Cloud-based ecommerce marketplaces cloudBuy reported Wednesday a first-half loss as revenues slumped by more than fifth weighed by a reduction in growth from legacy contracts. For the six months to the end of June, the company reported a loss before tax of £1.08m compared with a loss of £1.30m a year earlier, and revenue fell 20% to £0.65m from £819m. The poor performance was attributed to a reduction in revenue from legacy contracts as all the company's segments reported lower growth: company formation services revenues fell by 21%, web and ecommerce services fell 19.6% and coding international fell 35.4%. The company said it expected to continue to reduce losses during the remainder of 2018. 'We continued to reduce our losses and cash burn despite a reduction in revenue from legacy contracts. PHBChoices remains the focus for growth, and we are making progress,' said onald Duncan, Executive Chairman and CIO of cloudBuy. 'During the second half of the year we have seen an increase in CCGs contacting the PHBChoices sales team directly asking about signing up, whereas previously we were exclusively reaching out to them'. At 8:25am: (LON:CBUY) Cloudbuy share price was 0p at 3.05p
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