blur Group plc
("blur Group", "blur", the "Group" or the "Company")
Unaudited Interim Results
blur Group, the enterprise services platform and marketplace presents its unaudited interim results for the six months ended 30 June 2017.
Operational highlightsEBITDA** loss reduced by 42% compared to H1 2016
Gross Profit achieved in H1, 2017 vs loss in H1 and FY 2016.
Revenue grew moderately (4.7%) in the first half of 2017 compared with the second half of 2016.
Focus on Enterprise customers driving further improvements in operational gearing
Post H1 2017 eventsChange of Board announced July 12, 2017
Successful placing oversubscribed raising $2.1m post costs
Cash Balance as at August 31, 2017 $2.5m
Review of business model reaffirms Enterprise strategy and investment in technology with lower base operating expenses
H1 2017 | H1 2016 | FY 2016 | ||
Unaudited | Unaudited | Audited | H1 2017 on H1 2016 change | |
$'000s | $'000s | $000s | % | |
Project fee Revenue | 149 | 560 | 716 | -73.4% |
Cancellation fee revenue | - | - | 9 | N/A |
Premium Service revenue | 21 | 2 | 4 | 950.0% |
Subscription and license fee revenue | 41 | 70 | 105 | -41.4% |
Total revenues | 211 | 632 | 834 | -66.6% |
Gross profit | 8 | (11) | (77) | 172.7% |
EBITDA** | (1,227) | (2,120) | (3,560) | 42.1% |
Loss before tax | (1,859) | (2,881) | (4,550) | -35.5% |
Cash balance | 982 | 4,340 | 2,506 | -77.4% |
**before share based payments and foreign exchange differences
Chairman David Rowe commented:Since July 12, 2017 the company, under the guidance of the new board, has undertaken a review of the company's operations and has reaffirmed its commitment to the Enterprise procurement segment, applying blur's PaaS (Procurement as a Service) platform to improve efficiencies and deliver value for money in partnership with its customers.
The company has undergone a number of changes since period end and I am delighted that Laurence Cook has agreed to serve as CEO taking over the baton from Philip Letts the founder. Laurence has a strong corporate sales background and together with his team will drive further innovation and strive to secure long-term Enterprise customers and revenues through the blur platform.
Going forward we are focused on converting new Enterprise customers whilst continuing to develop the blur Procurement as a Service (PaaS) cloud platform including A.I. enhancements as we scale.
New customer acquisition together with continued investment in its market leading PaaS platform is expected to drive revenue growth and provide a springboard for value creation.
This announcement contains inside information For further information, please contact:blur Group plc investors@blurgroup.com
N+1 Singer
Shaun Dobson/James White Tel: +44 (0) 20 7496 3000
About blur Group plc at blurgroup.comblur Group is a public company quoted on the London Stock Exchange's AIM market (BLUR) and is headquartered in the UK.
Financial ReviewRevenue
In the first half of 2017, blur continued to focus on its Enterprise strategy.
Overall revenue for the six months to 30 June 2017 decreased by 67% to $0.21m (H1 2016: $0.63m) within which Project fee revenue declined by 73% to $0.15m (H1 2016: $0.56m). This reflects the continuing long sales cycles and pilot phases which characterise the typical development of blur's relationship with a larger Enterprise.
The Group's higher margin revenues fell by 14% to $0.06m (H1 2016: $0.07m).
Gross margin
Gross profit was $0.01m in H1 2017 (H1 2016: ($0.01m)). This increase has been driven by the reduction to delivery staff costs charged to cost of sales, which reduced by 53% to $0.09m (H1 2016: $0.19m). Further automation of blur's software platform and delivery processes has driven improved operational efficiency. In addition, blur's focus on Enterprise customers, leads to greater completion of projects which also drives a more efficient delivery function.
Costs
Total administrative expenses decreased by 35% to $1.87m (H1 2016: $2.89m) due to blur's increasing ability to improve efficiency with the launch of blur 6.0. In addition, overall headcount led to a 41% reduction in staff costs compared to H1 2016. Share based payments reduced by 40% compared to H1 2016.
The credit risk associated with the customers using the marketplace resulted in a $(0.11m) (H1 2016:
$(0.01m) bad debt provision included in administrative costs. The credit balance was, in part, driven by recovery of previously provided for debts.
EBITDA
The EBITDA loss (Earnings before Interest, Tax, Depreciation and Amortization, Foreign Exchange movements and Share Option costs) for H1 2016 reduced by 42% to $1.23m (H1 2016: $2.12m).
