PHRM.L Share News (PHRM)

LONDON (Alliance News) - Advertising technology company Phorm Corp Ltd Wednesday said it is exploring funding options and is confident of securing additional working capital in the short term, as it reported a narrowed pretax loss for its first half.

For the half year to end-June the company reported a pretax loss of USD16.3 million, narrowed from a pretax loss of USD23.0 million a year before, as a result of lower research, development sales and administrative costs. Revenue rose to USD854,713 from USD528,750.

The company said its current cash reserves are expected to last to the end of October. It expects to conduct a further round of fundraising to secure further working capital in its near term.

"Looking ahead, we are enthusiastic about the revenue and profit generating potential for the business. Our entry into the key US market with our AI offering is a significant development for the Company representing an exciting opportunity to monetise our leading technology platform," the company said in a statement.

Shares in Phorm were up 12% at 5.18 pence Wednesday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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