Simplified business leads to reduced loss for cloudBuy

Cloud-based e-commerce marketplace and business-to-business buyer and supplier solutions provider cloudBuy updated the market on trading on Wednesday, ahead of its full-year results expected on 16 March.

The AIM-traded company said it expected its EBITDA loss for the 2017 calendar year to be around half that of the previous year.

Revenue for the year was expected to be below market expectations, the board said, whilst EBITDA was expected to be “broadly in line” with market expectations, with the shortfall in revenue being almost offset by cost reduction measures.

Year-end cash was expected to be £2.5m after the receipt of £1.7m funding from Roberto Sella in December.

“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,” commented executive chairman Ronald Duncan.