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Blur steadies business as it looks to make next step in evolution

The company expects its latest offering, announced in the quarter just gone, to be at the forefront of this growth
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Blur has extended its offering to meet demand from corporate organisations

Enterprise services platform and marketplace Blur Group PLC (LON:BLUR) told investors its finances are under tight control as it gets ready to take the next step in its growth.

A key part of this development will come from its extended offering, which means companies can now source goods as well as business services from its platform, the Exeter-based firm said.

“This expansion is the next step in blur's evolution and a key pillar of the blur 6.0 development roadmap,” said chief executive Philip Letts.

A tax credit of US$0.4mln meant net cash burn for the three months to the end of September stood at US$0.6mln – a fourth consecutive quarter of improved underlying cash burn.

Operating costs fell 23% quarter-on-quarter, which are now 74% lower than where they were at the end of the same period last year.

Blur also had US$3.6mln in the bank at the end of the period, even after a US$0.9mln hit from the dip in the value of sterling.

Brexit – along with summer seasonality – also had an impact on the number of projects the company pitched for, won and completed in the third quarter.

“Delayed decision making” from customers in the wake of the referendum result meant the number of projects pitched on fell 22% to 57 quarter-on-quarter, while there was a near 40% reduction in the number of projects started in the period, which stood at 44.

The number of projects completed fared slightly better though, with Blur completing 46 projects compared to 54 in the second quarter.

Despite the elongated sales cycles, the firm said it had continued to deepen its relationship with key customers.

Letts added: “Our continuing commitment to cost and cash control, combined with wider roll outs of Blur’s solutions within repeating Enterprise customer accounts, both remain key to Blur’s path to sustainable profitability”

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