8th Oct 2013 09:05
LONDON (Alliance News) - Technology company, Blur Group PLC, Tuesday said that it experienced its most successful quarter to date, in the third quarter of the year, with triple digit percentage growth in the number of projects, and project value.
Online business-services exchange company said that during the third quarter, it saw a marked acceleration in its s-commerce adoption, with significant growth in all of its key metrics, including 178% year-on-year growth in the number of new projects, which increased to 598.
It said reported a 493% rise year-on-year in the total value of projects submitted in the third quarter, to USD17.3 million, from GBP2.9 million a year earlier, with the average submitted project value increasing 115% to GBP28,800.
It said that the total value of projects to date is GBP50.8 million a 213% increase when compared to GBP16.2 million a year earlier.
"We raised funds in Q2 to accelerate growth through continued platform development and investment in our digital marketing and sales channels and Q3 showed rapid results from this plan," said Chief Executive Officer, Philip Letts in a statement.
Last month, the company said that it more than tripled its revenues in the first half of the year, but losses widened in first half, due to increased investment in both headcount and technology development.
Blur said that the number of projects completed grew to a record 160 in the quarter, from 68 a year earlier. it said that 19% of this were existing customers, and one of its most significant new customers in the quarter was video content platform provider, All Oceans Interactive Media.
"The pace of development at blur Group continues to be evident in terms of our acquisition of customers, our development of the blur 3.0 technology platform and our growth and organization of teams. The latest development with the move of our global HQ to Exeter shows our intention to deliver a world class billion dollar technology business and continue our market leadership in s-commerce," said Letts in a statement.
Blur shares were trading up 1.3% Tuesday morning, at 465.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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