Blur Group making 'steady progress' as profit and revenue rise

AIM-listed Blur Group said on Thursday that it is making 'steady progress', with gross profit and revenue in the third quarter ahead of the first half.

In a very brief trading update, the company - which provides an online marketplace to give businesses access to a global network of vetted service providers - said revenue and gross profit for the fourth quarter are expected to be ahead of the third, with "encouraging" new customer wins. In addition, it said the cash balance as at 22 November was £2.71m.

Chief executive officer Laurence Cook said: "I have been encouraged by the increasing rate of repeat business we are getting from existing customers and the addition of significant new customers.

"Although there is usually a lead time between the signing of a new customer and subsequently the building of momentum on the platform, the current trend is promising. It is reassuring that we now have sufficient resources to develop the business further over the next few years."

At 1000 GMT, the shares were down 3% to 4.61p.