Blur Group PLC 2014 Trading Update (8033J)
April 10 2015 - 2:00AM
UK Regulatory
TIDMBLUR
RNS Number : 8033J
Blur Group PLC
10 April 2015
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 Tel: +44 1392
Harvey/Barbara Spurrier 927 189
N+1 Singer
Shaun Dobson/Jen Boorer/Emily Tel: +44 20
Watts 7496 3000
Yellow Jersey
Dominic Barretto/Alistair Tel: +44 7768
de Kare-Silver 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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