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12 May 2014 07:00
May 12, 2014
RNS
blur Group plc
("blur," the "Group" or the "Company")
Trading Update
blur Group plc (BLUR), the technology company that's reinventing commerce at blurgroup.com1, provides a further update on the expected level of recognised revenue for the year, the total bookings figure and LBITDA for the year ended 31 December 2013.
As it reported in its statement of 17 April 2014, the Board has adopted a more conservative view of project revenue recognition to reflect the inherent complexity and increasing duration of the rising number of larger value projects being submitted to blur Group's Global Services Exchange. We now expect that all revenues associated with a live project with a booked value of $3.6m, which was submitted to the Exchange and commenced in June 2013, will now be recognised from 2014 and beyond, rather than in 2013. Consequently, $4.8m is now expected to be recognised as revenue in the year (2012: $2.8m).
However, the actual bookings intake for 2013, which is the total value of projects submitted to the Exchange in the year and under contract, shows a substantial increase to $22.2m (2012: $2.4m) and the remaining $17.4m of bookings is expected to be recognised as revenue in the future, when delivery of the services have been completed or key contracted milestones have been achieved. The board anticipates that LBITDA for 2013 will be approximately $6.3m (2012: $1.8m) and this also reflects the increased level of investment in technology and an operating model that can deliver operating leverage earlier and accelerate the path to profit and the scale at which the business can generate cash.
As at the end of April 2014, the Company's net cash position is $5.6 million. However, in order to fund the future growth of the business more rapidly and strengthen its Balance Sheet as larger Enterprises make use of the Exchange and submitted project values continue to grow, blur has retained its Nominated Adviser, N+1 Singer to explore the financing opportunities available to the Company.
Further announcements will be made in due course.
ENDS
[1] blur Group offers a cloud-based platform where buyers can submit 'briefs' for a full range of professional and business services to a worldwide group of 'experts'
For further information please contact:
blur (Group) plc Ruth Speakman
| Tel: +44 7795 011678 ruth@blurgroup.com |
N+1 Singer | |
Shaun Dobson / Jen Boorer | Tel: +44 (0) 20 7496 3000 |
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Panmure Gordon (Joint Broker) |
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Dominic Morley / Charles Leigh Pemberton | Tel: +44 (0) 20 7886 2500 |
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Newgate Threadneedle | |
Caroline Forde / Josh Royston/ Hilary Millar | Tel: +44 (0) 20 7653 9850 |
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About blur (Group) plc at blurgroup.com
blur Group is a public technology company (BLUR: LSE AIM) reinventing how businesses around the word do commerce at blurgroup.com. blur's Global Services Exchange is a proprietary services--commerce (s-commerce) platform that enables 45,000+ business users in 145 countries (as of April 2014) to buy, sell and deliver core business services and take advantage of Software as a Transaction™ to pay for those projects.
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