly, driving revenues higher
as customers unwilling to rely on the public internet, and for whom call quality and security
are paramount, continue to use LoopUp for important meetings. There is, however, risk
that the current “boost” to minute volumes could abate as working patterns normalise –
this would reduce the scope for revenues to grow overall. Offsetting this risk, however, we
would expect per-minute prices to rise as the mix perhaps moves back to a more normal
level of international and dial-in minutes….these higher-rate services would improve the
mix and add to revenues.
Balancing all these factors, we suggest that a revenue level modestly, but not materially
ahead of the current run-rate level might be a realistic view for 2021. We model this, as
shown in the table below, with the knock-on impact on Adjusted EBITDA and other financial
metrics.
CHANGES TO ESTIMATES
Source: Progressive Equity Research estimates
FY20E
£m unless stated Old New Change (%) Old New Change (%)
Revenue 54.8 50.1 -9% 56.0 35.2 -37%
Adj EBITDA 17.3 15.1 -13% 13.3 6.1 -54%
Fully adj PBT 10.5 8.4 -20% 5.9 -0.3 nm
Fully adj EPS (p) 17.2 14.7 -14% 9.3 -1.0 nm
FY21E
27 November 2020
3 LoopUp
Positive elements
There are, despite the obvious pressures, a number of positives within the announcement:
▪ Professional Services client base The group is seeing strong ongoing demand within
the Professional Services segment, for which the product is tailored and where
customers continue to value the unique attributes, unmatched by Teams, Zoom or
other platforms. Client wins for H2 are described as including three of the world’s top
100 law firms, and the pipeline is strong at an Annual Contract Value of some £16m.
▪ Teams-telephony product showing strong early signs Cloud Telephony revenues could
evolve materially, with the recently launched proposition for Teams telephony
providing a major revenue opportunity. The pipeline for this business stands at a Total
Contract Value of £84m, some 68% higher than the previous figure of c£50m given with
at the time of H1 results in late-September.
▪ Meeting minute volumes remain buoyant The current level of minute volumes within
Professional Services (roughly 56% up y/y) remains extremely strong; if this can persist
into 2021 as work returns to something more approaching “normal” next year, then the
group is well placed.
▪ Price-per-minute mix could recover The current reduction in average revenue per
minute reflects a lack of international calls – presumably as international deals are
depressed, and cross-border activity is at low levels. If these types of usage return, then
average prices per minute will rise, adding to revenue.
Summary and conclusion
Overall, today’s news is clearly a negative development, but the vast majority of the
disappointment relates to the business that is already identified as non-core (i.e. the
segments outside Professional Services) which now accounts for just 14% of LoopUp
Platform revenues.
The scale and the pace of the drop-off in client revenues has been a surprise, as the
pressures of both challenging end markets and the emerging success of Teams and Zoom
have combined to dramatically reduce LoopUp revenues. Nevertheless, LoopUp remains
well positioned (and performing strongly) in its core and target Professional Services sector,
and well placed to deliver on the potential for Teams-based Cloud Telephony.
27 November 2020
4 LoopUp
Financial Summary: LoopUp
Year end: December (£m unless shown)
PROFIT & LOSS 2017 2018 2019 2020E 2021E
LoopUp Revenue 17.5 34.2 42.5 50.1 35.2
Adj EBITDA 3.5 7.7 6.4 15.1 6.1
Adj EBITA 3.2 7.1 4.9 12.9 4.2
Reported PBT 0.7 0.4 (2.8) 5.6 (2.8)
Fully adj PBT 0.7 4.1 0.5 8.4 (0.3)
NOPAT 0.7 4.5 1.2 8.7 0.0
Reported EPS 4.4 2.3 (3.3) 7.6 (2.7)
Fully adj EPS 4.4 9.3 2.2 14.7 (1.0)
Dividend per share 0.0 0.0 0.0 0.0 0.0
CASH FLOW & BALANCE SHEET 2017 2018 2019 2020E 2021E
Operating cash flow 3.1 4.4 6.7 11.6 (1.7)
Free Cash flow (0.1) 4.4 4.4 9.5 (1.7)
FCF per share (0.3) 8.3 7.4 15.6 (2.8)
Acquisitions 0.0 (65.9) (5.0) 0.0 0.0
Disposals 0.0 0.0 0.0 0.0 0.0
Shares issued 0.9 47.9 0.1 0.0 0.0
Net cash flow 0.7 (13.5) (0.9) 9.5 (1.7)
Overdrafts / borrowings 0.0 (16.2) (14.5) (12.8) (11.1)
Cash & equivalents 2.9 5.6 3.0 10.8 7.4
Net (Debt)/Cash 2.9 (10.6) (11.5) (1.9) (3.6)
NAV AND RETURNS 2017 2018 2019 2020E 2021E
Net asset value 10.5 59.9 58.1 62.7 59.4
NAV/share 25.6 109.0 105.2 113.6 107.5
Net Tangible Asset Value 0.5 2.2 6.0 4.6 3.5
NTAV/share 1.1 3.9 10.8 8.3 6.3
Average equity 9.1 35.2 59.0 60.4 61.9
Post-tax ROE (%) 8.0% 11.6% 0.9% 13.8% (0.5%)
METRICS 2017 2018 2019 2020E 2021E
Revenue growth 36.2% 95.9% 24.3% 17.8% (29.8%)
Adj EBITDA growth 67.8% 121.1% (16.2%) 135.0% (59.4%)
Adj EBITA growth 74.5% 124.1% (30.5%) 161.0% (67.4%)
Adj PBT growth (354.9%) 459.9% (87.4%) 1528.1% (103.3%)
Adj EPS growth 722.4% 109.8% (76.8%) 582.2% (106.5%)
Dividend growth N/A N/A N/A N/A N/A
Adj EBITA margins 18.2% 20.8% 11.6% 25.7% 11.9%
VALUATION 2017 2018 2019 2020E 2021E
EV/Sales 5.1 2.6 2.1 1.8 2.5
EV/EBITDA 25.7 11.6 13.9 5.9 14.5
EV/NOPAT 122.9 19.5 76.6 10.3 3811.2
PER 35.0 16.7 71.7 10.5 n.a.
Dividend yield N/A N/A N/A N/A N/A
FCF yield (0.2%) 5.4% 4.7% 10
Posted at 20/11/2020 16:16 by sev22
Did any of those investors who sold their shares this week even read the article I posted below from Simon Thompson of the IC?


