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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 : 1700O
Cloudbuy PLC
16 August 2017
The following amendment(s) has (have) been made to the Interim Results announcement released on 16 August 2017 at 07:00 under RNS No 0902O.
The Financial Results paragraph of the Chairman's Statement incorrectly referred to the cash and cash equivalent held by the Company as at 30 June 2016 and 30 June 2015. This paragraph has been amended to reflect the balance held at 30 June 2017 and 30 June 2016 and now reads as follows:
"Cash and cash equivalents as at 30 June 2017 were GBP1.469m (30 June 2016: GBP1.947m) reflecting the losses incurred, offset by the Roberto Sella financing."
All other details remain unchanged.
The full amended text is shown below.
16 August 2017
cloudBuy plc
("cloudBuy" or the "Company")
Interim Results for the six months ended 30 June 2017
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 2017.
Key Points
Operational
-- PHB Choices making positive progress with 25% of CCG's either contracted or in advanced discussions.
-- Contracts won in 2016 continue to generate revenue.
-- The impact of cost reductions made in 2016 and in 2017 have significantly reduced the cost base.
Financial
-- Revenue increased by 4% from H1 2016 to GBP0.819m.
-- Administrative expenses, excluding share based payments, decreased by 34% to GBP1.733m (2016: GBP2.643m).
-- After a charge for share based payments of GBP0.248m (2016: GBP0.348m), the operating loss decreased by 45% to GBP1.296m (2016: GBP2.347m).
-- Cash and cash equivalents as at 30 June 2017 were GBP1.469m (30 June 2016: GBP1.947m) reflecting the losses incurred, offset by the Roberto Sella financing.
-- Management expectations are for revenue and operating profit, excluding share based payments, to be broadly in line with market expectations for 2017.
Ronald Duncan, Executive Chairman of cloudBuy, commented, "During the first half of the year we continued to make positive progress with PHBChoices through our customer, NHS SBS. This remains our main focus for growth, supplemented by contracts already won around the world and a limited number of new opportunities including in the Middle East.
The expected progress on these key contracts and cost reduction measures already taken will result in a significantly lower loss for 2017 compared to 2016."
For further information, please contact:
cloudBuy plc Tel: 0118 David Gibbon, CFO 963 7000 Arden Partners plc - NOMAD and Tel: 020 broker 7614 5900 William Vandyk
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
CHAIRMAN'S STATEMENT
Operational
We continue to focus on our key projects.
PHBChoices
Our Marketplace for Personal Health Budgets (PHB's) is showing considerable promise with around 25% of Clinical Commissioning Groups (CCG's) either contracted or engaged in advanced discussions and a strong pipeline across the remainder. Working with the early adopters, our customer, NHS Shared Business Services (NHS SBS) has developed a compelling business case for CCG's to use PHBChoices. PHB's are projected to represent GBP7bn of NHS Spend by 2020/21 with 100,000 budget holders planned. Working with our current CCG's, NHS SBS has identified significant efficiencies and savings when PHBChoices is deployed: the ratio of PHB's able to be managed by each CCG staff member increases fivefold and there are additional cash releasing savings of around 25% of amounts spent.
The majority of PHB's currently in place employ personal assistants (PA's) rather than using care suppliers. Recognising this and to increase the breadth of the offer, NHS SBS Employment Services have added a payroll solution to PHBChoices to include PA's alongside the 400,000 NHS staff members they currently pay. From a cloudBuy perspective we have developed a PA module which covers PA booking, time-sheets, time and attendance and feeds directly into the payroll service ensuring that we have a fully electronic solution. On average PHB holders employ 4 PA's, however this can increase to 10 or more for individuals with very complex health needs, making this a critical area for the success of PHBChoices.
During the first half we engaged with CCG's and their PHB holders on a pilot basis as it became clear that we would have to develop a fully functional solution to PA's for this phase of take-on to be successful. This is now largely complete and from September CCG's are going live with standard contracts.
NHS England has increased the pressure on CCG's to hit their PHB targets and has introduced 'Markers of Progress' to track the progress of each CCG against their expected PHB numbers. This information is available in the public domain.
United Overseas Bank in Singapore
We are providing a marketplace for the bank's SME customers, giving access to special offers and competitive pricing from a range of flagship suppliers. The initial suppliers are all large organisations with whom the bank has a strategic relationship. The marketplace is now live in Singapore, with a wider Asia Pacific roll out being considered for Q4 and 2018. The contract is revenue generating with set up fees, SaaS licence and transaction fees payable to cloudBuy. We are currently working with the suppliers to integrate their booking and inventory systems with the UOB marketplace.
