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Toople narrows losses on quadrupled broadband orders
Business broadband provider Toople saw revenues grow 34% in the year to 30 September 2017 thanks to a quadrupling of customer orders and improving margins.
Revenues jumped by just over a third to £1.28m for the year, pushing operating losses down 23% to £1.3m with some assistance from a 4.3% increase in gross margins.
Customer order numbers soared 300% against the previous year as the firm reported an average conversion rate of 43% on all leads generated. Since the period end Toople has moved from a third part sales agency to its own dedicated in-house sales team.
Toople offers services include business broadband, fibre and ethernet data services, business mobile phone and landline packages, all managed through its proprietary Merlin software platform. The group aims to stand out through a clear pricing system with no hidden fees.
Andy Hollingworth, Toople's chief executive and former director of wholesale at TalkTalk, said, "The company's performance thus far has been very positive, with consistently increasing customer numbers, new product launches and high customer satisfaction scores."
"The directors are pleased to see the Toople brand establishing itself, the customer base growing and the number of revenue generating units per customer increasing. The Toople brand and its associated values is now successfully launched in the market and the Board believes this will generate continued growth in 2018," he added.
As of 1000 GMT, shares had advanced 5.45% to 1.24p.