CloudBuy plc announced unaudited consolidated earnings results for the six months ended June 30, 2018. For the period, the company reported revenue of GBP 651,000 compared to GBP 819,000 a year ago. Operating loss was GBP 793,000 compared to GBP 1,296,000 a year ago. Loss on ordinary activity before taxation was GBP 1,082,000 compared to GBP 1,480,000 a year ago. Loss for the year attributable to equity shareholder of parents was GBP 1,082,000 or 0.8 pence per basic and diluted share compared to GBP 1,480,000 or 1.1 pence per basic and diluted share a year ago. Net cash used in operating activities was GBP 851,000 compared to GBP 1,034,000 a year ago. Purchase of property, plant and equipment was GBP 5,000 compared to GBP 8,000 a year ago. Adjusted loss was GBP 1,028,000 compared to GBP 1,232,000 a year ago.

The company is expected that losses will continue to reduce during the remainder of 2018.