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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cloudbuy Plc | LSE:CBUY | London | Ordinary Share | GB00B09Y8Y28 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.15 | 0.10 | 0.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCBUY
RNS Number : 9988G
Cloudbuy PLC
12 August 2016
12 August 2016
cloudBuy plc
("cloudBuy" or the "Company")
Interim Results for the six months ended 30 June 2016
cloudBuy plc (AIM: CBUY), the global provider of cloud-based ecommerce marketplaces and B2B buyer and supplier solutions, today announces its unaudited interim results for the six months ended 30 June 2016.
Key Points
Operational
-- Signed and launched 3 way memorandum of understanding with Visa and Efinance for Egypt
-- PHB Choices now live for all 209 CCGs to use
-- Won and delivering SpendInsight project for New South Wales Health Share
-- Continuing cost reduction initiatives, Administrative expenses are down GBP1.0m (28%) on H1 2015
Financial
-- Turnover decreased by 11% from H1 2015 to GBP0.785m
-- Turnover decreased by 9% from H2 2015
-- Operating loss excluding share based payments decreased GBP0.947m (32%) to GBP1.999m (2015 GBP2.946m) as a result of cost saving initiatives
-- Cash and cash equivalents as at 30 June 2016 were GBP1.947m (30 June 2015: GBP1.917m)
-- Financing to raise up to GBP5.75m completed with existing shareholder Roberto Sella
-- Loss per Share reduced 1.9p (2.6p 2015)
Ronald Duncan, Executive Chairman of cloudBuy, commented, "During the first half of the year we continued to re-focus the business around our key accounts and near term opportunities in ecommerce and further restructure the cost base accordingly.
"We have continued to make good progress in those accounts whilst also developing further opportunities, particularly in the Middle East and Asia Pacific. Our focus remains on closing prospects for ecommerce traditional licence revenue, whilst continuing to pursue the larger ecommerce opportunities for transactional revenue and whole country solutions that we have been developing."
For further information, please contact:
cloudBuy plc David Gibbon, CFO Tel: 0118 963 7000 Arden Partners plc - Tel: 020 7614 5900 NOMAD and broker James Felix / Patrick Caulfield Alma PR Josh Royston / Hilary Buchanan Tel: 020 8004 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 ecommerce 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
Twitter: @cloudbuyplc
CHAIRMAN'S STATEMENT
Operational
We continue to focus on a small number of key accounts in order to drive revenues. Amongst these are PHB Choices and CII marketplace, both of which are in the on boarding phase for suppliers.
With PHB Choices we have had good uptake with CCG's to date, and are now working with them to ensure that their suppliers are live in order to bring on the personal budget holders. Whilst there is no mandate for the CCG's to use PHB Choices, it has been welcomed by the CCG's as it provides a scalable, transparent and auditable solution to the challenges posed by the roll out of PHB's. We have agreed to waive the fixed fees for the initial CCG's in order to encourage rapid -----adoption.
The CII marketplace is live and suppliers are gradually coming on board.
To date, there are over 400 suppliers registered with over 7,000 products able to be purchased. Once a critical mass of suppliers and products is achieved, CII and cloudBuy will increase marketing efforts to attract buyers to the marketplace.
We are pleased to have won new licenced based contracts with HealthShare NSW in April 2016 and, post period end, University of Exeter in July 2016.
The purchasing portal for the York Region District School Board in Canada is nearing pilot. This has 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 target other schools' boards in North America. To date, 22 boards have expressed an interest in our solution, out of a total addressable market of 72. Our experience with York Region will enable us to roll out future projects in a quicker time frame. A small amount of revenue was recognised in the first half with higher revenue expected to be recognised in the second half of 2016.
More generally we have an active pipeline of eProcurement prospects across the UK, USA, Canada, Australia, India and the Middle East. This is our traditional business and these are licence revenue opportunities, as opposed to transactional revenue from the new marketplaces.
