blur Group is a technology company reinventing how businesses do commerce at blurgroup.com. Its Global Services Exchange delivers services differently: a new way to buy, manage and pay for core services. Over 35,000 business users in 141 countries have adopted this s-commerce platform and changed the way they work.
UPDATE: blur Group meets expectations as it predicts a 200% rise in revenues
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blur Group (LON:BLUR), the global services exchange specialist, said financial results for the year just gone are in line with expectations with revenues growing 200%.
Chief executive Philip Letts said: "We are delighted to have concluded our first reporting period as a publicly listed business in such a positive manner.
“We are now keenly focused on continued execution and believe that we are well on our way to building a world-beating services commerce (s-commerce) platform."
blur operates in the emerging area of crowdsourcing - a system where buyers and providers of services such as marketing, media and IT are matched electronically on the firm’s global services platform.
The group has certainly hit the ground running since its stock market flotation (IPO) in October, adding new exchanges for the legal and accounting communities and new customers for the existing platforms, including eBay.
This is reflected in a share price that is up almost 80% since October’s IPO.
House broker N+1 Singer said it is leaving its forecasts unchanged after the trading update.
“The key operating metrics blur Group has been reporting show that the group is increasingly becoming a disruptive force in the business services market. The global spend on business services is over a trillion dollars annually and the group’s s-commerce platform is ideally suited to address significant areas of these markets. We believe the group’s offering comes at an opportune time when businesses are open to new and more effective ways of procuring services,” said analyst Tintin Stormont.
“Whilst the shares have performed strongly to date, we believe the group’s £35mln market capitalisation still only represent a fraction of its potential assuming continued strong execution,” she added.