Business is booming at LoopUp (LOOP:245p), a London-based premium remote conference meetings company.

As millions of firms move to remote working, LoopUp’s information secure, reliable and easy-to-use remote conferencing technology is enjoying strong demand from customers in key professional service verticals where data privacy and security is paramount (law, accountancy, investment banking, corporate finance, private equity, asset management, insurance, PR and marketing).

The client base includes more than 20 per cent of both the AmLaw Global 100 firms and the world’s top-100 private equity firms. It’s growing strongly, too. The professional services segment increased call volume by 90 per cent to 335m minutes in the first half and its revenue contribution shot up by 81 per cent to £16.1m, outpacing the 43 per cent growth in LoopUp’s overall revenues to £31.9m. This growth has sent profits and cash flow soaring.

With the benefit of strong operational gearing – administration costs declined by 7 per cent year-on-year to £10.6m – and rising gross margin (up from 67.1 to 71.4 per cent), LoopUp’s first half cash profit more than trebled to £12.2m to deliver a 664 per cent rise in operating profit to £9.2m. In turn, LoopUp generated £9.9m of cash from operating activities (more than 50 per cent more than for the whole of last year) which slashed net debt from £11.45m at the start of the year to £5.3m at end June. Net borrowing has since declined to £3m by the end of August.

That’s important as more of the economic interest in the company is now owned by shareholders while at the same time the deleveraging of the balance sheet enables investors to place a higher value on LoopUp’s earnings given the lower financial risk. There are good reasons to expect these positive trends to continue.

For instance, post period end, LoopUp closed a contract with one of the world’s five largest law firms, following a successful pilot with 300 users. It is now being rolled out globally and has “potential to become one of the company’s largest accounts”. The largest account currently accounts for 2.4 per cent of the company’s revenue, so this is a big win. The legal segment accounted for around 60 per cent of new wins in the six-month period, according to co-chief executive Steve Flavell, highlighting the quality of its user base.