In Egypt we have progressed rapidly from an introduction by Visa in February to signing a 3 way memorandum of understanding between cloudBuy, Visa and Efinance. The whole country initiative for all cloudBuy technologies was launched by UK Trade Envoy, Sir Jeffrey Donaldson MP and Yasser ElKady, Egyptian Minister of Communications and Information Technology on 26(th) July. The initiative is supported by the Federation of Egyptian Chambers of Commerce and the Union of African Chambers of Commerce.
The cost control initiatives are continuing, as part of these, we are restructuring the Coding International Limited subsidiary which has resulted in the redundancy of 4 of the 7 employees. Revenue from this business is down by nearly 50% in H1.
Funding
We are delighted to have agreed the financing package with Roberto Sella and associates totalling GBP5.75m which was approved in a shareholders meeting on 26 April 2016. To date, GBP3.274m has been utilised.
Financial Results
Turnover decreased by 11% from H1 2015 to GBP0.785m, turnover decreased by 9% from H2 2015.
Administrative expenses, excluding share based payments, decreased to GBP2.643m (2015: GBP3.658m).
After a charge for share based payments of GBP0.348m (2015 GBP0.217m), the operating loss decreased to GBP2.347m (2015 GBP3.163m).
Cash and cash equivalents as at 30 June 2016 were GBP1.947m (30 June 2015: GBP1.917m) reflecting the losses incurred, offset by the Roberto Sella financing
Net assets as at 30 June 2016 were GBP(0.497m) compared to GBP2.025m at 30 June 2015.
Outlook
The Company's realignment of its cost base will continue throughout the remainder of the year.
Revenue from projects already won should result in an increase in revenue in the second half of the year compared to the first and deliver a full year performance in line with last year, as well as providing contribution in the coming years.
Going forward, we believe that the current contracted mix of licenced business together with larger transaction based revenue projects will enable us to grow revenues in the medium term, whilst also developing further opportunities.
Contribution from new wins in the year should result in some increase in revenue in H2 over H1.
Ronald Duncan
Executive Chairman
12 August 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Hot Features
Premium
6 months 6 months Year
to to ended
30 June 30 June 31 Dec
Notes 2016 2015 2015
GBP'000 GBP'000 GBP'000
Revenue 2 785 887 1,748
Cost of sales (141) (175) (349)
---------- ---------- ----------
Gross profit 644 712 1,399
Administrative expenses (2,643) (3,658) (6,882)
Share based payments (348) (217) (591)
---------- ---------- ----------
Operating loss (2,347) (3,163) (6,074)
Finance income - - 12
Finance Cost (53) - (2)
---------- ---------- ----------
Loss on ordinary activities
before taxation (2,400) (3,163) (6,064)
Income tax expense - - 91
---------- ---------- ----------
Loss for the year attributable
to equity shareholders
of the parent (2,400) (3,163) (5,973)
Other comprehensive income
- item which will or may
be reclassified to profit
and loss
Exchange gain arising on
translation of foreign
operations 11 60 17
Total comprehensive income (2,389) (3,103) (5,956)
Loss per share - basic
and diluted 3 (1.9)p (2.6)p (4.8)p
========== ========== ==========
Revenue and operating loss all derive from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
30 June 30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Other intangible assets 27 5 4
Property, plant and equipment 172 200 195
--------- --------- ---------
199 205 199
--------- --------- ---------
Current assets
Trade and other receivables 287 567 432
Taxes recoverable 50 60 50
Cash and cash equivalents 1,947 1,917 754
--------- --------- ---------
2,284 2,544 1,236
--------- --------- ---------
Total assets 2,483 2,749 1,435
--------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (846) (724) (889)
(846) (724) (889)
--------- --------- ---------
Non-current liabilities
Financial liabilities - (2,134) - -
borrowings
(2,134) - -
--------- --------- ---------
Total liabilities (2,980) (724) (889)
--------- --------- ---------
Net Assets/(liabilities) (497) 2,025 546
