Blur Group Share Discussion Threads

[1hotspur] 13/4/2015 08:05

According to the Blur Annual Report of 2013, Phillip Letts was paid $172,062 in 2013 (up from $130,844 in 2012) and his wife, Kara Cardinale, was paid $140,778 in 2013 (up from $95,118 in 2012). Is it any wonder Blur is burning cash at such an alarming rate.
hxxp://www.blurgroup.com/investors/wp-content/uploads/sites/16/2014/05/blur-Group-plc-AR2013.pdf

[hamidahamida] 13/4/2015 00:36

According to the house broker who are paid by blur to write these friendly reports everything is out of the window No Wonder managements tone has changed on cash flow positive, they could be out of cash before they become cash flow positive. What a GRIM picture:)

[hamidahamida] 13/4/2015 00:28

Edison notesUntil we have more clarity on the size of the write-down and the 'base effect' impact that it will have on our estimates for 2015 and beyond, we are withdrawing forecasts.

[hamidahamida] 13/4/2015 00:25

What a shocker House broker withdraws forecast they reckon hit could be as much as £7 million even the management have no idea this is a free fall share so much uncertainty. Blur Group has announced that a number of older projects started in 2013 and early 2014, but which have been experiencing delays, are likely to be written off meaning that contrary to its previous expectations, 2014 revenues will be substantially below forecasts. blur Group's auditors, KPMG, and the FRC are in the process of reviewing the recognition of these historical contracts which may result in a delay to the release of FY14 results. Management does not give any indication of the size of the potential write-down however, with a trade receivables balance of £4m at the interims and accrued revenues of £3m, there is potentially £7m of balance sheet risk.

[koolade] 10/4/2015 19:22

A non scalable business. A solution looking for a problem. Procurement processes and the services industry had no issues before Blur came along.

[bookbroker] 10/4/2015 18:52

My own opinion is that Letts is not a bean counter, so is he really qualified to be in charge here, the business model may be flawed however I think despite the shocking reporting they have to concentrate on managing the workflow much more fastidiously, how are costs being controlled and budgeted for, how productive are the staff being, and are they up to the job, I find it bizarre that projects are not being completed, if not what is the quality of the client who is placing the project listing, is the complexity of the project too difficult to manage, many questions need to be addressed and answered, I get the feeling and have said before, Letts is an ideas man, but not a manager, the non-exec. directors, some of whom have specific experience in other PLC's, purchased stock two months ago, they need to apply more pressure to get rid of people like Spurrier, she is complete waste of space!

[stegrego] 10/4/2015 16:48

Letts sold a shed load at 400p netting about 7 million from memory.

He hasn't bought any amount since.
Tells you everything you need to know.....

[smithie6] 10/4/2015 16:35

RNS 9/9 2014.

...re-stating accounts !!

and then again today.....re-stating accounts !!

...what ?!...this is routine ?!!...every 6 months they say 'sorry...our accounts are false'...'again' !!

-------
9/9/2014

"H1 2014 Highlights

-- Strong Revenue Growth under conservative Revenue Recognition policies

303% increase in revenue growth over H1 2013 under revised Revenue Recognition policies (detailed later in this statement). The revision has led to H1 2013 revenues being re-stated (H1 2014 represents a 19% increase on FY 2013 revenue) "

[smithie6] 10/4/2015 16:18

..so this was valued over 400-500 mln a year or two ago ?!

crazy....

did the dirs. sell then and make a fortune I wonder !

[smithie6] 10/4/2015 16:07

I'd agree with that bargepole rating...

----

imho the accounts topic is simply....false accounts...
in which case....who is interested in looking at the shares...until perhaps after the dirs. resp. have all been replaced...with dirs. with no past connection to 'false' accounts.

---

interesting imo how the share price went from 50p in Jan 2015 to 100p....and now back to 50p !!...
you couldnt make it up !

