Cloudbuy PLC AGM Statement (9283E)
22 July 2016 - 4:00PM
UK Regulatory
TIDMCBUY
RNS Number : 9283E
Cloudbuy PLC
22 July 2016
22 July 2016
cloudBuy AGM Statement
cloudBuy plc (AIM: CBUY), the global provider of cloud-based
e-commerce marketplaces and B2B buyer and supplier solutions, is
holding its Annual General Meeting at 10.00am today, at which Lyn
Duncan, Chief Executive Officer, will make the following
statement:
"Recognising the short period since we updated the market on
progress as part of the publication of our annual report, I
nevertheless wanted to give shareholders an update on progress with
some of our key contracts over the course of the last month.
"Our major project with NHS SBS system is now live for all 209
CCG's to use. This is for the PHB Choices Care Marketplace. Over
the course of the last month PHB Choices has signed contracts with
a number of NHS organisations bringing on 26 CCG's to add to the 3
initial pilot users. This gives a total of 29 CCG's out of a total
of 209, with a strong pipeline of CCG's looking to follow on.
"York Region District School Board in Canada purchasing portal
is nearing pilot. We have progressed in line with management's
expectations during the 6 month project to implement finance
integration and develop new functionality for the wider Ontario
schools market. This will be beneficial as we begin to move forward
with the other interested schools' boards in the region and will
result in faster roll-outs in the future. A small amount of revenue
was recognised in the first half with higher revenue expected to be
recognised in the second half of 2016.
"We have made timely progress in the implementation of our
SpendInsight project in Australia. This contract was won and
announced on 19 April 2016 and is with one of the largest health
organisations in Australia. The project is progressing well and is
generating wider interest nationally. Following the system passing
into production mode some revenue has been recognised in the first
half.
"As announced yesterday, I am also delighted that we have won
the contract with University of Exeter. This follows an extensive
and competitive procurement process where we displaced the
incumbent.
"The unaudited Half Year Statement will be published by
mid-August. Initial indication is that revenue will be down on H1
2015 but operating loss excluding funding fees will be
substantially reduced as a result of management action taken to
reduce costs. More importantly, management look forward to the
second half where these projects will start generating new revenues
and acting as a catalyst for follow on customers"
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For further information, please contact:
CloudBuy PLC Tel: 0118 963 7000
David Gibbon, CFO
Arden Partners plc - Tel: 0207 614 5900
NOMAD and Broker
James Felix / Patrick
Caulfield
Alma PR Tel: 0208 004 4218
Josh Royston / Hilary
Buchanan
About cloudBuy plc
cloudBuy, (AIM: CBUY), provides cloud solutions for buyers and
sellers - and brings them together to trade securely and ethically
via an increasing number of public e-marketplaces and private
purchasing portals around the world, powered by cloudBuy
technology. cloudBuy solutions for buyers help B2B purchasers
understand and control their spend, to reduce costs and increase
value. Our cloudSell solutions enable sellers of all sizes, from
startups to corporates, reach new customers and grow their
business. cloudBuy's technology platform powers web sites, public
marketplaces and private purchasing portals that enable all types
of online interactions and relationships including, citizen and
business to government; consumer to business; and business to
business.
For more information, visit: www.cloudbuy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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