30th Jun 2015 09:47
LONDON (Alliance News) - Phorm Corp posted a narrowed pretax loss for 2014, and said it was continuing to explore funding options to secure additional short-term working capital.
Phorm operates an opt-in online advertising platform that protects users' privacy whilst making content and advertising more relevant to them.
The company posted a pretax loss of USD40.5 million for 2014, narrowed from a pretax loss of USD46.6 million in 2013, as revenue rose to USD351,054 from USD279,750, and it saw lower share-based payments.
Phorm noted that revenue growth has been slower than it originally expected in China, which has led to it adopting a new partnering approach in the country. This has helped it to reduce its cost base by around USD500,000 per month. It said it is currently in advanced talks with partners in China, and expects to announce its first partnership agreement in the "near future."
During 2014 the company raised a total of GBP18.9 million, which it put towards launching its commercial operations in Russia and continuing to develop its opportunities in the US and China. It said that whilst it is "very encouraged" by the progress it has made, it will need further funds in the near-term.
Phorm said it has yet to secure the additional funding it needs under its business plan, and as such is not fully-funded. However, it is confident it will achieve this funding in light of the success of recent fund raising activities, the company said.
Shares in Phorm are untraded Tuesday morning. It last closed at 4.62 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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