ITouch, the mobile phone information company in which Independent News & Media has a 50 per cent stake, has reported better-than-expected results for the year to the end of December. Overall, it lost £15.3 million sterling (P24.3 million).
The results, however, have done little to revive the iTouch share price, which has fallen from a flotation level of 70p sterling last August to a low of 37p in January.
Following yesterday's results, the shares did improve marginally and traded up 2p to 431/2p sterling. The shares have suffered badly from the shift in sentiment away from telecom related stocks - iTouch provides messaging systems and information which is accessed over mobile phones.
ITouch had total revenues for the year of £4.5 million sterling, almost three-quarters of which came in the second half of the year. Revenues in the fourth quarter were 55 per cent higher on £1.9 million sterling.
Despite losing £15.3 million sterling, the group ended the year in strong financial shape, with net cash of £48.2 million sterling compared with analysts' expectations of cash of around £35 million. ITouch is planning a conservative expansion through revenue-sharing deals.