This was largely driven by the reduction in administrative costs in the period.
Loss after tax
The loss after tax for the period reduced by 35% to $1.79m (H1 2016: $2.74m).
Finance income fell to $0.002m (H1 2016: $0.02m) reflecting lower cash balances held on deposit, together with reduced available returns.
Cash
The cash balance at the period end was $0.98m (31 December 2016: $2.5m).
The Group predominantly holds its cash in sterling. At 30 June 2017, the Group's sterling deposits totaled
£0.73m with a further US$0.03m held in USD and EUR denominated accounts.
blur's reported cash balance has been impacted by $0.13m of unrealized exchange gains in H1 2017 (H1 2016: Loss $0.68m), as the valuation of blur's sterling denominated cash balances were affected by the strengthening in the GBP: USD exchange rate since the end of December 2016.
The net decrease in cash and cash equivalents was 22% lower in H1 2017 compared to H1 2016, driven by improving efficiency and cost reductions. Expressed in underlying GBP and excluding foreign exchange effects, the Group's cash balances reduced by £1.30m in H1 2017 (H1 2016: £1.60m).
Risks and uncertainties
The key business risks affecting the Group remain as stated in the Annual Report for the Year ended 31 December 2016.
Condensed Consolidated Statement of Total Comprehensive Income for the period ended 30 June 2017 Six Months EndedSix Months
Ended
30 June 2017 30 June 2016 Unaudited UnauditedNote US$ US$
Revenue 2 211,536 632,094Cost of sales (203,922) (642,868)
Gross profit 7,614 (10,774)Total administrative expenses 3 (1,868,242) (2,890,566)
Loss from operations (1,860,628) (2,901,340)Finance income 1,644 20,817
Finance expense (20) -
Loss before tax (1,859,004) (2,880,523)Tax credit 71,594 136,251
Loss for the year attributable to equity holders of the parentCompany (1,787,410) (2,744,272)
Condensed Consolidated Statement of Total Other Comprehensive Income for the Period Ended 30 June 2017 Six Months Ended 30 June 2017 Unaudited US$ Six Months Ended 30 June 2016 UnauditedUS$
(Loss) for the year (1,787,410) (2,744,272)
Other comprehensive income128,676 | (755,867) | |
(1,658,734) | (3,500,139) | |
5 | (0.04) | (0.06) |
Exchange gains/(losses) arising on the translation of foreign subsidiaries (could subsequently be reclassified to profit and loss)
Total comprehensive losses attributable to equity holders of the parent CompanyBasic and diluted loss per share for losses attributable to the owners of the parent during the year
The results reflected above relate to continuing activities.
The accompanying notes are an integral part of these financial statements.
Condensed Consolidated Statement of Financial Position At 30 June 2017Six Months Ended 30 June 2017 | Year Ended 31 December 2016 | |
Unaudited | Audited | |
Note | US$ | US$ |
Non-current assets | ||
Property, plant and equipment | 6,317 | 30,438 |
Intangible assets 6 | 2,022,538 | 2,440,332 |
Total non-current assets | 2,028,855 | 2,470,770 |
Current assets | ||
Trade and other receivables 7 | 351,212 | 477,807 |
Tax Receivable | 345,036 | 559,847 |
Cash and cash equivalents | 981,926 | 4,340,285 |
Total current assets | 1,678,174 | 5,377,939 |
Total assets | 3,707,029 | 7,848,709 |
Current liabilities | ||
Trade and other payables (including derivatives) | 830,885 | 1,101,373 |
Social security and other taxes | 60,726 | 89,442 |
Loans and borrowings 8 | 13,003 | 13,392 |
Total current liabilities | 904,614 | 1,204,207 |
Total liabilities | 904,614 | 1,204,207 |
Net assets | 2,802,415 | 6,644,502 |
Issued capital and reserves attributable to owners of parents | ||
Called up share capital 9 | 769,179 | 769,179 |
Share premium 9 | 37,425,856 | 37,425,856 |
Equity conversion reserve | 8,967 | 8,967 |
Merger reserve | 1,712,666 | 1,712,666 |
Share based payment reserve 10 | 1,380,898 | 1,265,214 |
Foreign exchange reserve | (2,989,456) | (2,726,951) |
Retained losses | (35,505,695) | (31,810,429) |
2,802,415 | 6,644,502 | |
The accompanying notes are an integral part of these financial statements. |
Called
Up Share Capital
Share Premium
Equity Conversion Reserve
Merger Reserve
Share Based Payment Reserve
Foreign Exchange Reserve
Retained Loss Total
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ |
769,179 | 37,425,856 | 8,967 | 1,712,666 | 1,484,879 | (1,971,084) | (29,465,536) | 9,964,927 |
- | - | - | - | - | - | (2,744,272) | (2,744,272) |
