Phorm posts a loss as costs rise but says it has enough in reserve
TARGETED online advertising company Phorm yesterday posted a full-year year loss as costs rose, but said it expected to have adequate resources to continue operations.
Its pre-tax loss was $48m(£29.3m) for the year ended 31 December, widening from $32.1m last year.
Phorm said that it had cash resources of $23.2m, up from $16.6m in the year ago period and virtually no debt.
The company expects to be able to operate within its existing cash resources, including the proceeds of £15m from the additional equity placement in June 2009.
Shares of the company closed at 498.13p yesterday, down by 4.66 per cent.