Phorm loses $50m
June 18, 2009
Phorm, the ad technology company, posted a pre-tax loss of $49.8m in 2008, up from $32.8m in 2007. However, the company insisted the launch of its controversial behavioural ad targeting technology in the UK is on track.
The company said that as at 31 December 2008, the company had net assets of $22.4m, with cash and cash equivalents on hand of $23.2m. It added that this, together with additional funds raised through a share offering of around 19% of its shares this month, would enable it “to move forward to commercial deployment in the UK and Korea, while providing funds to support our business development efforts with ISPs in other markets”.
Phorm conceded that its behavioural ad targeting technology “is taking longer to deploy in the UK than originally anticipated”. It is still trialling the technology with partners BT, TalkTalk and Virgin Media, but has yet to formally launch.