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

How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022
Three solid assets to buy for a low interest-rate world
Share tips

Three solid assets to buy for a low interest-rate world

Professional investor Luke Hyde-Smith of the Waverton Real Assets Fund, highlights three alternative investments to diversify your portfolio.
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
Which investment trusts performed the best in 2021?
Investment trusts

Which investment trusts performed the best in 2021?

Shivani Khandekar runs through the top ten investment trusts of 2021 – and the worst performing trusts – and looks ahead to 2022.
7 Jan 2022
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022