By Anthony O. Goriainoff

Shares in LoopUp Group PLC rose Wednesday after it said it has won a two-year contract with Telefonica SA for a minimum value of 200,000 euros ($212,750), and that the contract has expansion and extension potential.

Shares at 0745 GMT were up 0.65 pence, or 9.3%, at 7.65 pence.

The U.K. communications-services provider said that under the contract, Telefonica will use LoopUp's Hybridium--its hybrid auditorium and events solution--at its innovation and talent hub in Madrid.

The company has won 13 new contracts in 2022 year-to-date, putting it on track to meets its full-year target of 50 additional contract wins.

LoopUp said it currently has a total of 44 contract wins since the start of 2021, with a potential annual contract value of around 3.9 million pounds ($4.9 million) and a potential total contract value of GBP12.4 million.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

April 27, 2022 04:01 ET (08:01 GMT)

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