Blur Group shares nearly halved as revenue forecast is cut again

Oliver Smith
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ONLINE services exchange Blur Group saw its share price plummet 44 per cent yesterday after its second revenue warning in a month spooked investors.

The drop followed the announcement that a $3.6m (£2.13m) project, originally booked as 2013 revenue, won’t be recognised until 2014 now.

“The board has adopted a more conservative view of project revenue recognition to reflect the inherent complexity and increasing duration of the rising number of larger value projects being submitted to Blur Group’s global services exchange,” said Blur in response to the change in expected revenues for 2013.

Last month Blur lowered its revenue expectations for 2013 down to between $5.3m and $5.6m, far below the $9.3m predicted, and yesterday these were further lowered to $4.8m.

Blur’s shares closed at 155p yesterday, down nearly 80 per cent from their high of 770p at the middle of January.

The company also said that it has retained N+1 Singer as its nominated adviser to explore further financing opportunities available to the company to help it strengthen its balance sheet.