CloudBuy plc announced unaudited consolidated earnings results for the six months ended 30 June 2017. For the six months, the company reported revenue was £819,000 against £785,000 a year ago. Operating loss was £1,296,000 against £2,347,000 a year ago. Loss on ordinary activities before taxation was £1,480,000 against £2,400,000 a year ago. Loss for the year attributable to equity shareholders of the parent was £1,480,000 against £2,400,000 a year ago. Loss per share - basic and diluted was 1.1 pence against 1.9 pence a year ago. Net cash outflow from operating activities was £1,034,000 against £1,911,000 a year ago. Purchase of other intangible assets was £1,000 against £24,000 a year ago. Purchase of property, plant and equipment was £8,000 against £5,000 a year ago.

The company announced PHBChoices remains key focus for future growth. Positive progress towards revenue growth from this contract has been made in the first half and is expected to continue for the remainder of 2017 and in future years. This will be supplemented with revenue from existing contracts and focussed new revenue opportunities. The company announced losses will continue to reduce through growth in revenue and the effect of costs reductions already implemented which will have a greater impact on the second half of cost base.