Blur Group – 150p

9 April 2013 – final results

Final results from the technology group Blur for the year to 31 December were slightly below expectations despite reporting significant increases in revenue and gross profit.  The group’s loss at the EBITDA level was greater than expected at $1.81m.  Cash balances at the group were $4.45m at the year end, helped by the proceeds received when the company joined AIM last October.  Clearly it is still very early days in the group’s development but the new financial year has started well helped by investment in the business following the IPO last October.  Although there has been some profit-taking post the results, this is hardly surprising given the strong run in the share price over the last six months.  Although the shares are clearly not without risk, we rate them as a SPECULATIVE BUY.

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