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blur Group's exchange attracting larger projects with longer life-cycles

blur Group is increasingly seeing larger projects with longer life cycles being submitted to its business services exchange.
blur Group's exchange attracting larger projects with longer life-cycles

Fast-growing crowd-sourcing firm blur Group (LON:BLUR) said increasing use of its exchange for higher value projects is leading to longer completion periods.

The group said that the adoption of larger multi-million dollar projects has happened more quickly than anticipated since the introduction of version 3 of the platform, which enabled the exchange to handle bigger briefs.

In the second quarter of this year the group intends to roll-out version 4 of the platform which will further enhance blur’s ability to cater for big projects, which tend to be longer in duration and more sophisticated in delivery with multiple participants and geographies.

This trend towards higher value projects with staged delivery cycles provides longer term visibility of Exchange use and uptake, the company said.

“The board currently anticipates revenue performance for the year to be broadly in line with market expectations bearing in mind that sizeable projects in progress at the year end will provide more material benefits through 2014 and by their nature have more complex delivery, timing and revenue recognition parameters,” the company said in a trading update.

Broker N+1 Singer said it is not making any changes to its forecasts, and remains confident of very strong year-on-year growth as some of the bigger beasts submitted to the exchange in 2013 are brought home in 2014.

“The shares have performed strongly, up 74% in the last three months and up 467% in the last 12 months, reflecting the excitement around the group’s ability to exploit its unique opportunity,” the broker noted.

“We are still early days into blur’s disruptive effect on the significant corporate services market and the group remains uniquely positioned for this global opportunity with its strong first mover advantage,” it added.

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