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Trading Update

21 Dec 2016 07:00

RNS Number : 4466S
Cloudbuy PLC
21 December 2016
 

cloudBuy plc

("cloudBuy" or the "Company")

Trading Update

for the year ending 31 December 2016

 

cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, is pleased to provide an update on trading for the year ending 31 December 2016. The Company expects revenues for the year to be in line with market expectations, whilst the operating loss excluding share based payments is expected to be marginally better than market expectations as a result of cost cutting measures implemented during the course of the year.

Operationally, the Company has made satisfactory progress with four new customer wins announced, all generating revenue in the second half of the year.

More significantly, the PHB Choices emarketplace through NHS SBS continues to progress with the first transactions from PHB budget holders being completed through the market place. Whilst these have been in small volumes to date, this is nevertheless a significant milestone.

The Company has continued to implement cost reduction measures in the second half of the year. Further redundancies have been effected and the Directors of the Company have agreed to reductions in salaries totalling an annualised £250,000 which came into effect in October 2016. These measures will result in lower costs in 2017 compared to 2016.

In conjunction with the Directors' reduction in pay, a total of 2,155,000 options are being issued on 21 December 2016 including 250,000 to each of Ronald Duncan, Lyn Duncan, Jonny Holden and David Gibbon and 75,000 to David Chellingsworth. The options for Directors vest in equal monthly instalments over a period of 2 years commencing on 21 January 2017. The remaining 1,080,000 options are being issued to staff in conjunction with either a reduction in pay or for retention purposes. All options are at an issue price of 6.5p being a 92% premium over the closing price on 20 December 2016. These options are issued from a pool of options created from options being cancelled as a result of employees leaving the Company. The options of the Directors' following this issue will be as follows:

 

Existing Options

New Options

Total

Exercise Price

Ronald Duncan

300,000

 

300,000

 

£0.0175

 

332,867

 

332,867

 

£0.1163

 

1,751,042

 

1,751,042

 

£0.10

 

250,000

 

250,000

 

£0.065

Total

2,383,909

 

250,000

 

2,633,909

 

Lyn Duncan

187,500

 

187,500

 

£0.0175

 

332,867

 

332,867

 

£0.1163

 

1,359,245

 

1,359,245

 

£0.10

 

250,000

 

250,000

 

£0.065

Total

1,879,612

 

250,000

 

2,129,612

 

Jonny Holden

1,800,000

 

1,800,000

 

£0.10

 

250,000

 

250,000

 

£0.065

Total

1,800,000

 

250,000

 

2,050,000

 

David Gibbon

1,341,667

 

1,341,667

 

£0.10

 

250,000

 

250,000

 

£0.065

Total

1,341,667

 

250,000

 

1,591,667

 

David Chellingsworth

75,000

 

75,000

 

£0.065

Total

0

 

75,000

 

75,000

 

Patrick Broughton

300,000

 

300,000

 

£0.10

Total

300,000

 

0

 

300,000

 

 

 

Ronald Duncan Executive Chairman and CIO commented "We are pleased that we expect results to be in line with market expectations. Whilst this has been a difficult year for the Company we have continued to make operational progress, the benefits of which we would expect to see next year and beyond, and we have reduced costs where appropriate."

 

 

For further information, please contact:

cloudBuy plc

 

David Gibbon, CFO

 

Tel: 0118 963 7000

 

 

Arden Partners plc - NOMAD and broker

Tel: 020 7614 5900

James Felix / Patrick Caulfield

 

 

Alma PR

 

Josh Royston / Hilary Buchanan

Tel: 020 8004 4218

 

 

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
 
END
 
 
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