Tech company CloudBuy reported a narrower loss for 2018 despite revenue falling by more than a quarter.
For 2018, the loss before tax was reduced to £2.3m from £2.75m a year earlier. Revenue fell 26% to £1.1m as revenues from sales of Web and ecommerce services, company formation services and coding customers fell by 30%, 16% and 33% respectively.
The group's ongoing efforts to improve efficiency and reduce costs helped offset the impact from falling revenues.
Operating expenses before share based payments reduced to £2.6m for the year from £3.5m a year earlier. The company also launched share incentives to retain key employees.
Cloudbuy it had to drawdown £500,000 from the existing credit facility with Roberto Sella, to be received in March 2019, with a potential further drawdown of £250,000 if it failed to win a business from an existing opportunity outlined in its trading update on 8 February 2019.
For 2019, the business would continue to focus on generating revenue from existing customers with a particular focus on the PHBChoices UK Care Marketplace, the company said,
At 10:00am: (LON:CBUY) Cloudbuy share price was -0.85p at 2.15p