- | - | - | - | (219,665) | - | 399,379 | 179,713 |
- | - | - | - | - | (755,867) | - | 67,684 |
769,179 | 37,425,856 | 8,967 | 1,712,666 | 1,265,214 | (2,726,951) | (31,810,429) | 6,644,502 |
769,179 | 37,425,856 | 8,967 | 1,712,666 | 1,267,067 | (3,118,132) | (33,716,578) | 4,349,025 |
- | - | - | - | - | - | (1,787,410) | (1,787,410) |
- | - | - | - | - | 128,676 | - | 128,676 |
- | - | - | - | - | 128,676 | (1,787,410) | (1,658,734) |
- | - | - | - | 113,831 | - | (1,707) | 112,124 |
769,179 | 37,425,856 | 8,967 | 1,712,666 | 1,380,898 | (2,989,456) | (35,505,695) | 2,802,415 |
Equity as at 1 January 2016
Loss for the period Share Based Payments
Other comprehensive income
Equity as at 30 June 2016 (Unaudited)
Equity as at 1 January 2017
Loss for the period
Other comprehensive loss for the year
Total comprehensive income/(loss)
Share Based Payments
Equity as at 30 June 2017 (Unaudited)
The accompanying notes are an integral part of these financial statements.
Six Months EndedSix Months
Ended
30 June 2017 30 June 2016 Unaudited UnauditedNote US$ US$
Loss after taxation (1,787,410) (2,744,272)
Interest (income)/expense (net) (1,624) (20,817)
Income tax credit (71,594) (136,251)
Fair value movement and unrealized FX (60,634) 124,771 Depreciation of property, plant and equipment 5,788 29,448 Amortization of intangible assets 6 564,810 578,387
Share-based payments charge 10 110,957 183,411 Loss on disposal of property, plant and equipment - (244)
Cash outflows from operating activities beforechanges in working capital (Increase)/decrease in trade and other receivables | (84,466) | 363,050 |
Increase/(decrease) in trade and other payables | 40,444 | (477,401) |
Cash used in operations | (1,283,729) | (2,099,918) |
Interest received | 1,644 | 20,817 |
Interest paid | (20) | - |
R&D tax credit received | - | 476,873 |
Net cash used in operations | (1,282,105) | (1,602,228) |
Purchase of property, plant and equipment | - | - |
Proceeds on disposal of property, plant and equipment | - | - |
Investment in intangible assets | (376,704) | (520,888) |
Net cash used in investing activities | (376,704) | (520,888) |
Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period | (1,658,809) 2,506,292 | (2,123,116) 7,144,877 |
Effect of foreign exchange translation on cash and equivalents | 134,443 | (681,476) |
Cash and cash equivalents at end of period | 981,926 | 4,340,285 |
The accompanying notes are an integral part of these financial statements. |
-
Accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of these condensed financial statements are set out in the full accounts for 2016. The policies have been consistently applied to all the periods presented, unless otherwise stated.
These condensed financial statements have been prepared in accordance with IAS34 "Interim financial statements", as adopted by the European Union.
These condensed interim financial statements do not constitute statutory financial statements within the meaning of Section 434 of the Companies Act 2006. The comparative information for the full year ended 31 December 2016 has, however, been derived from audited statutory financial statements. A copy of the 31 December 2016 statutory financial statements has been delivered to the Registrar of Companies. The auditor's report on those statements was unqualified, but included reference to an emphasis of matter in relation to going concern. That opinion did not contain a statement under section 498(2)-(3) of the Companies Act 2006.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The accounting policies have been applied consistently throughout the group for the purposes of the preparation of the interim statements.
The Group financial statements consolidate the financial statements of the Company and its subsidiaries (together referred to as "the Group").
Basis of consolidationWhere the Company has the power, either directly or indirectly, to govern the financial and operating policies of another entity or business so as to obtain benefits from its activities, it is classified as a subsidiary. The consolidated financial statements present the results of the Company and its subsidiaries (the Group) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
Foreign currencyThe functional currency of blur Group plc and blur Ltd is Pound Sterling, whereas of blur Inc. it is US Dollars.