Moreover, LoopUp has offices in North America, Europe, Hong Kong, Sydney and Barbados, so its geographic footprint covers the world’s major business capitals, thus enabling it to win even more business and expand its customer reach further. That’s exactly what the company is doing, having just opened new sales pods in France and Germany to exploit the market opportunity in those countries.

Microsoft Teams bumper business opportunity

Another growth opportunity, and a sizeable one, too, is the extension announced in July to flagship product, LoopUp, as the company strives to become a leading provider of telephony services for Microsoft’s Teams, a product that has 75m daily active users. LoopUp now offers global cloud voice services via a third-party network direct routing to companies using Microsoft Teams, alongside its own premium remote meetings capability. Users can make and receive outbound and inbound voice calls directly from their Microsoft Teams user interface on any device, irrespective of geographic location, and with differentiated audio quality, reliability and security.


Analysts at Gartner believe that 90 per cent of enterprises will adopt direct routing voice calls by 2022, up from only 10 per cent last year. This is a seismic shift and explains why Microsoft is seeking to increase its presence in this important segment of the market. It also explains why LoopUp is exploiting the market opportunity [for cloud telephony integrated with Microsoft Teams] which is forecast to grow fivefold in size to US$7.6bn over the next four years, according to research from Wainhouse Research. Add to that LoopUp’s existing professional services remote meeting market segment (predicted 40 per cent growth to US$2.8bn by 2024) and the company’s total addressable market will effectively treble to US$10.5bn by 2024.

Bearing this in mind, the directors confirmed during our results call that they have already secured 219 live opportunities with a total contract value worth £50m for cloud telephony integrated with Microsoft Teams. They expect gross margin earned on this new revenue stream to be in line with that on LoopUp’s existing products. They also noted that 30 per cent of LoopUp’s business came from committed contracts, up from 13 per cent at the start of the year, with an average committed term of 24 months. This further improves earnings visibility, albeit the margin on these term contracts is lower than on rolling monthly pay-as-you-go

Earnings forecasts conservative

Analysts at Panmure Gordon have left their full-year earnings per share (EPS) estimates unchanged at 15.1p based on LoopUp delivering annual revenue of £55m, cash profit of £16.9m and pre-tax profit of £10.2m. Even after taking into account the first half weighting to earnings, their forecasts look too conservative given analysts have not factored in any benefit from Microsoft Teams direct routing sales. The second wave of the Covid-19 pandemic is also forcing millions of workers to return from the office to home working. Both these factors can only boost demand for LoopUp’s products, and underpin the company’s strong performance.

In the circumstances, I maintain my view that the company should be rated far closer to the UK Small-Cap Technology sector average multiple of 13.5 times 2021 enterprise value to cash profit (‘Targeting tech stocks’, 10 August 2020), a valuation that underpins my 300p target price. I first suggested buying the shares, at 138p, in my July Alpha Report (‘Tap into the remote working boom with LoopUp’, 2 July 2020). A move through the summer’s closing high of 248p would be another bullish signal. On a bid offer spread of 242p to 245p, the shares continue to rate a buy.
Posted at 16/11/2020 14:36 by sev22
Just to reassure private investors I have copied Simon Thompson's article, published in the IC on 23rd of September. I think the share price has been unfairly marked down here on the back of two vaccine headlines.

The most recent trading news was fantastic, and I think a lot of that will continue, even if people do gradually go back to working in offices over the next few years.


Business is booming at LoopUp (LOOP:245p), a London-based premium remote conference meetings company.

As millions of firms move to remote working, LoopUp’s information secure, reliable and easy-to-use remote conferencing technology is enjoying strong demand from customers in key professional service verticals where data privacy and security is paramount (law, accountancy, investment banking, corporate finance, private equity, asset management, insurance, PR and marketing).

The client base includes more than 20 per cent of both the AmLaw Global 100 firms and the world’s top-100 private equity firms. It’s growing strongly, too. The professional services segment increased call volume by 90 per cent to 335m minutes in the first half and its revenue contribution shot up by 81 per cent to £16.1m, outpacing the 43 per cent growth in LoopUp’s overall revenues to £31.9m. This growth has sent profits and cash flow soaring.

