iTouch revenues rise to €49.6m

iTouch revenues in the first half of 2004 rose by 31% to £33.8m (€49.6m) from £25.8m as pre-tax profits hit £1.1m against losses of £5.1m a year earlier.

The results by the 39.7% Independent News & Media-owned firm were described as strong by Goodbody analyst Neil Clifford despite the company making net profits of just £152,000 (€223,123).

“The company is now profitable delivering an operating profit of £1.2m, compared to a loss of £4m in the first half of 2003. The company noted a number of reasons for this increase, the acquisition of Movilisto, the restructuring of the company in 2003 and the launch of a higher-margin direct channel model.