LoopUp Group PLC 2022 audited accounts and debt extension (4664E)

TIDMLOOP

RNS Number : 4664E

LoopUp Group PLC

30 June 2023

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 GBP13,560,000 against a previously announced figure for goodwill and other intangibles, as at 31 December 2022, of GBP35,425,000. Together with some other minor adjustments, there is an increase against the previously announced Group operating loss for 2022 of GBP11,589,000, with a resulting Group operating loss of GBP25,102,000.

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 
 
                                                    [phone] 
Panmure Gordon (UK) Limited                          2500 
Dominic Morley / Ivo Macdonald (Corporate 
 Finance) 
 
                                                    [phone] 
Cenkos Securities Limited                            8900 
Giles Balleny / Dan Hodkinson (Corporate Finance) 
Alex Pollen / Dale Bellis (Sales) 
 
                                                    [phone] 
FTI Consulting, LLP                                  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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June 30, 2023 02:00 ET (06:00 GMT)