Letts going is simply the largest rat departing the Titanic.
The company has pitiful revenue of $800K and doesn't even make a gross profit before overheads!! Last year it lost $4.6M. Overheads are $4.5M. One wonders what on earth goes into that cost base given a small McDonalds restaurant will have better turnover.
The recent fundraise won't last much past Christmas and given lack of GP I fail to see how this business is viable. It doesn't matter if they slash costs again by >50% they will still lose millions.
No surprise he's still there. The man suffers from delusions of his own self importance and surrounds himself with ineffective cronies. If there had been any semblance of corporate governance at blur he'd have been sacked long ago.
With that said, even if the board wanted to get rid of him I can't see anyone with half a brain stepping up to CEO. The company is a complete disaster, the business model doesn't work and the most recent fund raise is simply a 6 month stay of execution. Hardly job security.
Letts. No moral compass, serial liar. Might have been a Fantasist but surely now an Extortionist really. Once might be a mistake, but this is ingrained and habitual behaviour now.
Personally twice fooled and so doubly angry.
Today's RNS is the first death throe of this absolutely POS company.
Out of cash and out of time. Long standing investors have finally lost patience and no longer prepared to bail them out s they have so many times in the past.
blur was an absolute barge pole from the very beginning which was plain to see. The business model was never proven, the RNS statements were always false and misleading, the accounting dodgy, and the management team, especially Letts should have been removed years ago.
Anybody seen an update on the announcement in March?
Anybody surprised not to have heard an update on this from March?
It would appear that the "This this going to £10.00" comment was correct bar a couple of rather important decimal places. Hopefully nobody was stupid enough to buy on such insightful analysis.
"blur Group has confirmed that it has entered into final negotiations with a global electronics group for a multiple six figure on-boarding programme across three territories.
That programme, if successful, could lead to a multi-year, multi-million dollar roll out of blur's Cloud software and managed services. blur has worked with this group for over a year, working with senior members of their procurement team to define and tailor a programme that seeks to embed the benefits of blur's Indirect Spend Platform in their current business processes.
blur expects the negotiations to conclude in the forthcoming weeks"
Powa Technologies collapsed in February after blowing through more than $200 million of investor money.
Insiders claim its flagship product was a "basket case" and company was plagued with management dysfunction.
Deal that valued Powa at $2.7 billion was a "dud" according to insiders.
CEO surrounded himself with "yes men" and allegedly wouldnt listen to criticism.
Rumours that CEO could have saved the company if hed stepped aside, but refused.
Now I know that blur Group is a bad lunch expenses claim compared to Powa, but...
This "Share of the Year" went from £8.00 to 5p. Consider that if you are new to the Board.
We are all grown ups (I think), but if you don't know anything about the story, don't buy or sell on the basis of any of the comments on this board. Google blur Group and read the story of accounting issues, false promises, CEO PR and multiple Finance Directors.
This will be a Case Study at a Business School near you in about 20 years.
Sorry you are so negative 'spankaroo' but that is your prerogative. However I strongly disagree, as the past figures include considerable development costs, that will now roll out as positive revenue. All to their own. I expect we will settle in the mid 20's tomorrow!
Well if it does I will be shorting it because what you will find all of this will translate to virtually no revenue. Multi million dollar roll out = blur gets a tiny cut of the exchange fee. Look at the total rev at H1, $630k, wiped out by $640k cost of sales - negative gross margins. Anyway, it still has to do a fund raise. Who is going to award them a multi year, multi million dollar roll out?? when it only has £1m of working cap. I wouldn't hand over my procurement knowing blur might not be around in a couple of months. If it raised £5m maybe, but city investors are not daft and read through these sort of announcements -its gone from 7.5p to 19p in 2 days!
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