Velti adjusts forex loss

AIM-quoted mobile marketing technology provider Velti has amended its interim figures and filed a third amendment to its Nasdaq offer documentation. Velti did not initially report interim foreign exchange losses of $2.8m relating to a dollar-denominated loan made to the parent company which reports in Euros. This understated debt by $3m. Net debt was $31.4m at the end of June 2010. The interims were the first after the change from IFRS to US GAAP. This led to some revenue being deferred in the 2009 figures which makes revenue growth look faster. Revenues jumped from $14.1m to $38.2m in the six months to June 2010. The reported loss edged up from $10.4m to $10.6m. That includes the $2.06m loss on foreign currency translation so the underlying loss from operations was lower. There was a small cash inflow from operating activities. The proposed Nasdaq flotation was announced in May. Velocity Comp