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. As of July 2013, more than 30,000 businesses in 141 countries have adopted this s-commerce platform and changed the way they work. 100 projects per month from companies like Broadridge, Coral, Exceed, HCA, Momentive, Red Commerce, the Financial Times, Berlitz, Butlins, GE Healthcare and Tyco are received. Over the same time, average brief value has grown from around US$1,500 in 2010 to US$10,800 in the first quarter of 2013. By mid-2013, more than 2,200 projects had been submitted with a combined value of over US$35 million. These have come from the US, UK, Europe, Africa and Asia with over 28,000 expert service providers on eight exchanges responding to them


http://blurgroup.com/

$15 million project

RNS


RNS Number : 7356C

Blur Group PLC

20 March 2014












Date 20th March 2014







blur Group plc

("blur," the "Group" or the "Company")



$15 million legal project has kicked off on the Exchange



Biggest s-commerce project to date





blur Group plc (BLUR), the s-commerce company, has kicked off the next phase of a legal project with gross revenue value of $15 million.



This is the latest and largest high-value project submitted to the Exchange. Since the threshold for newly submitted projects rose to $5m+ in August 2013 there has been an increasing number of projects of significant scale, endorsing the adoption of s-commerce for high-end, complex service delivery.



The customer is using the Exchange as the foundation for their sourcing strategy to multiple services categories and experts. The complex scope and strategy of the project reinforces the unique ability of blur Group's s-commerce model to manage and deliver large projects over longer durations. In this instance the scoping and pitching stages involved a range of service providers who then carry forward through project planning and kick-off. The project was originally submitted in 2013 and multiple delivery milestones have been identified as part of this process, with blur Group recognizing revenue at these points through the lifecycle.



Philip Letts, blur Group CEO, said,



"This project has huge significance for blur Group and for the growth of s-commerce. Our success centres around our pioneering s-commerce technology and the size and complexity of this project further endorses the enterprise strength of the platform. There's almost no limit to the size or scale of projects we can take on."





Ends

Q1 2014 Metrics Update

http://www.moneyam.com/action/news/showArticle?id=4794579

Trading Update and Notice of Results


http://www.moneyam.com/action/news/showArticle?id=4794550

like wandisco in recent weeks, blur has clearly blotted its copybook rather badly

I'm staying clear of this one.

I've sold remaining holdings too, out. Fortunately still made a profit but foolhardy not to sell more in the heady 800p days!

Just keeping the thread up to date out of interest. Happy Easter all. :-))

Happy Easter dreamcatcher and everyone. There's an article in The Times today about the contents and reaction to yesterdays RNS.

Cheers doodlebug4. :-))

The Easter eggs will not taste quite the same for entrepreneur Philip Letts after he saw a cool £26million wiped off the value of his 47.6 per cent stake in blur, the AIM-listed global technology group he founded.


The shares crashed 41 per cent before closing 172.5p down at 280p, after publication of its full-year results for 2013 were delayed until May 20, rather than in early April as analysts had expected.


That was accompanied by worrying news that the board has changed guidance on revenues and revenue recognition.





Shares: Philip Letts saw a cool £26million wiped off the value of his 47.6 per cent stake in blur.



Letts sold 900,000 shares at £4 a pop in October, trousering £3.6million. He must wish he had sold more.

Gross revenues for 2013 are now indicated at up to £3.3million, against analysts’ forecasts of around £6million.


Full-year revenue expectations have had to be lowered because of delayed revenue recognition on several project bookings in 2013, which will now be recognised in the current financial year and beyond.






Analyst Robin Speakman at Shore Capital says his core concern is that revenue recognition has not matched cash flows.


He has pulled his forecasts and recommendation from consensus for blur and expects to make major changes in due course, possibly further deferring the timing of the inflection point of profitability and cash generation to a material degree.


He believes blur still has an interesting and potentially attractive business model that may yet dominate the services procurement space.


But the hyperbole of market penetration announcements must be matched by delivery to clients and investors alike.


With technology stocks both at home and in the US in a neurotic state, blur could not have chosen a worse time to put serious doubts in analysts’ and investors’ minds.




http://www.dailymail.co.uk/money/article-2607225/MARKET-REPORT-Philip-Letts-faces-bleak-Easter-shares-Blur-Group-tumble-delayed-release-revenue.html

Continues to fall.

blur Group building foundation for future revenue, says Liberum

By Giles Gwinnett

April 22 2014, 11:10am
Following last week's trading update, the broker has cut its full year 2013 revenue forecast by 42% to $5.4mln but keeps its 2014 revenues unchanged at $24.4mln



The increasing size and value of project's being managed on blur Group's (LON:BLUR) global exchange changes how the firm's revenues are recognised, notes broker Liberum, which rates the shares a 'buy'.

Following last week's trading update, the broker has cut its full year 2013 revenue forecast by 42% to $5.4mln but keeps its 2014 revenues unchanged at $24.4mln.

Since the second half of last year, multi-million dollar, longer time frame projects have started on the exchange, resulting in extended periods between project submission, kick-off and completion.

"Whilst earlier projects were small and would typically complete within a few months, the exchange has recently seen numerous projects in the $1m to $16m range which in some cases are expected to take over two years to complete," highlights analyst Janardan Menon.

The smaller projects required a 50% cash payment upfront but these initial payments are smaller for larger projects and further payments are milestone based, said the analyst.

As an example, blur in 2013 saw total bookings of projects starting valued at $22.2mln. But only about $5.4mln will be actually recognised as revenue in 2013 due to the delayed recognition of the rest of the revenue.

The remaining $16.8mln is expected to be recognised in 2014, 2015 and 2016.

The change in revenue recognition policy is a result of the growing complexity and duration ( greater than 2 yrs) of the very large projects being submitted.

"It suppresses near term revenue growth but builds a foundation of revenue for future years. The underlying growth rate remains solid and usage by major corporates is increasing," says Liberum, which also cuts the price target to 600p from 700p based on a lower multiple of six times for enterprise value -to - sales ratio.

Shares dipped today 8.93% to stand at 255p each.

A mini recovery on the way, a couple of good rises in the last few days.

Nice to see DC, especially as the Seller's catching up with the Buy's, and the Price held well still, hopefully a good sign! Slowly and surely better than that rush to the Stars we saw earlier this year!!

Off 25% get out now.

Not in.....what do they do ?...it's an online yellow pages...we put you in touch with people who do the work for you....on a global scale...might be alright if you live in remote parts of the world.....trouble is...no profit probably for years and years for this company....

read the trading update ...... basically the company stinks for all sorts of reasons

Boy...do I regret not shorting it...might be too late to do so...

it's got a 15p spread and MM only
MM's only offering tranches of 2,000

sorry wrong thread what I just put...job to short Blur now...