Blur : Trading Update 19 November

Wednesday 19 November 2014

blur Group plc

("blur" or the "Group")

Trading Update

Further to the Interim Results issued on 9th September 2014 (the "Interims") blur today issues a trading update:

Trading Update Summary

blur announces that the business is currently in line with management expectations in respect of new project bookings, ahead of plan for new and repeat enterprise projects, and ahead of its plan on costs due to the adoption of the blur 4.0 platform by Enterprise customers.

The Group continues on its already announced and planned path towards EBITDA breakeven and positive cash flow. The Group has cash resources of $20m to comfortably sustain it through to profitability and cash flow positive.

Whilst revenue growth has been strong, a small number of large projects, which have been submitted to the exchange, will not kick off until early 2015, which will impact the Group's revenue and therefore profitability for the full year ending 31 December 2014.

Operationally, we remain pleased with progress, with Project Bookings remaining strong, especially from the Enterprise customers, with a total of 6,329 projects submitted to the Exchange as at 17 November 2014, representing a combined value of $310m. This represents a fourfold growth against the same point in 2013, with all indicators that EBITDA breakeven will be achieved in Q4 2015 along with positive cash flow from Q1 2016.

Growth in Bookings from Enterprise Customers

So far in Q4 2014 the majority of bookings (with around 1/3rd of these being repeat customers) have come from major brands, with the most recent notable additions being Amazon, Tesco and Argos. 

Business Model Scalability

The roll-out of the blur 4.0 platform has proved that the business scales without significantly adding to costs. Business growth is being achieved with a headcount that today numbers 67 against 78 at the end of FY 2013. 

For further information, please contact:

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 50,000 businesses have used blur to buy or sell services online, including companies like Amazon, eBay, Regus, Caterpillar, Argos, Danone and GE submitting over $300m 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.