30th Sep 2015 10:53
LONDON (Alliance News) - Blur Group PLC Wednesday said it appointed David Sherriff as its non-executive chairman as it reported a narrowed pretax loss for the first half of 2015.
For the half year to end-June the company reported a pretax loss of USD4.8 million, narrowed from a pretax loss of USD6.3 million a year before, as revenue declined to USD1.7 million from USD1.8 million, but this was offset by lower administrative expenses.
The company's previous year results have been restated as a result of changes to its revenue recognition, which resulted in a reduction in revenue to USD1.8 million from the previously stated USD5.7 million. The company amended the policy following enquiries made by the Financial Reporting Council, and the company said the FRC's enquiries into the company's accounts have now concluded.
The company, which operates an enterprise services platform and marketplace, launched the newest iteration of its platform blur 5.0 during the period. It has applied stricter quality criteria to the projects and customers it admits to its marketplace, the company said, specifically no longer allowing contingent projects to the marketplace and increasingly charging smaller business users ahead of admission.
This led to a fall in revenue in its Rest of the World segment, the company noted. It has prioritised its sales efforts into the UK and US, which led to revenue in the UK rising 8% in the half year, and whilst US revenue fell 8%, it expects this trend to reverse in the second half.
Shares in Blur were down 12% at 30.04 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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