LoopUp Group PLC Audited accounts (6824T)

TIDMLOOP

RNS Number : 6824T

LoopUp Group PLC

26 July 2022

LOOPUP GROUP PLC

("LoopUp Group" or the "Group")

Audited accounts for the year ended 31 December 2021

LoopUp Group plc (AIM: LOOP), the cloud platform for premium hybrid communications, announces that its 2021 annual report and accounts are now available on its website at www.loopup.com/investors. The annual report will be dispatched to shareholders on 29 July 2022, together with notice of a General Meeting to be held on 18 August 2022 to consider resolutions relating to the annual report and accounts that were not put to the Annual General Meeting.

While there is no impact on the financial or operating highlights contained in the announcement of the unaudited preliminary results on 7 June 2022, the following adjustments to the preliminary results have been made during the audit finalisation process:

-- An amendment to the 2021 deferred tax charge and provision arising from the exceptional impairment charge in respect of the customer relationships asset. This had the effect of releasing GBP2,948,000 of the deferred tax provision, thereby decreasing the post-tax loss for the year by GBP2,948,000.

-- Recognition of a dilapidations provision of GBP172,000 in respect of three properties occupied by the Group. This effectively reclassifies part of the Lease Liabilities as Provisions and has no impact on the result for the year.

-- A prior year adjustment in relation to the deferred tax charge to correct the tax rate at which the deferred tax provision was calculated in 2020, which has the effect of increasing the deferred tax charge and liability in 2020 by GBP518,000, and reducing net profit and net assets accordingly.

   --     Consequential changes to the cash flow statements for both years.

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.

 
LoopUp Group plc                                    via FTI 
Steve Flavell, co-CEO 
 
                                                      +44 (0) 20 7886 
  Panmure Gordon (UK) Limited                         2500 
Dominic Morley / Alina Vaskina (Corporate 
 Finance) 
Erik Anderson (Corporate Broking) 
 
                                                      +44 (0) 20 7397 
  Cenkos Securities Limited                           8900 
Giles Balleny / Dan Hodkinson (Corporate Finance) 
Alex Pollen (Sales) 
 
                                                    +44 (0) 20 3727 
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 telecommunications into a single, consistently managed cloud implementation rather than disparate implementations from multiple carriers. The Group's hybrid auditorium and events solution, Hybridium (www.hybridium.com), brings unrivaled engagement and analytics to larger scale hybrid education, training and events such as management onsites, departmental kick-offs, capital markets days and thought leadership seminars.

The Group is listed on the AIM market of the London Stock Exchange (LOOP) and is headquartered in London, with offices in the US, Spain, Germany, Hong Kong, Barbados and Australia.

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