With the benefit of strong operational gearing – administration costs declined by 7 per cent year-on-year to £10.6m – and rising gross margin (up from 67.1 to 71.4 per cent), LoopUp’s first half cash profit more than trebled to £12.2m to deliver a 664 per cent rise in operating profit to £9.2m. In turn, LoopUp generated £9.9m of cash from operating activities (more than 50 per cent more than for the whole of last year) which slashed net debt from £11.45m at the start of the year to £5.3m at end June. Net borrowing has since declined to £3m by the end of August.

That’s important as more of the economic interest in the company is now owned by shareholders while at the same time the deleveraging of the balance sheet enables investors to place a higher value on LoopUp’s earnings given the lower financial risk. There are good reasons to expect these positive trends to continue.

For instance, post period end, LoopUp closed a contract with one of the world’s five largest law firms, following a successful pilot with 300 users. It is now being rolled out globally and has “potential to become one of the company’s largest accounts”. The largest account currently accounts for 2.4 per cent of the company’s revenue, so this is a big win. The legal segment accounted for around 60 per cent of new wins in the six-month period, according to co-chief executive Steve Flavell, highlighting the quality of its user base.

Moreover, LoopUp has offices in North America, Europe, Hong Kong, Sydney and Barbados, so its geographic footprint covers the world’s major business capitals, thus enabling it to win even more business and expand its customer reach further. That’s exactly what the company is doing, having just opened new sales pods in France and Germany to exploit the market opportunity in those countries.

Microsoft Teams bumper business opportunity

Another growth opportunity, and a sizeable one, too, is the extension announced in July to flagship product, LoopUp, as the company strives to become a leading provider of telephony services for Microsoft’s Teams, a product that has 75m daily active users. LoopUp now offers global cloud voice services via a third-party network direct routing to companies using Microsoft Teams, alongside its own premium remote meetings capability. Users can make and receive outbound and inbound voice calls directly from their Microsoft Teams user interface on any device, irrespective of geographic location, and with differentiated audio quality, reliability and security.


Analysts at Gartner believe that 90 per cent of enterprises will adopt direct routing voice calls by 2022, up from only 10 per cent last year. This is a seismic shift and explains why Microsoft is seeking to increase its presence in this important segment of the market. It also explains why LoopUp is exploiting the market opportunity [for cloud telephony integrated with Microsoft Teams] which is forecast to grow fivefold in size to US$7.6bn over the next four years, according to research from Wainhouse Research. Add to that LoopUp’s existing professional services remote meeting market segment (predicted 40 per cent growth to US$2.8bn by 2024) and the company’s total addressable market will effectively treble to US$10.5bn by 2024.

Bearing this in mind, the directors confirmed during our results call that they have already secured 219 live opportunities with a total contract value worth £50m for cloud telephony integrated with Microsoft Teams. They expect gross margin earned on this new revenue stream to be in line with that on LoopUp’s existing products. They also noted that 30 per cent of LoopUp’s business came from committed contracts, up from 13 per cent at the start of the year, with an average committed term of 24 months. This further improves earnings visibility, albeit the margin on these term contracts is lower than on rolling monthly pay-as-you-go

Earnings forecasts conservative

Analysts at Panmure Gordon have left their full-year earnings per share (EPS) estimates unchanged at 15.1p based on LoopUp delivering annual revenue of £55m, cash profit of £16.9m and pre-tax profit of £10.2m. Even after taking into account the first half weighting to earnings, their forecasts look too conservative given analysts have not factored in any benefit from Microsoft Teams direct routing sales. The second wave of the Covid-19 pandemic is also forcing millions of workers to return from the office to home working. Both these factors can only boost demand for LoopUp’s products, and underpin the company’s strong performance.

In the circumstances, I maintain my view that the company should be rated far closer to the UK Small-Cap Technology sector average multiple of 13.5 times 2021 enterprise value to cash profit (‘Targeting tech stocks’, 10 August 2020), a valuation that underpins my 300p target price. I first suggested buying the shares, at 138p, in my July Alpha Report (‘Tap into the remote working boom with LoopUp’, 2 July 2020). A move through the summer’s closing high of 248p would be another bullish signal. On a bid offer spread of 242p to 245p, the shares continue to rate a buy.