PUNT OF THE WEEK: AIM-listed Loop Up can profit from remote meetings and events as workers stay at home
What is it?
An AIM-listed group, Loop Up provides conference calling software, allowing users to hold remote meetings and events.
It is based in London’s startup hub of Shoreditch but has a number of other offices, including in the US, Spain, Hong Kong and Barbados.
What’s the latest? Users have surged as the coronavirus outbreak has forced people to work from home, it said alongside annual results.
The full-year figures showed revenues rose 24 per cent – but the business swung to a loss of £2.8million, down from a profit of £385,000 the year before.
Who backs it? Angel investor Andrew Scott is one of the biggest shareholders, with a 12 per cent stake, and cochief executives Steve Flavell and Michael Hughes both have holdings of almost 5 per cent.
Why should you invest? Conference calling software is in high demand at the moment and Loop Up will benefit from having an existing customer base in the US and Europe.
And why shouldn’t you? Growth has been centred around law and financial services firms. If the economy suffers, these types of businesses could be vulnerable.