The newly listed British tech firm Loop Up, which provides conference calling technology to other business, has had a better than expected year sending shares soaring.
LoopUp's revenue for the year to the end of December 2016 was up 39 per cent on the previous year to £12.8m, while earnings before interest, taxation, depreciation and amortisation (EBITDA) more than doubled to £2.1m.
Shares shot up as much as 13 per cent higher in early trading to 128 pence per share.
Why it's interesting
LoopUp tested the appetite of investors at an awkward time, floating on London's junior market in August, post-Brexit voite and in the traditional summer lull period. That bravery has paid off with shares up by 28 per cent on its 100p IPO price on the back of strong growth.
It has picked up new customers, including an unnamed "magic circle" law firm and American financial services company and has added 20 staff between summer and the end of 2016.
It also boasted negative net churn – that is, it made more money than it lost in terms of existing customers among its more than year-old clients.
What LoopUp said
The firm said it "continues to see strong demand for the LoopUp product and is confident in its ability to deliver future growth."
LoopUp demonstrates the UK's ability to produce strong homegrown public tech businesses.