IN&M spin-off iTouch delivers

MOBILE phone ringtone, competition line, horoscope and general content provider iTouch has hit a profits groove.

Total sales for the third quarter of the year at the Independent News and Media (IN&M) spin-off were up 37% on the same period last year at £22.3m (€31.9m). Operating profits were £1.3m, following a £700,000 (€1m) loss in the same period last year. Net income in the three months to September 30 was £744,000 (€1.06m), compared with a loss of £1.34 million (€1.9m) a year earlier.

The news that iTouch has made profits in two consecutive quarters helped push up IN&M shares by more than 1%. The Dublin based international media company retains a 39.7% stake in iTouch.