Exeter-based enterprise services platform and marketplace blur Group (LON:BLUR) said it has made material progress despite a challenging six months.
The Company launched blur 5.0, an upgrade to its Enterprise services marketplace platform and has switched its focus from smaller firms to ‘enterprise’ firms (companies with more than 50 staff).
blur Group also launched a suite of new products and services focused on the enterprise market.
The company aims to address various challenges faced by today’s enterprise, including tail spend management, supplier diversity and creating a digital enterprise.
Argos owner Home Retail Group (LON:HOME), Unilever (LON:ULVR) and the University of Greenwich were all added as customers in the period.
The company said there has been an uptick in repeat customers from enterprise firms, with blur Group focusing on loyal accounts rather than operating on a project-by-project basis.
Philip Letts, chief executive, said: “The board anticipates the business continuing its take up of Enterprise customers whilst maintaining strict control of costs.”
Losses before tax narrowed to US$4.7mln from US$6.3mln the year before, with the underlying loss improving by 24% as the company cut expenses.
Revenue fell 9% to US$1.7mln as blur Group began to charge smaller businesses in advance of admission to the marketplace.
Mr Letts added: “Our new revenue recognition policy is now fully in effect and I'm pleased to announce that the release of this report coincides with the conclusion of the Financial Reporting Council's enquiries into blur Group's annual report and accounts for the year ended 31 December 2013.”
blur Group also added David Sherriff to the board and he will become non-executive chairman having been a non-executive director since 2013.