iTouch revenues up

Mobile data and voice technology provider iTouch (London ITU.L) has announced results for Q1, 2002.

Revenues for the quarter rose by 6%, compared to Q4 and were up by 104% from Q1, 2001.

However, per-tax losses widened to £4.49m (€7.1m) from £3.79m (€5.99) in the prior first quarter.

The company, 50% owned by Independent News and Media, has been particularly successful in growing its interactive mobile phone-based services.

Its also provides entertainment and other services on SMS for mobile phones.

iTouch is expecting that the rise in revenues will continue and it intends to seek acquisitions in the near future.

Due to acquisitions and to its losses the company suffered from a cash outflow in the first quarter and it ended the quarter with cash of £34.8m (€55m) down by £1.3m (€2.1m).