blur Group falls after full year losses widen

Shares in technology firm blur Group have taken a hit after the group revealed annual pre-tax losses widened in 2012, chiefly as a result of total administrative expenses.

Shares in technology firm blur Group have taken a hit after the group revealed annual pre-tax losses widened in 2012, chiefly as a result of total administrative expenses.

Pre-tax losses for the period totalled $1.87m (2011: loss $0.68m) on revenue of $2.81m (2011: $0.89m), while administrative expenses more than doubled to $2.5m (2011: $1.1m).

The results come as the group unveiled plans to become more like Amazon and eBay, by enhancing the efficiency and flexibility of its delivery platform, and also increase its customer numbers through further partnerships.

In a statement the company said: "As Amazon and eBay have fundamentally changed the way in which consumers buy day-to-day products, blur Group is seeking to fundamentally alter the way businesses buy core services.

"blur Group is the first to market with a comprehensive, cloud-based, efficient and open platform that uses the power of internet software and digital communications to challenge the 'old economy'."

During the 12 month period, the group launched three new exchanges on the Global Services Exchange, namely Technology, Legal and Accounting, bringing the total number to eight. The group said the Global Services Exchange, which provides a platform for the procurement and delivery of the full spectrum of business services, is now seeing 'exciting growth' in the number of larger businesses it has as customers.

The group explained its revenue growth was driven by substantial growth in average brief value and the number of briefs completed on the Exchange. Total revenue for the year increased by 216% to $2.81m (2011: $0.89m).

Cash at the end of the year totalled $4.45m compared to $0.15m at the end of December 2011.

In the first quarter of 2013, the group completed 111 projects, compared to 31 in the same period in 2012, submitted 359 briefs (2011: 129), while the value of the briefs submitted came to $3.89m (2011: $1.39m).

The share price fell 8.51% to 150.50p by 11:00.

NR

Recommended

The top funds to invest in
Funds

The top funds to invest in

Investors continued to the passive preference throughout May, while high-yields were also sought. We look at the top funds, stocks and trusts that inv…
5 Jun 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

How much will it cost you to retire early?
Pensions

How much will it cost you to retire early?

The pre-state pension income gap means couples may need an extra £136,000 if they want to retire at 60 – can you afford to retire early?
6 Jun 2023
Best easy access savings accounts – June 2023
Savings

Best easy access savings accounts – June 2023

Rising interest rates have boosted the returns on instant-access savings accounts and we're seeing some of the highest rates seen in years. We look at…
6 Jun 2023
Best debit and credit cards to use while travelling abroad
Personal finance

Best debit and credit cards to use while travelling abroad

If you’re going on holiday or travel abroad regularly, it’s worth knowing what the best card is to avoid hefty fees. We weigh up the charges and any p…
6 Jun 2023