Blur Group PLC Trading Update (3861X)
19 November 2014 - 6:00PM
UK Regulatory
TIDMBLUR
RNS Number : 3861X
Blur Group PLC
19 November 2014
Wednesday 19 November 2014
blur Group plc
("blur" or the "Group")
Trading Update
Further to the Interim Results issued on 9th September 2014 (the
"Interims") blur today issues a trading update:
Trading Update Summary
blur announces that the business is currently in line with
management expectations in respect of new project bookings, ahead
of plan for new and repeat enterprise projects, and ahead of its
plan on costs due to the adoption of the blur 4.0 platform by
Enterprise customers.
The Group continues on its already announced and planned path
towards EBITDA breakeven and positive cash flow. The Group has cash
resources of $20m to comfortably sustain it through to
profitability and cash flow positive.
Whilst revenue growth has been strong, a small number of large
projects, which have been submitted to the exchange, will not kick
off until early 2015, which will impact the Group's revenue and
therefore profitability for the full year ending 31 December
2014.
Operationally, we remain pleased with progress, with Project
Bookings remaining strong, especially from the Enterprise
customers, with a total of 6,329 projects submitted to the Exchange
as at 17 November 2014, representing a combined value of $310m.
This represents a fourfold growth against the same point in 2013,
with all indicators that EBITDA breakeven will be achieved in Q4
2015 along with positive cash flow from Q1 2016.
Growth in Bookings from Enterprise Customers
So far in Q4 2014 the majority of bookings (with around 1/3rd of
these being repeat customers) have come from major brands, with the
most recent notable additions being Amazon, Tesco and Argos.
Business Model Scalability
The roll-out of the blur 4.0 platform has proved that the
business scales without significantly adding to costs. Business
growth is being achieved with a headcount that today numbers 67
against 78 at the end of FY 2013.
For further information, please contact:
blur Group plc investors.blurgroup.com
Stephen Harvey, Group Tel: + 44 1392927409
CFO
Barbara Spurrier, Director Tel: +44 203
Financial Reporting 475 8182
N+1 Singer
Shaun Dobson / Jen Boorer Tel: +44 20 7496
/ Emily Watts 3000
Yellow Jersey
Philip Ranger/Anna Legge Tel: +44 7768
534641
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 50,000
businesses have used blur to buy or sell services online, including
companies like Amazon, eBay, Regus, Caterpillar, Argos, Danone and
GE submitting over $300m 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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