10 Apr 2015 07:00
For immediate release: 10th April 2015
blur Group plc
("blur," or the "Company")
2014 Trading Update
10th April, 2015: blur Group Plc (BLUR), the online marketplace for business services, today announces that the board, following discussions with KPMG, has determined that a number of older projects started between late 2013 and early 2014, which have experienced delays, have shown a lower likelihood of completion. As a result the recognised revenue for the full year will be substantially lower than previously expected. blur and its auditors are in the process of dealing with enquiries from the Financial Reporting Council on recognition of these historical contracts which may impact the timing of the release of the results for the year ending 31 December 2014.
blur's objective remains to drive the business to profitability in early 2016. As previously announced the new revenue recognition policy has been rigorously applied from mid 2014. blur's net cash position remains in line with expectations at $17.4 million as at 31 December 2014.
Philip Letts, CEO says: "Last year was a year of transition for blur Group in which we increased our investment in key resources to accelerate revenue growth. Our focus during 2015 remains on growing the business to reach profitability in early 2016"
David Sherriff, Deputy Chairman says: "This process will draw a line under certain older projects and completes blur's transition which started with the updated revenue recognition approach announced in Q2 2014. With the increasing mix of enterprise customers over recent quarters the business is benefiting from better project completion, higher repeat business and tighter invoicing to cash."
-ENDS-
For further information, please contact:
blur Group plc | www.blurgroup.com/investors |
Philip Letts/David Sherriff/Stephen Harvey/Barbara Spurrier
N+1 Singer | Tel: +44 1392 927 189 |
Shaun Dobson/Jen Boorer/Emily Watts | Tel: +44 20 7496 3000 |
Yellow Jersey |
|
Dominic Barretto/Alistair de Kare-Silver | Tel: +44 7768 537 739
|
|
|
About blur Group plc at blurgroup.com
blur Group is an international e-commerce company providing a better way for business to buy or sell services. To date over 55,000 businesses have used blur to buy or sell services online, including companies like Amazon, Regus, Caterpillar, Argos, Danone and GE submitting over $350m of services requirements to blur's platform.
blur Group is a public company listed on the London Stock Exchange's AIM market (BLUR) and is headquartered in the UK with regional sales offices in the US and Europe.