The presentational currency is US Dollars ($), as the Group's management believe that in the future the majority of revenues and activity will be generated in US Dollars. This is consistent with prior years.
The exchange rates used for translating the statement of financial position at 30 June 2017 was at a closing rate of £1 = US$1.3003 (2016: US$1.3390) and the statement of comprehensive income at an average rate of US$1.2949 (2016: US$1.4441).
-
Segmental analysis
The Group currently has one reportable segment, provision of services, and categorizes all revenue from operations to this segment.
The Group currently has four reportable categories which are:
Project revenues - for the provision of services from projects that list on blur's marketplace, where the customer accepts the bid from the expert supplier and a legally binding contract between blur and its customers is established;
Cancellation fees (formerly listing fees) - where the project is cancelled after listing and there is an expectation of collection. The Cancellation fee is a mandatory charge when a customer listed a project and decided to close their trading account or not to select an expert;
Premium services - comprising wraparound support services for projects, including blur Manage Ultra, blur Protect Advanced, blur Express, and blur Engage; and
Subscriptions and licenses - for the provision of tiered annual subscriptions to service providers to gain access to high value project opportunities and market insights; the provision of access to blur's software Platform and for the provision of subscriptions of blur Data, which analyses the business services landscape including category trends, pricing and timeline forecasts.
Six Months Ended
Project Revenue
Six Months
Ended
Year Ended
Cancellation Fees (formerly Listing Fees)
Six Six
Months Months Year
Ended Ended Ended
Premium Services Six Six
Months months Year
Ended ended Ended
Six months Ended
Subscriptions
Six months Ended
Year Ended
30 June
30 June
31 Dec
30 June 30 June 31 Dec
30
30 June June 31 Dec
30 June
30
June
31 Dec
2017
2016
2016
2017 2016 2016
2017 2016 2016
2017
2016
2016
Un- audited
Un-audited
Audited
Un- Un-
audited audited Audited
Un- Un-
audited audited Audited
Un- audited
Un- audited
Audited
US$
US$
US$
US$ US$ US$
US$ US$ US$
US$
US$
US$
98,614
292,399
376,609
- - 112
20,983 - -
32,994
37,988
60,501
17,245
203,198
276,999
- - 8,678
100 - 2,213
4,039
23,460
27,332
33,216
64,382
62,169
- - -
- 1,500 1,775
4,345
9,167
17,788
149,075
559,979
715,777
- - 8,790
21,083 1,500 3,988
41,378
70,615
105,621
UK USA
Rest of World
Total
The Group operates in three main geographic areas: UK, USA and Rest of the World. Revenue by origin of geographical segment for all entities in the Group is as follows:
Six Months EndedSix Months
Ended Year Ended
30 June 201730 June
2016
31 December
2016
Unaudited Unaudited Audited US$ US$ US$UK 152,591 330,387 437,222
USA 21,384 226,658 315,222
Rest of World 37,561 75,049 81,732
Total 211,536 632,094 834,176-
Loss from operations
The operating loss as at 30 June 2017 is stated after charging:
Six Months EndedSix Months
Ended Year Ended
30 June 2017 30JuneUnaudited
2016
Unaudited
2016
Audited
US$
US$
US$
Amortization of intangibles
564,810
578,387
1,146,376
Bad debt provision
(108,785)
(8,975)
(50,038)
Depreciation of property, plant and equipment
5,788
29,448
47,055
(Profit)/Loss on disposal of property, plant and equipment
-
(244)
(244)
Staff costs
802,981
1,365,285
2,284,305
Operating lease expense - buildings
50,228
163,229
225,603
Foreign exchange (gains)/ losses
(47,877)
(9,756)
31,732
Other administrative expenses
601,097
773,192
1,331,856
Total administrative and other expenses
1,868,242
2,890,566
5,016,645
31 December
-
EBITDA
EBITDA is calculated as follows:
Six months endedSix months
ended Year ended
30 June 2017 30JuneUnaudited
2016
Unaudited
Audited
Earnings from operations
US$ (1,860,628)
US$ (2,901,340)
US$ (5,093,562)
Amortization of intangibles
564,810
578,387
1,146,376
Depreciation of property, plant and equipment
5,788
29,448
47,055
(Profit)/Loss on disposal of property, plant and equipment
-
(244)
(244)
Foreign exchange losses
(47,877)
(9,756)
31,732
Share based payments
110,957
183,411
308,934
EBITDA
(1,226,950)
(2,120,094)
(3,559,709)
31 Dec 2016
-
Loss per share
Loss per ordinary share has been calculated using the weighted average number of shares in issue during the relevant financial periods. The basis for calculating the basic loss per share is as follows:
Six Months EndedSix months
Ended Year Ended
30 June 201730 June
2016
31
December
2016
Unaudited Unaudited AuditedUS$ US$ US$ Weighted average number of shares for the purpose of earnings per share 47,092,851 47,092,851 47,092,851
Loss after tax (1,787,410) (2,744,272) (4,768,814)
Loss per share (0.04) (0.06) (0.10)
Due to the loss in the period the effect of the share options was considered anti-dilutive and hence no diluted loss per share information has been provided.
