iTouch reports €13.3m losses

Mobile services group iTouch has reported first half losses of £8.5m (€13.3m), up from £7.6m (€11.9m) a year ago.

However, over the period, the group saw revenues increased by 127% to £ 13.6m (€21.3m) with a particular increase in voice messages. While revenue from data messages fell, other data revenue increased.

Losses were due mainly to integration costs following the group acquisition of Thus last year and chairman said the group is on the way to reaching profitability. It is now making concerted efforts to control costs and to conserve cash.

Over the pasts few months it has cut staff numbers by more than 60.

While UK-based, the company is 50% owned by Independent News and Media.