E-procurement group Cloudbuy (LON:CBUY) vowed to learn from ‘painful lessons’ in the past year as revenues dipped and losses rose.
Ronald Duncan, executive chairman, said: “We have refocused our efforts on our key opportunities for revenue. This has allowed us to cut the cost base without impacting future revenue growth.
He added that 2015 was a difficult year with 3 major projects failing after passing acceptance testing.
“We are well funded, and our strong relationship with Visa along with the addition of more banks promoting our services to supplement our direct distribution, means that we are confident that the business will deliver its large potential over time."
Losses in 2015 rose to £6mln (£4.63mln) while revenues were 18% lower at £1.75mln.
Cloubuy added that major projects with the Confederation of Indian Industry and NHS Shared Business Services have only recently gone live and would not contribute to revenue in the first half of the year.
Other contracts such as York Region District School Board in Ontario and HealthShare NSW are also expected to start to contribute to revenue in the current year.