24th Sep 2013 10:38
LONDON (Alliance News) - Online business-services exchange company blur Group PLC Tuesday showed increases in revenues in the recent half but wider pretax losses due to increased investment in both headcount and technology development.
The company posted revenues of USD3.4 million for the half year ended June 30, up from USD974,682 in the previous year. It posted a widened pretax loss of USD1.9 million, from USD509,970, as administrative expenses increased to USD2.7 million from USD837,937.
Blur raised USD11.5 million in June to fund technology development and regional expansion. It has expanded its business to 58 employees from 19 in the previous year, and anticipates increasing this number to around 100 by the end of the year as it bolsters its technology team at its new research and development facility in Exeter.
The company said that its focus for the remainder of the year will be on industrialising its exchange platform so that it can reach the scalability required for global success.
"The acceleration in adoption and the evolution in the profile of the companies and experts who use the Global Services Exchange, provide clear evidence that s-commerce has completed the transition from concept to a proven way of buying and delivering business services," said Chief Executive Officer Philip Letts in a statement. "Blur can now fully capitalise on its first mover advantage in the market, widely estimated to be worth in excess of USD2 trillion."
Shares in blur were trading down 3.8% at 446.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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