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:
David Gibbon, CFO
Tel: 0118 963 7000
Arden Partners plc - NOMAD and Broker
James Felix / Patrick Caulfield
Tel: 0207 614 5900
Josh Royston / Hilary Buchanan
Tel: 0208 004 4218
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