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.
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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.
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