-
Intangible assets
Trading
Software
TotalPlatform
US$
Development
US$
US$
COST
At 1 January 2016
4,035,850
306,359
4,342,209
Additions - Internal Development
882,451
-
882,451
Additions - External Costs
Disposals
-
(8,359)
-
(617)
-
(8,976)
Exchange adjustment
(671,460)
(50,970)
(722,430)
At 31 December 2016 - Audited
4,238,482
254,772
4,493,254
Additions - Internal Development
Additions - External Costs Disposals
376,704
-
-
-
-
-
376,704
-
-
Exchange adjustment
227,362
13,668
241,030
At 30 June 2017 - Unaudited
4,842,548
268,440
5,110,988
AMORTISATION
At 1 January 2016
1,492,969
133,560
1,626,529
Charge for period
1,052,025
94,352
1,146,377
Disposals
(8,359)
(206)
(8,565)
Exchange adjustment
(355,948)
(31,819)
(387,767)
At 31 December 2016 - Audited
2,180,687
195,887
2,376,574
Charge for period
526,233
38,577
564,810
Exchange adjustment
135,220
11,846
147,066
At 30 June 2017 - Unaudited
2,842,140
246,310
3,088,450
NET BOOK VALUE
At 30 June 2017
2,000,408
22,130
2,022,538
At 31 December 2016
2,057,795
58,885
2,116,680
-
Trade and other receivables
Six Months
Ended Year Ended
30 June
2017
31 December
2016
Unaudited AuditedUS$ US$
Trade receivables - gross 75,24430,047
Provision for impairment (4,164) (16,093)
Trade receivables - net 71,08013,954
Prepayments 215,968 153,395
Accrued Income 63,67361,920
Other receivables 491 37,477
351,212 266,746All amounts shown under receivables are due within one year.
-
Loans and borrowings
Six Months
Ended Year Ended
30 June
2017
31 December
2016
Unaudited Audited Unsecured convertible loan note US$ US$Current 13,003 12,341
Total loans and borrowings 13,003 12,341Book value approximate to fair value for the convertible debt and is stated at fair value at initial recognition and at amortized cost subsequently.
The convertible loan notes (referred to as convertible debt II) were issued in 2011 with a coupon rate of 15% at a total face value of US$78,010. The loan notes are either repayable in four years from the issue date at its total face value, with interest accrued and payable as ordinary shares issued in the Company or can be converted at any time within two years into shares at the holder's option. The value of the liability component and the equity conversion component were determined at the date the instrument was issued.
Face value Equity conversion
Fair value of liability
US$ US$ US$
As at 1 January 2017 12,341 8,967 21,308
Accretion in loan note liability value - - - Exchange adjustments 662 - 662
As at 30 June 2017 13,003 8,967 22,359 -
Share capital
Share capital allotted and fully paid up
Ordinary shares of £0.01 carry the right to one vote per share at general meetings of the Company and the rights to share in any distribution of profits or returns of capital and to share in any residual assets available for distribution in the event of a winding up. The shares are denominated in Pounds Sterling and translated at the historic rate.
The table below shows the movements in share capital for the year:
Number of shares Share Capital $ Share premium $
Six Months
Ended
Year Ended
Six Months
Ended
Year Ended
Six Months
Ended
Year Ended
30 June 2017
31 December
2016
30 June 2017
31 December
2016
30 June 2017
31 December
2016
Unaudited
Audited
Un-audited
Audited
Unaudited
Audited
47,092,851
47,092,851
769,179
769,179
37,425,856
37,425,856
-
-
-
-
-
-
-
-
-
-
-
-
47,092,851
47,092,851
769,179
769,179
37,425,856
37,425,856
Movement in ordinary share capital
Balance at the beginning of the period
Issue of new shares Share issue costs
Balance at the end of
the period
The Group has not issued any partly paid shares nor any convertible securities, exchangeable securities or securities with warrants. The Group does not hold any treasury shares.