========= ========= =========
Shareholders' equity
Called up share capital 1,304 1,234 1284
Share premium 5,534 4,472 5422
Other reserve 1,496 630 630
Share based payment reserve 640 (82) 292
Currency translation 61 93 50
Accumulated profit/(losses) (9,532) (4,322) (7,132)
--------- --------- ---------
Total equity attributable
to equity shareholders
of the parent (497) 2,025 546
========= ========= =========
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
6 months 6 months Year
to to ended
30 June 30 June 31 Dec
2016 2015 2015
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss before tax (2,400) (3,163) (6,064)
Adjustments for:
Finance (income)/cost 53 - (10)
Depreciation of property,
plant & equipment 28 42 82
Amortisation of other intangible
assets 1 38 39
Share based payments 348 217 591
Changes in working capital
Trade and other receivables 145 597 732
Trade and other payables (97) (382) (217)
Currency translation 11 60 17
Net cash used by operations (1,911) (2,591) (4,830)
Tax received - 59 161
--------- --------- ---------
Net cash outflow from operating
activities (1,911) (2,532) (4,669)
Cash flows from investing
activities
Interest received/(paid) - - (2)
Purchase of other intangible
assets (24) (5) (6)
Purchase of property, plant
and equipment (5) (120) (155)
--------- --------- ---------
Net cash used in investing
activities (29) (125) (163)
--------- --------- ---------
Cash flows from financing
activities
Issue of ordinary shares 133 28 1,028
Issue of convertible loan 3,000 - -
note (net of costs)
Interest received - - 12
Net cash generated from
financing 3,133 28 1,040
--------- --------- ---------
Net increase/(decrease)
in cash and cash equivalents 1,193 (2,629) (3,792)
Cash and cash equivalents
at beginning of period 754 4,546 4,546
--------- --------- ---------
Cash and cash equivalents
at end of period 1,947 1,917 754
========= ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
Share Share Other Share Currency Accumul-ated Total
capital premium reserve based trans-lation profit
payment and
reserve GBP'000 loss
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 January 2015 1,212 3,972 630 95 33 (1,159) 4,883
Shares issued
in the period 22 500 - - - - 522
Share premium
cancellation - - - - -
(note 4)
Share based payments - - - (277) - - (277)
Exchange in period - - - - 60 - 60
Loss for the
period - - - - - (3,163) (3,163)
Balance as at
30 June 2015 1,234 4,472 630 (82) 93 (4,322) 2,025
Shares issued
in the period 50 950 - - - - 1,000
Share based payments - - - 374 - - 374
Exchange in period - - - - (43) - (43)
Loss for the
period - - - - - (2,810) (2,810)
Balance as at
31 December 2015 1,284 5,422 630 292 50 (7,132) 546
Shares issued
in the period 20 112 - - - - 132
Equity attributed
to convertible
loan note - - 866 - - - 866
Share based payments
Exchange in period - - - 348 - - 348
- - - - 11 - 11
Loss for the
period - - - - - (2,400) (2,400)
Balance as at
30 June 2016 1,304 5,534 1,496 640 61 (9,532) (497)
========= ========= ========= ========= ============== ============= =========
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
These interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report and Accounts for the year ended 31 December 2015 and the interpretation of those accounting standards underlying the accounting policies. IAS 34, Interim Financial Reporting, has not been applied. The interim financial statements have been issued in accordance with the AIM Rules of the London Stock Exchange and are unaudited. The financial information set out does not constitute statutory accounts for the purposes of section 434 of the Companies Act 2006. The auditors' report on the statutory accounts for the year ended 31 December 2015 which have been filed with the Registrar of Companies was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The preparation of financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the estimates are based on management's best knowledge of the amounts, events or actions, actual results may differ from those estimates.
This announcement which was approved by the board of cloudBuy plc on 11 August 2016 will be published on the company's website at www.cloudbuy.com.
