(“cloudBuy” or “The Company”)
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 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:
David Gibbon, CFO
Tel: 0118 963 7000
Arden Partners plc – NOMAD and Broker
Steve Douglas / Patrick Caulfield
Tel: 0207 614 5900
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