First-half losses at mobile phone text and voice services provider iTouch plc fell by 67 per cent, the company said yesterday.
ITouch results for the six months to June 30th show revenues almost doubled to €36.7 million (£25.8 million) from €19.4 million during the same period in 2002. Losses before interest, tax, depreciation and amortisation fell by 67 per cent to €2.5 million (£1.8 million) from €8 million last year.
The firm posted an operating loss of €5.7 million (£4 million), a 55 per cent fall on the comparable 2002 figure of €12.7 million. It cut adjusted losses per share by 72 per cent to 0.7 cent from 2.6 cent.
ITouch, which is listed on the London Stock Exchange and 50 per cent owned by Independent News & Media, bought a Spanish competitor, Movilisto, during the first half for €60 million in cash and shares. It completed that acquisition in early June.
Yesterday, chairman Mr Ivan Fallon said that the total assets acquired in the deal came to €10 million. He added that a resulting €42 million in goodwill would be written off over 10 years.