2. Revenue (unaudited)
Set out below is an analysis of revenue recognised and gross profit attributable between reportable segments:
Revenue 6 months to 6 months to Year
30 June 30 June ended
2016 2015 31 Dec
GBP'000 GBP'000 2015
GBP'000
Company formation services 267 313 617
Web and ecommerce services 489 519 1,039
Coding International Limited 29 55 92
------------ ------------ --------------
785 887 1,748
============ ============ ==============
Gross Profit
Company formation services 143 158 316
Web and ecommerce services 472 499 991
Coding International Limited 29 55 92
------------ ------------ --------------
644 712 1,399
============ ============ ==============
3. Loss per share (unaudited)
The calculations for loss per share are based on the weighted average number of shares in issue during the period 129,499,528 (6 months to 30 June 2015: 121,442,045; year ended 31 December 2015: 124,641,446) and the following losses:
6 months 6 months Year ended
to to 31 Dec
30 June 30 June 2015
2016 2015 GBP'000
GBP'000 GBP'000
Unadjusted earnings:
Loss on ordinary
activities after
tax (2,400) (3,163) (5,973)
Add back:
Share based payments 348 217 591
----------------------- ----------------------- -----------
Adjusted earnings: (2,052) (2,946) (5,382)
======================= ======================= ===========
The share options and warrants are not dilutive as they would not increase the loss per share in the year.
The basic and diluted loss per share calculated on the adjusted earnings is 1.6p (6 months to 30 June 2015: 2.4p; year ended 31 December 2015: 4.3p).
4. Convertible Loan Stock and Loan Stock
The principal terms of the loan instruments are as follows :
Instrument Interest bearing loan note instrument
(the "Instrument") constituting 4,172,562 GBP1.00 secured
convertible loan notes and 1,577,438
GBP1.00 secured non-convertible
loan notes
--------------------- -----------------------------------------
Amount Up to GBP5,750,000
--------------------- -----------------------------------------
Term 10 year term with an early repayment
option on 5th anniversary
--------------------- -----------------------------------------
Drawdown Minimum of GBP3,274,300 in first
draw down then in increments of
a minimum of GBP1 million in size
--------------------- -----------------------------------------
Interest 2.33%
--------------------- -----------------------------------------
Borrower cloudBuy plc cannot issue any instrument
Covenants that is pari passu or senior to
the Instrument and/or the Loan Notes
without the consent of the holder
of the Loan Notes
--------------------- -----------------------------------------
Lender None
Covenants
--------------------- -----------------------------------------
Conversion 6.5 pence (conversion at any time
price in full or in part at the election
of loan note holder) or 1 penny
(in the event that the outstanding
amount of the Convertible Loan Notes
(including principal and interest)
has not been repaid or converted
by the Final redemption Date)
--------------------- -----------------------------------------
Security The Loan Notes will be secured,
by way of a secondary charge over
the Company's assets, with the charge
ranking behind the Company's clearing
bank facility provider from time
to time where the priority charge
over the Company assets will be
limited to GBP300,000 in value
--------------------- -----------------------------------------
Future Mr. Roberto Sella to have the right,
Investment but not the obligation, to participate
in future equity fundraising by
the Company at 80% of the price
of other investors up to the end
of the Term
--------------------- -----------------------------------------
5. Disclosure of Concert Party Shareholdings
The following details are required to be disclosed in this report to comply with the conditions of The Takeover Code. Mike Pasternak who is a director of cloudBuy is deemed to be acting in concert with Roberto Sella for the purposes of the Takeover Code. The holdings of Roberto Sella and Mike Pasternak are as follows:
Shareholder Interest in issued share Percentage interest in Total interest on the Percentage total
capital on 11 August issued share capital on basis that the full interest on the basis
2016 11 August 2016 GBP5,750,000 loan is that the full
utilised and all GBP5,750,000 loan is
potential utilised and all
Convertible Loan potential Convertible
Securities are converted Loan Securities are
converted
Roberto Sella 14,700,000 11.27% 88,521,777 42.74%
Mike Pasternak 2,150,000 1.65% 2,150,000 1.06%
Total 16,850,000 12.92% 90,671,777 43.80%
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FMGMRMMRGVZZ
(END) Dow Jones Newswires
August 12, 2016 02:00 ET (06:00 GMT)
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