Cloudbuy PLC AGM Statement (0931L)

TIDMCBUY

RNS Number : 0931L

Cloudbuy PLC

17 April 2018

cloudBuy plc

("cloudBuy" or the "Company")

AGM Statement 17 April 2018

cloudBuy plc (AIM: CBUY), the global provider of cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, is holding its Annual General Meeting at 11.00am today, at which management will make the following statement:

We updated the market very recently as part of our annual report, nevertheless we wish to provide a brief update on progress since publication.

Our focus remains firmly on PHBChoices as a key initiative for growth. Personal Health Budgets (PHB's) represent a very major change in the way that the NHS manages patient care, the uptake of PHBChoices by CCGs is now gaining pace as PHBs become mainstream and government targets begin to bite. We are particularly heartened by the announcement on the 16(th) April 2018 by ministers that they want to see exponential growth from the current 23,000 budgets to 350,000. The initial focus has been on individuals with complex needs being met under Continuing Health Care (CHC), this is now broadening out to cover a wide range of different areas including Learning Disabilities (LD), which is often the most complex and expensive area of care, with budgets typically twice that of CHC. We have had a small but increasing number of LD patients going live on PHBChoices.

We remain convinced that we have a unique product and a great partner in NHS Shared Business Services to maximise the roll out of PHB's and Integrated Commissioning across Health and Social Care. Our initial customers have streamlined their PHB management and been able to make significant savings as a result of deploying PHBChoices. This ability to reference is key to success in the NHS with CCGs looking for demonstrable benefits before committing to new projects. The reputation of PHBChoices is growing and new CCGs are contacting the team to discuss their requirements.

We continue to support our other revenue generating projects, notably with UOB going well and our solution for York Schools in Canada beginning to gain traction across other school boards.

Our cost reduction program and focus on fewer projects is paying off and although supporting major change initiatives such as PHBChoices is challenging, we are encouraged by take up and the feedback that we receive around the functionality of the solution.

For further information, please contact:

 
  cloudBuy plc 
   David Gibbon, CFO                       Tel: 0118 963 7000 
 
  Arden Partners plc -                    Tel: 020 7614 5900 
   NOMAD and broker 
  Paul Shackleton/ Daniel Gee- Summons

About cloudBuy plc

cloudBuy, (AIM: CBUY), provides cloud solutions for buyers and sellers - and brings them together to trade securely and ethically via an increasing number of public eMarketplaces and private purchasing portals around the world, powered by cloudBuy technology. cloudBuy solutions for buyers help B2B purchasers understand and control their spend, to reduce costs and increase value. Our cloudSell solutions enable sellers of all sizes, from startups to corporates, reach new customers and grow their business.

cloudBuy's technology platform powers web sites, public marketplaces and private purchasing portals that enable all types of online interactions and relationships including, citizen and business to government; consumer to business; and business to business.

For more information, visit: www.cloudbuy.com .

This information is provided by RNS

The company news service from the London Stock Exchange

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April 17, 2018 02:00 ET (06:00 GMT)

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