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Investor takes big stake in blur Group after results

Last updated: 10:42 05 Dec 2016 GMT, First published: 14:42 05 Dec 2015 GMT

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blur is now offering goods as well as services

Enterprise services platform and marketplace Blur Group PLC (LON:BLUR) is readying to expand again after some tough times.

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 2016 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.

Investor builds stake

Blur’s more stable footing has also started to attract investor interest.

Robert Keith, a former director of computer software company Eidos (the 'Championship Manager' people), and a major stakeholder in drug development company Silence Therapeutics PLC (LON:SLN) has been buying significant amounts of shares.

Keith has recently increased his stake from 1.32 million shares to 6.84mln shares, equivalent to 14.5% of the issued share capital of the AIM-listed company.

According to his profile on news agency Bloomberg, he serves as a technical consultant to several high-tech companies, so he knows the sector well.

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