Shares in iTouch, the mobile phone information company 50 per cent-owned by Independent News & Media, have recovered strongly on the London market after the group produced a positive trading statement with its maiden half-year results.

The shares closed up 3 1/2p on 67 1/2p sterling (#1.12), still short of the 70p sterling flotation price of last month. The firm has had a difficult first few weeks on the market and its shares have traded as low as 59p sterling and rarely above the 70p flotation price.

Revenues in the second quarter of the year rose by 56 per cent from the first three months of the year. "The third quarter was very strong again, not 56 per cent but a pretty good figure, and the fourth quarter is also looking very strong. So we're looking for a very good second half," iTouch chairman Mr Ivan Fallon said.

In the first half, revenues were just under £1.3 million sterling (#1.65 million) while losses before tax were £3.1 million sterling.