SOURCE: Phorm Corporation Limited

September 30, 2015 11:24 ET

Phorm Corporation Limited: Interim Results for the Six Months Ended 30 June 2015

SINGAPORE--(Marketwired - Sep 30, 2015) - Phorm (AIM: PHRM), an advertising-technology company, announces its unaudited interim results for the six months ended 30 June 2015.

Highlights:

Gross revenue $0.9m (2014: $0.5m)

Operating loss $16.3m (2014: $22.8m)

Loss after taxation $16.3m (2014: $23.0m)

Loss per share was $0.02 (2014: $0.04)

During the first 6 months of the year, average monthly cash burn (excluding financing activity) was $2.5m (2014: $3.6m)

Actively pursuing the implementation of further cost saving initiatives throughout the remainder of 2015 that are currently intended to reduce the monthly recurring cash burn rate to a level of approximately $1.3m by the end of 2015

Exploring funding options, with the Board confident of securing additional working capital in the short term, with current cash reserves expected to last until the end of October 2015.

To view the full announcement, please click on the following link

http://www.rns-pdf.londonstockexchange.com/rns/7652A_1-2015-9-30.pdf  

Contact Information

  • For further information please contact:

    Phorm Corporation Limited
    Timothy Smith
    (Chief Executive Officer)
    +44 (0)20 3397 6001

    Mirabaud Securities LLP
    (Broker)
    +44 (0)20 7321 2508
    Jason Woollard
    Peter Krens

    Strand Hanson Limited
    (Nominated Adviser)
    +44 (0)20 7409 3494
    James Harris
    Matthew Chandler
    James Dance