Cloudbuy PLC Trading Update (7189C)

TIDMCBUY

RNS Number : 7189C

Cloudbuy PLC

24 January 2018

cloudBuy plc

("cloudBuy" or the "Company")

Trading Update

for the year ending 31 December 2017

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, expects to announce full results for the year ended 31 December 2017 on 16 March 2018. The Directors expect the EBITDA loss to be around half that of the previous year. Revenue for the year is expected to be below market expectations, whilst EBITDA is expected to be broadly in line with market expectations with the shortfall in revenue being almost offset by cost reduction measures.

Year end cash is expected to be GBP2.5m after the receipt of GBP1.7m funding from Roberto Sella in December 2017.

Ronald Duncan Executive Chairman and CIO commented "Whilst 2017 was another difficult year for the Company, we have continued to execute our strategy of focus and simplification to half our EBITDA loss whilst dedicating the major resource required to deliver the PHBChoices contract with our customer NHS Shared Business Services."

For further information, please contact:

 
  cloudBuy plc                  Tel: [phone] 
   David Gibbon, CFO 
  Arden Partners plc - NOMAD    Tel: [phone] 
   and broker 
   Paul Shackleton/ Daniel 
   Gee- Summons 
 

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 eMarketplaces 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 .

This information is provided by RNS

The company news service from the London Stock Exchange

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January 24, 2018 02:00 ET (07:00 GMT)