Shares of LoopUp Group PLC (LON: LOOP) collapsed over 50% this morning after the company said it expects full-year revenue and EBITDA to come lower-than-expected.
Full-year revenue is expected to be no less than £50 million while underlying earnings (EBITDA) are projected at no less than £15 million, which is 134% higher compared to a year ago.
Moreover, LoopUp noted that it has continued to witness tough trading conditions in its non-Professional Services (PS) unit, which amounts to 14% of its revenue. Its core business – Professional Services, Meetings and Events – has continued to perform in a strong fashion.
“Looking forward, our priority is to cement and grow the strong position we have built in our core PS market, where external communications are business critical and warrant a best-in-class capability,” the company said in the statement.
LOOP share price now trades at 95p, or 38.8% lower on the day after hitting the lowest levels seen in 7 months.
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