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|10/10/2016 07:00:09||London Stock Exchange||Expansion of Global Spend Management Platform|
|20/09/2016 09:14:00||London Stock Exchange||Change of registered address|
|11/08/2016 07:00:07||London Stock Exchange||Interim Results|
|28/07/2016 07:00:14||London Stock Exchange||Q2 2016 Quarterly Business Update|
|16/06/2016 14:33:22||London Stock Exchange||Result of AGM|
|24/05/2016 16:50:30||London Stock Exchange||Posting of Annual Report & Notice of AGM|
|03/05/2016 09:45:56||London Stock Exchange||Contract win with a FTSE 250 Retail Group|
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Research reports on BLUR GROUP PLC
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N+1 Singer - blur Group - Major expansion of global spend management platform
10 Oct 16
blur Group announced today a major addition to its online Marketplace allowing organisations to source goods alongside business services for the first time. This extension, which is a response to customer requests, allows blur to offer a single end-to-end solution that can help enterprises drive savings across a much broader range of indirect spend and widens its addressable market.
N+1 Singer - Morning Song 10-10-2016
10 Oct 16
Waterman’s FY16 results are in line with expectations, exceeding the Board’s ambition to treble PBT set out three year years ago. Net cash was a touch ahead of forecast at £5.5m (£5.4m f/c) and the dividend was 3p, in line with the stated progressive policy. There has been no significant change in trading activity since the EU referendum but, with the order book consistent with the prior year level of £130m, we consider it prudent to assume a year of consolidation in FY17 with growth to resume in FY18. This results in forecast PBT reductions (–c.20% in FY17 and FY18) but we leave our FY17 DPS forecast unchanged at 4p, noting the strength of the balance sheet and management’s confidence in medium term prospects.
N+1 Singer - blur Group - Enterprise conversion holds the key
11 Aug 16
blur’s interims showed significant reduction in EBITDA loss and cash burn, with both more than halving y-o-y. The group continues to have an enterprise-focused strategy to build a sustainable growth model going forward. The group is in pilot phase with a number of large enterprise customers which could lead to wider roll-out programs. There is a hiatus in the development of the group’s revenues until this effort and focus bear fruit. We downgraded revenues but given the focus on costs that was evident in H1’16, we are not making any changes to our EBITDA loss forecasts and our underlying cash (in GBP) is also unchanged. Strong execution of its enterprise-focused strategy remains the key to a sustainable path to growth and profits.
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Upgrade on lower costs, pipeline strong
24 Oct 16
Fusionex’s year-end trading update indicates that revenues will be in line with market expectations (we estimate 16% revenue growth in FY16) and that a strong pipeline for GIANT 2016 should drive further momentum in FY17. The planned increase in sales, marketing and other investment to support adoption of GIANT has been more moderate than we forecast, meaning that EBITDA is expected to be significantly above consensus. We upgrade our FY16 EBITDA by MYR3.2m (83% but from a compressed level) to reflect this, while leaving our estimates for FY17 and FY18 unchanged.
N+1 Singer - NCC Group - Strong revenue but margins weaker in H1
20 Oct 16
NCC’s trading update for the four months to September shows continued strong revenue growth, but margin pressures in the first half mean that profit for the year will be more second half weighted than usual. Group revenue increased 36% in the period (+21% organic) with Assurance and Escrow both growing well (+25% and +4% respectively). The Assurance division has seen three unrelated large contract cancellations however, as well as some difficulties with some managed services renewals. We are not making any changes to our forecasts at this stage but now expect a significant second half weighting to profits. We remain supportive of the story but with the shares priced for perfection, we downgrade to Hold, with a target price of 353p (from 384p).
A slower ramp for GOV.UK Verify
20 Oct 16
Underlying trading was solid in H116. However the new GOV.UK Verify service is behind plan and we are pairing back our revenue estimates to reflect a slower ramp. Outperformance and deferred investment elsewhere mitigates the earnings impact of this in FY16, but we reduce EPS forecasts by 5% in FY17 and FY18. The business remains very well placed, but we believe that a period of share price consolidation is likely ahead of the transition to the new CEO, Chris Clark (ex-Experian) in April 2017.
N+1 Singer - Earthport - Traction continuing to build
26 Oct 16
Earthport has reported an in-line set of results for the full year to June’16. The group has delivered 89% growth in the number of transactions, resulting in payment volumes through the platform increasing to $11.8 billion. A FY’16 adj. EBITDA loss of £7.5m represents a strong HoH trajectory (H1 loss £5.3m, H2 loss £2.2m) and the group has reaffirmed its commitment to becoming cash generative in Q4’17. Earthport has proved that it can scale new customers quickly as well as extracting significant volume increases from existing customers. With multiple catalysts on the horizon and a strong start to the year already achieved, we believe the group is very well-placed to gain a significant share of the vast cross-border payments market.