CloudBuy losses on narrow in H1 on higher revenues
Source - SMW
CloudBuy reported narrower half-yearly losses on higher revenues, led by growth in its PHBChoices product.
For the six months ended 30 June 2019, operating losses, excluding share based payments was reduced by 28% to £652,000, and revenue rose 11% to £538,000.
Administrative expenses fell by 15% to £1.17m.
'During the first half of 2019, there had been a demonstrable increase in interest from CCG's as the requirement for personalisation in care has been driven by NHS England,' the company said. This drove demand for the company's PHBChoices product and boosted revenues.
'We have made progress in the first half of the year, with an increase in core revenue and a continuing focus on cash management and cost reduction. PHBChoices has contributed to the revenue increase and revenue from this area is growing. There is evidence that CCG's are under pressure to deliver more PHB's and increasingly they are reaching out to PHBChoices for a solution, the company said.
'It is expected that operating losses and cash outflows will continue to reduce during the remainder of 2019,' the company added.
At 9:13am: (LON:CBUY) Cloudbuy share price was +0.05p at 2.1p