[hamidahamida] 10/4/2015 16:04

Brilliant Tom.....LolA reader from Banbury adds to the musical theme with his version of the Blur classic, Tracy Jacks, from the album Park life. The revised version is below: (Philip Letts) works in public company(Philip Letts) it's steady employment(Philip Letts) he's a software fanatic(Philip Letts) but his revenue is erratic(Philip Letts) saw a City Advisor(Philip Letts) who prescribed a profit warning(Philip Letts) but shares less than fifty(Philip Letts) and all the seams are splittingEVERYDAY HE GOT CLOSERHE KNEW IN HIS HEART IT WAS OVERHE'D LOVE TO HAVE A VALUABLE EQUITYBUT IT'S JUST SO OVERRATED(Philip Letts) gave a profits warning(Philip Letts) at seven in the morning(Philip Letts) got on the first train to Exeter(Philip Letts) and stood on the seafront(Philip Letts) threw his clothes in the water(Philip Letts) and ran around naked(Philip Letts) got stopped by the AIM Team(Philip Letts) and escorted back homeEVERYDAY HE GOT CLOSERHE KNEW IN HIS HEART IT WAS OVERHE'D LOVE TO HAVE A VALUABLE EQUITYBUT IT'S JUST SO OVERRATEDPhilip LettsPhilip LettsPhilip LettsPhilip LettsAnd then it happened on a Friday morningPhilip Letts bulldozed down the Company he worked inSaying it's just so overratedPhilip LettsPhilip LettsPhilip LettsPhilip LettsEVERYDAY HE GOT CLOSERHE KNEW IN HIS HEART IT WAS OVERHE'D LOVE TO HAVE A VALUABLE EQUITYBUT IT'S JUST SO OVERRATED

[hamidahamida] 10/4/2015 16:00

Great article by Steve Moore Today's announcement notes that "the board, following discussions with KPMG, has determined that a number of older projects started between late 2013 and early 2014, which have experienced delays, have shown a lower likelihood of completion" and "are in the process of dealing with enquiries from the Financial Reporting Council? on recognition of these historical contracts".As usual, the company tries to put a positive spin on things – the seemingly inappropriately named Deputy Chairman David Sherriff stating that the "process will draw a line under certain older projects and completes blur's transition which started with the updated revenue recognition approach announced in Q2 2014". Hmmm...I'd argue that a line will not be drawn under the financial reporting woes here until there is some confidence-boosting consistent delivery from the company and revenue recognition issues with auditors and the Financial Reporting Council is clearly a far from desirable state of affairs – particularly with results including that recognised revenue "will be substantially lower than previously expected" and that it "may impact the timing of the release of the results for the year ending 31 December 2014".The company seeks to reassure that now it "is benefiting from better project completion, higher repeat business and tighter invoicing to cash", that its "objective remains to drive the business to profitability in early 2016" and that its "net cash position remains in line with expectations at $17.4 million as at 31 December 2014". However, investors have little reason to have any confidence in incumbent management to deliver here and with the 30th June 2014 balance sheet having shown net cash of $24.4 million, cash burn has continued at a prodigious rate.I previously noted a toning down of the company's confidence in it having the cash to sustain it through to cash generation and, in all, consider this another AIM bargepole stock of the highest order.

[stegrego] 10/4/2015 15:37

Smithie, thanks but I know that already.

Was wanting J777777 to explain his barking ramping statement a few posts above.

[smithie6] 10/4/2015 15:34

Steg
I havent looked...
but if buy vol. were to be bigger than sales...and price is down a lot...

my guess would be that there are other sales...to be 'late reported'...as allowed...so that then sell vol. wld exceed buy vol.

[koolade] 10/4/2015 15:30

I would check out JQW if you want a scalable, PROFITABLE, internet business

[stegrego] 10/4/2015 15:27

J7,

OK please tell me how buys can "massively outnumber sells"and the price be down so much......

I'm all ears.

[hazl] 10/4/2015 15:26

not me hopefully lol

[j777j] 10/4/2015 15:25

You remain as clueless and spiteful as ever.Thank f!,ck nature has a higher intelligence

[hazl] 10/4/2015 15:25

Yes I think its very difficult to know whether this will be a success or not but J777J has a point...with the constant naysayers.....Gable holdings is an example.
Pot and kettle come to mind.

imo

[stegrego] 10/4/2015 15:22

Utter tosh.

It is IMPOSSIBLE for buys to outnumber sells and a share be 30% off.

It is simply a function of delayed reporting and the computer matching to closest figure at time of publishing NOT time of dealing.

[j777j] 10/4/2015 15:02

Oh and buys massively outnumbered sells today,that speaks volumes.

[j777j] 10/4/2015 14:58

We know the much stricter revenue recognition policy startes q2 2014,so today's rns is fairly irrelevant to where the business is today.They are now 12 months into the new policy.Cash flow breakeven expected q4 2015 and profits q1 2016 the latter only 9 months away.Stegrego et al are not worth listening to just see what they have invested in and laugh.

[j777j] 10/4/2015 14:20

Cash flow breakeven 4th quarter 2015 and profitable Q1 2016.Market overreaction as usual.New dep Chairman states transition now complete

[bakunin] 10/4/2015 12:26

Every 6 months or so I take a look at BLUR to check out how it is progressing.
My first thoughts when I first checked it out were that the business model was flawed. There is far too much expert human intervention involved for every "project" that is entered into the system. How will that scale up to make big returns? And now we learn that inappropriate expert human intervention can actually be detrimental to the business?
Am I missing something?