Source - SMW
cloudBuy's first half revenue increased by 4%  to £0.819m while administrative expenses, excluding share based payments, decreased by 34% to £1.733m.

 After a charge for share based payments of £0.248m (2016: £0.348m), the operating loss decreased by 45% to £1.296m (2016: £2.347m).

The group had cash and cash equivalents of £1.469m at the end of June (30 June 2016: £1.947m) which, it said, reflected the losses incurred, offset by the Roberto Sella financing.

It said that  management expectations were for revenue and operating profit, excluding share based payments, to be broadly in line with market forecasts for 2017. 

Executive chairman Ronald Duncan said: "During the first half of the year we continued to make positive progress with PHBChoices through our customer, NHS SBS. 

"This remains our main focus for growth, supplemented by contracts already won around the world and a limited number of new opportunities including in the Middle East.

"The expected progress on these key contracts and cost reduction measures already taken will result in a significantly lower loss for 2017 compared to 2016."

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