LONDON (Alliance News) - E-marketplace software provider cloudBuy PLC said on Friday it has seen good progress on its projects, but first half revenue was likely to be down year-on-year.
cloudBuy said over the course of the June, its software for PHB Choices, a healthcare online marketplace, was taken up by a number of NHS organisations. 26 NHS local health care services were added to the 3 initial pilot users in the first six months of the year, with a "strong pipeline" for the remainder of the year.
The purchasing portal for York Region District School Board in Canada is nearing its pilot, cloudBuy also said. Progression with the project has been in line with management's expectations for the first six months of the year, and cloudBuy said it is looking towards further roll-outs in Canadian schools.
The software company said "a small amount of revenue" came from the Canada schools project in the first half of the year, with higher revenue expected to be seen from this in the second half of 2016.
cloudBuy said progress was also made in the implementation of its SpendInsight project in Australia. This contract was won and announced on April 19, and provides software for an e-marketplace with "one of the largest" health organisations in Australia.
On Thursday the company said it had won a contract with University of Exeter to provide an e-marketplace for staff and students. cloudBuy said it won the contract following an "extensive and competitive procurement process".
cloudBuy said revenue will likely be down year-on-year for the six months leading to June, but its operating loss will be "substantially reduced" as a result of actions taken to cut costs. The software company said it also looks forward to the second half of 2016, where it expects projects to start generating revenue while recruiting more clients.
Shares in cloudBuy were flat at 3.62 pence Friday morning.
By Lucy Heming; lucyheming@alliancenews.com
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