30th Jun 2015 16:12
LONDON (Alliance News) - Blur Group PLC Tuesday said its pretax loss widened in 2014 after administrative expenses substantially increased, but said it has enough cash to implement its strategy.
The business-to-business e-commerce platform provider reported a USD11.0 million pretax loss in 2014, significantly wider than the USD6.5 million loss in 2013 despite revenue climbing to USD4.7 million from USD3.5 million.
The company's administrative expenses rose to USD12.6 million from USD7.2 million, whilst finance expenses also increased and finance income fell. Administrative costs rose as a result of continuing investment in technology and people but also the effects of bad debt and currency headwinds, it said.
"We have moved from being a broad-based business, servicing a wide range of small, medium and large customers, to one that today is focused on the medium and large enterprise. I believe that with our fundraise in 2014 coupled with established maturity in reporting we have the cash resources to execute our strategy," said Chief Executive Phillip Letts.
Blur raised USD2 million in an oversubscribed open offer of shares in June 2014.
Its cash balance on June 30 stood at USD12.2 million, slightly down from the USD17.4 million held at the end of 2014.
Blur shares closed down 13% to 44.00 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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