Confederation of Indian Industry
The CII marketplace in India has continued to develop with approximately 55,000 products featured and available for purchase. The majority of the content is manufacturing based and early transactions are subject to a request for quote rather than an ecommerce basket purchase. These early suppliers are receiving orders and a small number are interested in purchasing their own cloudBuy B2B websites as a consequence.
Egyptian Marketplace
We have started initial discovery work on our first project in Egypt with the Federation of Egyptian Chambers of Commerce under our MOU agreement with Visa and Efinance. Efinance, shares many of the characteristics of NHS SBS as it is a major supplier of outsourced services to the Egyptian government and private enterprises. This along with the involvement of Visa, gives additional confidence in the attractiveness of the prospect.
York Schools
Our project with the York Region District School Board in Ontario is now live and our client is showcasing the system to the 72 other school boards that can join in under the contract, along with the municipal governments. The contract is revenue generating with set up fees, SaaS licence and transaction fees payable to cloudBuy.
HealthShare New South Wales
Our flagship Spend Analytics project in Australia is live and providing spend analysis to 33 hospitals and health organisations in the region. We have identified significant savings opportunities for our client during implementation and this has generated further interest from other Australian States in using the product. The contract is revenue generating with set up fees and SaaS licence fees payable to cloudBuy.
Funding
During the half year, the final tranche of the Roberto Sella funding of GBP1.476m was utilised.
Financial Results
Turnover showed a small increase on 2016 with increased project revenue partially offset by non renewal of contracts in H2 2016 and lower revenue in Company Formation Services. Operating losses were reduced by GBP1.051m to GBP1.048m as a result of the reduction in administrative expenses and share based payments.
Cash and cash equivalents as at 30 June 2017 were GBP1.469m (30 June 2016: GBP1.947m) reflecting the losses incurred, offset by the Roberto Sella financing.
Outlook
PHBChoices remains our key focus for future growth. Positive progress towards revenue growth from this contract has been made in H1 and is expected to continue for the remainder of 2017 and in future years. This will be supplemented with revenue from existing contracts and focussed new revenue opportunities.
Losses will continue to reduce through growth in revenue and the effect of costs reductions already implemented which will have a greater impact on the H2 cost base.
Ronald Duncan
Executive Chairman
15 August 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Hot Features
Premium
6 months 6 months Year
to to ended
30 June 30 June 31 Dec
Notes 2017 2016 2016
GBP'000 GBP'000 GBP'000
Revenue 2 819 785 1,714
Cost of sales (134) (141) (298)
---------- ---------- ----------
Gross profit 685 644 1,416
Administrative expenses (1,733) (2,643) (4,778)
Share based payments (248) (348) (694)
---------- ---------- ----------
Operating loss (1,296) (2,347) (4,056)
Finance income - - -
Finance Cost (184) (53) (216)
---------- ---------- ----------
Loss on ordinary activities
before taxation (1,480) (2,400) (4,272)
Income tax expense - - 157
---------- ---------- ----------
Loss for the year attributable
to equity shareholders
of the parent (1,480) (2,400) (4,115)
Other comprehensive income
- item which will or may
be reclassified to profit
and loss
Exchange gain arising on
translation of foreign
operations (9) 11 (359)
Total comprehensive income (1,489) (2,389) (4,474)
Loss per share - basic
and diluted 3 (1.1)p (1.9)p (3.2)p
========== ========== ==========
Revenue and operating loss all derive from continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
30 June 30 June 31 Dec
2017 2016 2016
Notes GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Other intangible assets 7 27 9
Property, plant and equipment 152 172 182
---------- ---------- ----------
159 199 191
---------- ---------- ----------
Current assets
Trade and other receivables 562 287 522
Taxes recoverable 60 50 207
Cash and cash equivalents 1,469 1,947 1,036
---------- ---------- ----------
2,091 2,284 1,765
---------- ---------- ----------
Total assets 2,250 2,483 1,956
---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables (1,029) (846) (1,019)
(1,029) (846) (1,019)
---------- ---------- ----------
Non-current liabilities
Financial liabilities -
borrowings 4
Non-convertible loan notes (1,633) - (661)
Convertible loan notes (2,822) (2,134) (2,412)
(4,455) (2,134) (3,073)
---------- ---------- ----------
Total liabilities (5,484) (2,980) (4,092)
---------- ---------- ----------
Net Assets/(liabilities) (3,234) (497) (2,136)
========== ========== ==========
Shareholders' equity
Called up share capital 1,304 1,304 1,304
Share premium 5,534 5,534 5,534
Other reserve 1,737 1,496 1,594
Share based payment reserve 1,235 640 987
Currency translation (318) 61 (309)
