Source - SMW
cloudBuy, the global provider of cloud-based eCommerce marketplaces and B2B buyer and supplier solutions, expects revenues for the year to be in line with market expectations.

It says the operating loss excluding share based payments is expected to be marginally better than market forecasts as a result of cost cutting measures implemented during the course of the year.

An update says: "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. 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 today 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. 

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