Cloudbuy upbeat on Asia after heavy development year

2014-12-23 03:58:52

(MENAFN- ProactiveInvestors) E-procurement specialist cloudBuy (LON:CBUY) expects its recent emphasis on new markets in Asia-Pacific to pay off longer term but it will push back the booking a chunk of revenues.

Over £1m of work already delivered will now be recognised as revenue in 2015 as the projects will launch next March.

As a result 2014 revenues will be lower than previously anticipated but the group insisted the long term outlook is excellent.

“cloudBuy now positioned as a market leader in a number of rapidly growing markets with potential annual revenues on current contracts at a 10% take-up of US$$25m per year.

Over the past year cloudBuy entered the Australian market and put a toe in the water in India while it will start up in Hong Kong next year.

This as well as work in Singapore and the Middle East to support its Visa Asia Pacific partnership means cloudBuy has spent more than previously anticipated and carried out less work in the UK.

“There has been a successful transition from a focus on the UK public sector to a global mix of public and private sector customers along with a strong presence in fast growing Asia Pacific markets” it said.

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