iTouch announces £47.8m losses ahead of Movilisto acquisition

LOSSES of £47.8m at iTouch outstripped turnover of £33.6m as a result of a £30m write-down of the value of acquisitions.

The losses will hit earnings at the company’s 50% shareholder Independent News and Media by between 3.7 cents to 9.4 cents according to NCB Stockbrokers.

However, on the good news front from iTouch, a mobile phone services provider, has been the announcement of the conditional acquisition of Movilisto, a private Spanish data services company, which awaits shareholder approval in May.