Accumulated profit/(losses) (12,726) (9,532) (11,246)
---------- ---------- ----------
Total equity attributable
to equity shareholders
of the parent (3,234) (497) (2,136)
========== ========== ==========
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
6 months 6 months Year
to to ended
30 June 30 June 31 Dec
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Loss before tax (1,480) (2,400) (4,272)
Adjustments for:
Finance (income)/cost 184 53 216
Depreciation of property,
plant & equipment 38 28 91
Amortisation of other intangible
assets 3 1 18
Share based payments 248 348 694
Changes in working capital
Trade and other receivables (40) 145 (90)
Trade and other payables (125) (97) (44)
Currency translation (9) 11 (369)
Net cash used by operations (1,181) (1,911) (3,756)
Tax received 147 - -
--------- --------- ---------
Net cash outflow from operating
activities (1,034) (1,911) (3,756)
Cash flows from investing
activities
Interest received/(paid) - - (4)
Purchase of other intangible
assets (1) (24) (23)
Purchase of property, plant
and equipment (8) (5) (68)
--------- --------- ---------
Net cash used in investing
activities (9) (29) (95)
--------- --------- ---------
Cash flows from financing
activities
Issue of ordinary shares - 133 133
Issue of convertible loan
note (net of costs) 1,476 3,000 4,000
Interest received - - -
Net cash generated from
financing 1,476 3,133 4,133
--------- --------- ---------
Net increase in cash and
cash equivalents 433 1,193 282
Cash and cash equivalents
at beginning of period 1,036 754 754
--------- --------- ---------
Cash and cash equivalents
at end of period 1,469 1,947 1,036
========= ========= =========
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 2016 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 - - - 348 - - 348
Exchange in period - - - - 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)
Shares issued - - - - - - -
in the period
Equity attributed
to convertible
loan note - - 98 - - - 98
Share based payments - - - 347 - - 347
Exchange in period - - - - (370) - (370)
Loss for the
period - - - - - (1,714) (1,714)
Balance as at
31 December 2016 1,304 5,534 1,594 987 (309) (11,246) (2,136)
Equity attributed
to convertible
loan note - - 143 - - - 143
Share based payments
Exchange in period - - - 248 - - 248
- - - - (9) - (9)
Loss for the
period - - - - - (1480) (1,479)
Balance as at
30 June 2017 1,304 5,534 1,737 1,235 (318) (12,726) (3,234)
========= ========= ========= ========= ============== ============= =========
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 2016 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 2016 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 15 August 2017 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 6 months Year ended
to to 31 Dec
30 June 30 June 2016
2017 2016 GBP'000
GBP'000 GBP'000
Company formation
services 209 267 492
Web and ecommerce
services 579 489 1,166
Coding International
Limited 31 29 56
--------- --------- -----------
819 785 1714
========= ========= ===========
Gross Profit
Company formation
services 112 143 265
Web and ecommerce
services 542 472 1,095
Coding International
Limited 31 29 56
--------- --------- -----------
685 644 1,416
========= ========= ===========
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 130,432,664 (6 months to 30 June 2016: 129,499,528; year ended 31 December 2016: 129,968,645) and the following losses:
6 months 6 months Year ended
to to 31 Dec
30 June 30 June 2016
2017 2016 GBP'000
GBP'000 GBP'000
Unadjusted earnings:
Loss on ordinary
activities after
tax (1,480) (2,400) (4115)
Add back:
Share based payments 248 348 694
--------- ----------- -----------
1,231
Adjusted earnings: (1232) (2,052) (3,421)
========= =========== ===========
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 unadjusted earnings is 1.1p (6 months to 30 June 2016: 1.9p; year ended 31 December 2016: 3.2p).
The basic and diluted loss per share calculated on the adjusted earnings is 0.9p (6 months to 30 June 2016: 1.6p; year ended 31 December 2016: 2.6p).
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 Covenants None
--------------------- -----------------------------------------------
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 Investment Mr. Roberto Sella to have the right,
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:
Percentage
Interest interest
in issued in issued
share share Total interest on the basis that the Percentage total interest on the
capital capital full GBP5,750,000 loan is utilised and basis that the full GBP5,750,000 loan
on 11 on 11 all potential is utilised and all
August August Convertible Loan Securities are potential Convertible Loan Securities
Shareholder 2016 2016 converted are converted
--------------- ---------- ---------- -------------------------------------- -------------------------------------
Roberto
Sella 14,700,000 11.27% 86,911,877 42.89%
Mike Pasternak 2,150,000 1.65% 2,150,000 1.06% Total 16,850,000 12.92% 89,061,877 43.95%
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UNRARBWAWAAR
(END) Dow Jones Newswires
August 16, 2017 07:12 ET (11:12 GMT)
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