Cloudbuy PLC AGM Statement (5079C)
18 April 2017 - 4:00PM
UK Regulatory
TIDMCBUY
RNS Number : 5079C
Cloudbuy PLC
18 April 2017
cloudBuy PLC
("cloudBuy" or "The Company")
cloudBuy AGM Statement
18 April 2017
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 11.00am today, at which
management 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, we
nevertheless wanted to give shareholders an update on progress with
some of our key contracts over the course of the last month.
We continue to work closely with our customer NHS Shared
Business Services to roll out the PHB Choices system for Personal
Budget Holders to the 210 Clinical Commissioning Groups (CCG's).
The Second Generation of the system was launched in March 2017,
incorporating an improved look and feel and with further
enhancements based on feedback from CCG's. We expect the number of
PHB's transacting to increase significantly each month following
the launch of this new version. This remains the key focus for the
business to drive revenue in 2017 and particularly in 2018.
The marketplace for the Federation of Small Businesses ("FSB")
was launched to its members this year, allowing users to buy
products and services from members. The FSB is devoting significant
resource to drive the success of their marketplace and take-up has
been encouraging with 1,000 members registered to date and trading
expected to start in early summer.
The development of the marketplace for United Overseas bank
("UOB") in Singapore has continued to progress with a focus on
onboarding its preferred anchor suppliers before commencing their
full marketing activity to attract buyers, which is expected in Q3
2017.
The outlook for the business remains challenging, however,
management believes that cost reduction actions and a sharper focus
on realistic revenue growth puts the Company in an improved
position for 2017 and 2018.
For further information, please contact:
CloudBuy PLC Tel: 0118 963 7000
David Gibbon, CFO
Arden Partners plc - NOMAD Tel: 0207 614 5900
and Broker
Steve Douglas / Patrick
Caulfield
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 e-commerce
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
END
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