MAISTRO PLC blur Group plc
('blur Group', the 'Group' or the 'Company')
Quarterly Metrics Update
19th November 2015
blur Group plc (AIM:BLUR), the world's first enterprise services platform and marketplace, is pleased to provide the market with its Q3 2015 key metrics:
ALL PROJECTS | Q3 2015 | Q2 2015 | CHANGE |
No. | No. | % | |
Pitching On | 117 | 112 | +4.5 |
Kicked Off | 100 | 97 | +3.1 |
Completed | 85 | 82 | +3.7 |
ENTERPRISE PROJECTS ONLY** | Q3 2015 | Q2 2015 | CHANGE |
No. | No. | % | |
Pitching On | 57 | 33 | +72.7 |
Kicked Off | 47 | 32 | +46.9 |
Completed | 40 | 31 | +29.0 |
**blur defines the Enterprise as a business with 50 or more employees
The Company is pleased to report that is has completed its transition from pursuing individual projects to a fully EnterpriseYFocused model, concentrating on acquiring more mature, loyal accounts with a higher propensity for repeat business.
The proportion of Enterprise projects 'Pitching On' the blur Group platform increased to 49% of all projects in Q3 2015 (Q2 2015: 29%). The conversion rate of 'Pitching On' projects to 'Completed' has improved to 73% (Q2 2015 - 73%, Q1 2015: 45%). Repeat projects during the period were up to 54% of Completed project numbers (Q2 2015: 43%).
blur group is starting to see revenues from a wide range of premium, higher margin services introduced in June 2015, aimed at the Company's Enterprise customer base, including blur Data, a subscriptionYbased data tool. blur Group is also seeing revenues being achieved through the launch in June 2015 of its Enterprise Subscription plans.
Implementation of Single User Access Fees, coinciding with higher conversion rates, will lead to a reduction in revenue from cancellation fees in H2 2015 as the quality of projects progressing through the platform improves. Q3 2015 saw the addition to the platform of further Enterprise customers including a FTSEY100 UK oil and gas company, a USYbased business service company, and a UK local government body.
The improvements the Group has made in automation and processes in the platform and the business have resulted in a reduction of fullYtime headcount from 65 at the end of 2014, to 54 at the end of Q3 2015. Based on continuing these improvements, further structural changes will be made as efficiencies develop.
The Company's 'Pay Per Click' advertising costs reduced by approximately 95% at the end of Q3 2015 as blur Group redirected marketing resources and activities to targeted Enterprise accounts.
Other cost initiatives are being actioned in Q4, which are aimed at achieving further reductions in cash outflows in the quarter and into 2016. These include, but are not limited to, reductions in technology costs including extending the use of outsourcing arrangements and further reductions in facility, finance and administration expenses.
blur Group also made additional investments in customer collections from late Q3 2015. The Group's cash balance at the end of Q3 2015 totalled US$8.8 million.
Philip Letts, blur Group CEO, commented:
blur Group plc investors@blurgroup.com
Tim Allen Tel: +44 (0) 1392 927618
N+1 Singer
Shaun Dobson/Jen Boorer Tel: +44 (0) 20 7496 3000
Yellow Jersey PR
Dominic Barretto/Alistair de KareYSilver Tel: +44 (0) 773 807 6304
blur Group operates the world's first Enterprise Services Platform and Marketplace. To date over 65,000 businesses have adopted blur to buy or sell services online, including companies like, Tesco, Danone, Daily Mail Group, Argos and PwC submitting over $450m of services requirements to blur Group'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.
|
distributed by
|
