21st Aug 2019 07:58
(Alliance News) - Cloudbuy PLC on Wednesday said an increase in revenue and a reduction in expenses resulted in a narrowed loss in the first half of 2019.
The e-commerce marketplaces provider said its loss narrowed in the six months to the end of June to GBP975,000 from GBP1.3 million reported a year earlier, as revenue grew 11% to GBP538,000 from GBP485,000, thanks to PHBChoices, a marketplace which helps to manage personal health budgets.
During the period, administrative expenses were reduced to GBP1.2 million from GBP1.4 million, as a result of continuing tight control of costs in the business.
"We have made progress in the first half of the year, with an increase in core revenue and a continuing focus on cash management and cost reduction. PHBChoices has contributed to the revenue increase and revenue from this area is growing," said Executive Chair Ronald Duncan.
"Our existing customer base continues to provide consistent revenue and we have a number of opportunities for additional revenue growth," added Duncan.
Looking ahead, Cloudbuy said it expects revenue from PHBChoices to continue to grow in the second half and in 2020. It also expects that its operating loss and cash outflows will continue to reduce during the remainder of 2019.