19th Nov 2015 11:29
LONDON (Alliance News) - Blur Group PLC Thursday said it is "satisfied" with the progress it made in the third quarter of 2015, as it completed a shift in its business model to focus on enterprise customers - meaning a business with fifty or more employees.
The company operates an enterprise services platform and marketplace. It said it is starting to see revenues from a "wide range of premium, higher margin services" it introduced in June, which are aimed at its enterprise customer base, as well as revenues from its enterprise subscription plans.
The implementation of single user access fees, along with higher conversion rates, will lead to reduced revenue from cancellation fees in the second half of the year, it noted. In the third quarter to end-September, the company added customers including a FTSE 100 UK oil and gas company, a US-based business service company and a UK local government body, none of which weren't named.
The company is taking cost-reduction initiatives, cutting its headcount to 54 at the end of the quarter from 65 at the end of 2014, and reducing its 'pay per click' advertising cots by around 95% at the end of the quarter, amongst other measures.
"We have taken and continue to take resolute measures to lower our costs, narrow our losses and reduce cash burn. We plan for these measures to be completed by the end of first quarter 2016, providing us with strong foundations for 2016 and beyond," said Chief Executive Officer Philip Letts in a statement.
Shares in Blur were down 0.8% at 25.30 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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