LONDON (Alliance News) - cloudBuy PLC shares slumped on Wednesday as it reported a slight reduction in its annual loss, though revenue slipped 26%.
Furthermore, the company said of two previously-disclosed funding opportunities, one is now "unlikely". The other however, is still viewed as having a "good likelihood of success".
If agreed, the funding will enable cloudBuy to reach cash flow breakeven.
cloudBuy shares were trading down 33% at 2.00 pence each on Wednesday morning.
For 2018, the cloud solutions provider posted a pretax loss of GBP2.3 million compared to GBP2.7 million a year ago as cost reductions offset the revenue fall. Revenue dropped to GBP1.1 million from GBP1.5 million a year ago.
The reduction in revenue was mainly due to a number of existing customers not renewing their contracts in 2017 and 2018.
Administrative expenses were cut to GBP2.6 million from GBP3.5 million a year ago, while share-based payments amounted to GBP72,495 from GBP164,352.
Furthermore, Senior Non-Executive Director Patrick Broughton said he intends to resign from the board due to personal commitments. cloudBuy will hold its annual general meeting on April 16.
