ITouch shares rise on surge in revenues

Shares in iTouch, the mobile phone information group, rose 5 per cent to 67.5p yesterday after the company reported a sharp rise in second-quarter revenues and forecast strong growth for the full year.

Shares in iTouch, the mobile phone information group, rose 5 per cent to 67.5p yesterday after the company reported a sharp rise in second-quarter revenues and forecast strong growth for the full year.

ITouch, which floated in August, said underlying revenues in the six months to 30 June were £1.3m. Second-quarter revenues were up by 56 per cent on the previous quarter. First-half losses were £1.8m before tax.

The company, 50 per cent owned by Independent News & Media, the parent company of The Independent, expressed confidence in the outlook. Ivan Fallon, the chairman, said: "The third quarter has witnessed considerable activity in all six operating countries, with the roll-out of new products and services. Group revenues have continued to grow significantly, and we expect the growth to continue through the final quarter."

ITouch said that interactive voice-response revenues in the second quarter totalled £636,000, a 68 per cent rise on the previous quarter. Short-message service revenues doubled, while the number of corporate customers rose to more than 150 in South Africa, with the UK and Irish markets about to launch.

The group had net cash of £55m as of 31 August, including £49m raised from the float, in which shares were priced at 70p. Funds will be used principally to expand existing operations.