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Phorm Results Remain Upbeat Despite Losing UK Broadband ISP Support

Posted: 21st Sep, 2009 By: MarkJ
phorm logoTroubled Phorm (WebWise), the controversial service that works with ISPs to monitor what websites you visit for use in targeted advertising campaigns, has today published its latest results for the six month period ended 30th June 2009 (here). Despite continuing to lose money, support from UK ISPs and senior executives, the firm remains dubiously upbeat about its prospects.

Phorms UK Situation Statement:

In the UK we announced on 6th July that BT had informed us that it had no immediate plans to deploy our service due to resource constraints. We continue to keep BT abreast of developments in our international markets as part of its evaluation of its plans with respect to interest-based advertising.

Meanwhile, Carphone Warehouse [ TalkTalk ], a partner with whom we had not conducted any trials, informed us of its decision to cancel its contract with Phorm. Virgin Media continues to examine behavioural advertising technologies, including Phorm. We remain in ongoing discussions with a number of UK ISPs and remain optimistic about our longer term potential in this market.

Kent Ertugrul, Chief Executive of Phorm, commented:

"With a strong balance sheet, a talented and committed management team and technology that has been extensively tested by a variety of partners in different markets, the Board believes that Phorm is making good progress towards the milestone of commercial deployment in a major market, with the generation of meaningful revenues. Consequently, we remain confident about the Company's future and our ability to deliver substantial shareholder value."

However it looks as if any "meaningful revenues", which are desperately needed to help stave off the firms continued losses (£9.26m in 2009 after tax [2008: £15.26m]), will probably be coming from non-UK developments; such as in South Korea.
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