Mobile services provider iTouch, which is 50%-owned by Independent News & Media, has reported pre-tax losses of £15.3m sterling for last year, its first as a listed company.
But chairman Ivan Fallon says the company is well placed to benefit from breakthroughs in new technologies like GPRS and 3G, and that iTouch will focus on developing mobile solutions for corporate customers.
Total adjusted revenues for the year were £4.5m, while fourth quarter revenue was £1.9m, a 55% increase on the previous quarter. The company also still has £48 million in the bank raised from last year's partial floatation.
Fallon says the current year had begun well, with particularly strong trading in the UK, iTouch's largest contributor, where fourth quarter revenues more than trebled compared with the previous quarter.
Total revenue in iTouch's Irish businesses rose 15% in Q4 compared with the third quarter.
Irish turnover last year was just under £2m sterling. The company also operates in South Africa, Australia, New Zealand and Israel.
iTouch shares in London closed up 4.5% higher today at 45.5 pence sterling. They had floated at 70 pence sterling last year.
