Blur lifts FY profits and raises 22m dollars

23rd May 2014 17:23

Business services group Blur posted higher revenue and profit but announced a 22m pounds fund-raising, knocking its shares lower.Blur said gross profit rose 58.9% to $1.16m on a 70.1% increase in revenue to $4.78m in the year to December 31st.The group said it had conditionally raised about $20m in a share placing and up to another $2m in an open offer, advised by N+1 Singer.It said it would use the cash to continue growing through investment in sales, technology, marketing and customer services, strengthen the balance sheet and take the company into profit.Chief Executive Philip Letts said: "We made good progress in 2013, but I strongly believe we have only scratched the surface. We are confident we're at the cusp of major, profitable growth."Shares closed 20.5p or 19.4% lower at 85p in London.PW