Cloudbuy makes progress with large contracts

The company said that, recognising the short period since it updated the market on progress as part of the publication of its annual report, it still wanted to give shareholders an update on progress with some of its key contracts over the course of the last month.

“We continue to work closely with our customer NHS Shared Business Services to roll out the PHB Choices system for Personal Budget Holders to the 210 Clinical Commissioning Group.

“The second generation of the system was launched in March 2017, incorporating an improved look and feel and with further enhancements based on feedback from CCG's.”

cloudBuy said it expected the number of PHB's transacting to increase significantly each month following the launch of the new version.

“This remains the key focus for the business to drive revenue in 2017 and particularly in 2018.

“The marketplace for the Federation of Small Businesses was launched to its members this year, allowing users to buy products and services from members.”

The FSB was devoting significant resource to drive the success of their marketplace, the board said, and take-up had been encouraging with 1,000 members registered to date and trading expected to start in early summer.

“The development of the marketplace for United Overseas bank in Singapore has continued to progress with a focus on onboarding its preferred anchor suppliers before commencing their full marketing activity to attract buyers, which is expected in Q3 2017.

“The outlook for the business remains challenging, however, management believes that cost reduction actions and a sharper focus on realistic revenue growth puts the company in an improved position for 2017 and 2018.”