iTouch, the London Stock Exchange-listed provider of information for cellphones, is pleased with its maiden interim results despite reporting an operating loss.
Commenting on the results for the period from 18 January to 30 June, which were nonetheless slightly above expectations, chairman Ivan Fallon says there was significant growth in both the corporate and consumer businesses.
"Growth accelerated in the second quarter and we expect the third quarter to show further significant revenue gains," he adds.
The group, which now operates in SA, the UK, Ireland, Australia, New Zealand and Israel, reported turnover of lb1.02 million and an operating loss of lb1.93 million before amortisation of goodwill.
After amortisation, the operating loss was lb3.34 million. A retained loss of lb2.98 million was recorded, with a basic loss per share of 1.5p. iTouch had lb9.26 million cash at the end of the period.
Fallon says the established businesses in SA and Ireland have done well. In SA, corporate and consumer businesses grew rapidly, leading to a 70% increase in second quarter actual revenues from the first quarter in rand terms.
"Deregulation of the Irish mobile phone market has also opened up new opportunities and we are in the process of launching, in partnership with Switchcom, a prepaid iTouch call card to provide low-cost mobile phone calls."
Ireland made the largest contribution to group revenue (lb575 000), followed by SA (lb336 000), UK (lb97 000) and New Zealand (lb7 000).
He adds that revenue streams are building well in the UK and New Zealand, and Australia, which did not contribute to revenue in the first half, is expected to contribute significantly in the second half.
The share, which listed at 70p in August, was unchanged at 68p this morning.
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