blur released key metrics for Q2’16 that showed continued reduction in cash burn and operating costs (down to $1.1m in Q2’16) with cash at the end of the period of $4.3m. No. of projects were down sequentially though total value of projects kicked off was broadly flat due to higher average project values. Higher margin revenues grew 75% sequentially, driving a gross profit in the period. Engagement with enterprise customers continues in earnest with the work it is doing with 3 UK-listed organisations highlighted. Predicting timing of when these relationships come to fruition is not straightforward but we remain encouraged by the group’s progress. We believe its enterprise-focused strategy, combined with optimising its cost base, provides a more sustainable growth path.