-
Share-based payments
In compliance with the requirements of IFRS 2 on share-based payments, the fair value of options granted during the period or which were granted in previous periods but had an extended period before vesting is calculated either using the Black Scholes option pricing model or on the basis of the fair value of remuneration waived in consideration for the grant.
Six Months EndedSix Months
Ended Year Ended 31 December
30 June 2017 30 June 20162016
In the Statement of Comprehensive Income, the Company recognised the following charge in respect of its share based payment plan:
Unaudited Unaudited Audited US$ US$ US$ 110,957 183,411 (208,839) -
Related party transactions
Six Months
Ended
Six Months
Ended
30 June 2017 30 June 2016 Unaudited UnauditedUS$ US$
Consultancy fees1
26,797
69,783
Service fees 2
-
2,417
Project revenue 3,4
3,216
16,986
30,013
89,186
Out of above balances outstanding at period end in trade payables and accruals are $nil (31 December 2016: $533).
Consultancy fees of $26,797 (Six months ended 30 June 2015: $69,783) were paid to Revviva LLC, a company in which K Cardinale has an interest. These were paid for K Cardinale's director services.
Service fees of $nil (Six months ended 30 June 2016: $2,417) were paid to CFPro Limited for accounting and consultancy support, a company in which Barbara Spurrier has an interest.
Project revenue includes $2,549 (Six months to 30 June 2016: $16,986) in revenue recognized for projects carried out on behalf of Letts Estates Limited, a company in which Philip Letts has an interest. The projects were carried out on an arms-length basis. A balance of $nil is included in aged receivables at the period end (Six months to 30 June 2016: $nil).
Project revenue includes $667 (Six months to 30 June 2016: $nil) in revenue recognized for projects carried out on behalf of Tanfield Limited, a company in which Richard Bourne-Arton has an interest. The projects were carried out on an arms-length basis. A balance of $nil is included in aged receivables at the period end (Six months to 30 June 2016: $nil).
The following loans are due (to)/from Directors:
Six MonthsEnded Year Ended
30 June 2016 31 December 2015 Unaudited AuditedP Letts: US$ US$
Opening balance (15,721) (19,603)
Amounts advanced from the Group 2,028 -
Expenses incurred on behalf of the Group (46) (624)
Exchange adjustments (843) 4,506
Closing balance (14,582) (15,721)
The loans are interest free and repayable on demand.
-
Events after the reporting date
On 7 July 2017, blur announced the successful result of a proposed placing, via an accelerated book build, to raise £1.6 million. Whilst blur has made progress in engaging with and delivering projects for multinational blue-chip organisations, converting customer engagement into significant revenues has been slower than anticipated. The funding was intended to provide the business with sufficient working capital to generate new Enterprise customers from the sales pipeline over a 12-month period and time for the incoming board to review the operations and prospects of the business.
Following the announcement of the July placing, a number of changes have been made to blur Group plc's board of Directors. David Rowe was appointed as chairman with Preeti Mardia, Richard Rae and Richard Croft being appointed to the board as non-executive directors on 12 July 2017. Simultaneous with these new appointments, David Sherriff, Roger de Peyrecave Rob Wirszycz and Kara Cardinale stepped down from the board. Tim Allen, Chief Financial Officer, also stepped down from the board on 28 July 2017 and James Porter, blur's existing group financial controller, will serve as interim finance lead. On 1 August 2017 Philip Letts, Chief Executive Officer stepped down from the board, and was replaced by Laurence Cook on 2 August 2017.
- Control
There is no ultimate controlling party
Statement of Directors' ResponsibilitiesWe confirm that to the best of our knowledge:
•the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;
•the interim management report includes a fair review of the information required by:
)DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
)DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so
The directors of blur Group plc are listed in and are unchanged from those disclosed in the blur Group plc Annual Report for 31 December 2016, with the exception of Philips Letts who stepped down from the board on 1 August 2017, and Laurence Cook, who joined the board on 2 August 2017.
By order of the Board
David Rowe Chairman
David Rowe
19 September 2019
17
blur Group plc published this content on 20 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 September 2017 06:39:06 UTC.
Original documenthttps://www.blurgroup.com/wp-content/uploads/2017/09/20170920-Interim-results.pdf
Public permalinkhttp://www.publicnow.com/view/4586904F59FEF9C7BFB094574672CEE8C32D1C82