iTouch sees huge increase in revenues

iTouch [LSE:ITU.L] shares rose on the company's announcement of increased revenues in 2001, although its pre-tax losses increased slightly.

iTouch is a mobile data provider, serving the consumer and corporate market.

Revenues rose to £15.03m (€24.1m) in 2001, up from £4.17m (€6.71m) in the previous year.

The company expects revenue to increase further in the first half of 2002, as a result of the recent UK acquisition of the Interactive Voice business. The company reported a pre-tax loss of £16.12m (€25.97m) for 2001, up from £15.34m (€24.7m) in 2000.

iTouch is 50% owned by the Independent News and Media Group.