- Premium cloud communications group LoopUp swung to a first-half profit as revenue amid a pandemic-led boost to remote working activity.

For the period ended 30 June 2020, pre-tax profit was £7.5m from a loss of £478K on-year as revenue rose 43% to £31.9m.

Gross margins rose to 71.4% from 66.9% on-year.

'This performance has been driven primarily by the large-scale migration towards working from home due to Covid-19,' the company said.

'The market opportunity for 'Direct Routing' cloud telephony for Microsoft Teams is clear, and the speed and success of early pipeline build since late July launch makes us very optimistic about our differentiated implementation and future prospects for the group,' th company said.

At 8:46am: [LON:LOOP] Loopup Group Plc share price was +12.5p at 232.5p

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