South African-founded iTouch, a London-listed mobile value-added service provider, has reported a loss of lb1.8 million before interest, tax, deprecation and amortisation, a 67% improvement over the year-earlier period.
This was on the back of a 90% increase in revenue from lb13.6 million to lb25.8 million for the six months to end-June.
The group acquired Spanish company Movilisto in June. "The performance of Movilisto is in line with expectations and has contributed lb1.4 million to revenue and lb0.5 million to EBITDA (earnings before interest, tax, deprecation and amortisation) since acquisition in the month of June," says iTouch CEO Wayne Pitout.
He adds that the operation will make a substantial contribution in the second half.
"The acquisition of Movilisto and continued progress in existing operations have resulted in iTouch breaking through to an EBITDA positive position," says chairman Ivan Fallon.
Pitout says iTouch has now reached sustainable profitability at EBITDA level.
"Our focus is on rolling out the Movilisto 'direct` model to our existing territories while establishing a material presence in the five key European markets (UK, Spain, France, Germany and Italy) which represent 63% of the total number of mobile users in Europe," he says.
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