Results Show No Change in Form for Phorm

Online ad personalisation specialist Phorm has published audited final results for the year ended 31st December 2013, showing another massive operating loss, this time $35.1m dollars on turnover of just $280k.

The results have been a long time coming, and represent somewhat historical information - this year Phorm has struck a promising deal with China Telecom, and made positive statements about the development of its Chinese and Turkish operations - but show another year of frustration. In late 2012, CEO Kent Ertugrul (pictured) said the company's Turkish operation was performing sufficiently well to at last make the group 'profitable during the next financial year'.

The company now has an accumulated deficit of $256.6 million, and continues to attract investment despite the near-zero actual revenue. Other numbers continue to look impressive: Phorm has added deals with eight more ISPs to the one sealed in January 2013; has seen a significant increase in global user numbers to over 30 million daily unique users; has recently grown its Turkish user numbers from c.1m to c.5m; and says it expects to achieve in excess of 50 million users opted in this year in China.

Phorm's directors say such figures give them 'great confidence that this scale will translate into large revenues as a result of advertiser demand for the product'. They acknowledge that the 'extended delays involved in reaching the current operational stage' have driven a 'substantial' decrease in the firm's stock price' but note that 'It has nevertheless retained the support of key shareholders who currently account for more than 60% of the Company's shareholding.'

Web site: www.phorm.com .