logo-loader
viewLoopUp Group PLC

LoopUp Group launches commercially in Australia with new Sydney office

The AIM-listed remote meeting solution provider said the US$275mln development would augment a datacentre already in the country, which it has operated since 2016 to serve its UK and US customers, with a target focus on Australian-based enterprises

Board room
LoopUp is already seeing positive results down under, with six customer wins contracted in recent months

LoopUp Group PLC (LON:LOOP) has commercially launched into the Australian market with the formal opening of an office in Sydney.

The AIM-listed remote meeting solution provider said the US$275mln development would augment a datacentre already in the country, which it has operated since 2016 to serve its UK and US customers, with a target focus on Australian-based enterprises.

READ: Loopup Group shares jump on news of encouraging start to 2018

LoopUp added that it was already seeing positive results down under, with six customer wins already contracted in recent months during a market research and testing phase, including a leading Australian private equity firm and a financial advisory and investment management group with over US$100bn under management.

The group said it expects growth from its new Australian business to fall in line with its US and UK growth levels after the first half of the current financial year.

Steve Flavell, co-chief executive of LoopUp, said: "Australia has some very attractive attributes as a new market for LoopUp. There are several geographically-dispersed urban centres which drive conferencing activity, average selling prices are materially higher than the global average, and Sydney represents a wonderful focal point to develop into the Group's regional headquarters over time."

Quick facts: LoopUp Group PLC

Price: 68 GBX

AIM:LOOP
Market: AIM
Market Cap: £37.57 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of LoopUp Group PLC named herein, including the promotion by the Company of LoopUp Group PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

LoopUp enjoying strong start to second half with major new contract wins

Steve Flavell, co-chief executive of LoopUp Group PLC (LON:LOOP) caught up with Proactive to discuss the remote meetings technology firm's first half results. The AIM-quoted company saw underlying earnings (EBITDA) almost double to £1.6mln (H1 2016: £0.9mln), thanks in part to an improved...

on 6/9/17

2 min read