28th Jun 2016 10:53
LONDON (Alliance News) - Cloudbuy PLC on Tuesday said it is confident it can deliver on its potential "over time", as it reported a widened pretax loss for 2015.
The software and services company reported a pretax loss of GBP6.1 million for 2015, widened from a loss of GBP4.6 million in 2014, as revenue declined to GBP1.7 million from GBP2.1 million.
Cloudbuy said 2015 had been a "difficult year", with three major projects failing after passing acceptance testing.
The company learnt some "painful lessons" from these projects, and has since refocused its efforts on key opportunities for revenue.
Major projects with the Confederation of Indian Industry and the UK National Health Service's Shared Business Services have only recently gone live, and are not expected to contribute revenue in the first half of 2016.
"The medium- to long-term outlook is good as we deliver more projects into revenue generation and move more of our income over to e-commerce sites where both decision making and delivery are much faster. We are well funded, and our strong relationship with Visa along with the addition of more banks promoting our services to supplement our direct distribution, means that we are confident that the business will deliver its large potential over time," said Executive Chairman Ronald Duncan in a statement.
Shares in Cloudbuy were down 12% at 4.62 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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