Loss narrowed. Positive RNS 30 Sep 2013 08:24
Phorm (AIM: PHRM) today announces its unaudited financial statements for the six months ended 30 June 2013.
Financial Overview
· Operating Losses $24.3m (2012: $30.7m)
· Losses after taxation $24.8m (2012: $30.9m)
· Loss per share was $0.18 (2012: $0.41)
· As at 31 Aug 2013, the Group held cash and cash equivalents of $9.0 million
· The average monthly cash burn for the last 3 months (Jun-Aug 2013) was $2.5m (average Jan-Jun 2012: $2.2m)
The financial loss narrowed in the first six months ended 30 June 2013 compared to the equivalent period in 2012. During this period the Company has focused on commercializing operations in Turkey and launching its business in China.
On 27 September 2013 the Company announced that it had made substantial progress in Turkey: users had increased by 100% from 28 June to 1.2 million active on a daily basis; advertising requests had increased from an average of 30 million per day to 40 million per day; and the number of advertising impressions served by the Company had grown by over 70% to 67 million by the end of August. The Company has also received some excellent feedback from its partners with respect to conversion rates, achieving rates of up to 40% in some recent campaigns.
In China, the Company is finalizing its operational launch preparations and will update the market on this progress shortly.