Phorm narrows its losses

Targeted online advertising firm Phorm posted a narrower pre-tax loss for the first half, helped by cost cuts, and said it remained confident about its future.<br /><br /> The company said it was progressing well to commercially deploy its technology in a major market, with expected generation of meaningful revenues.<br /><br /> Its pre-tax loss from continuing operations was $15m for the six months ended 30 June, compared with $24.7m in the year-ago period. The firm has struggled in the UK and yesterday said it would delay its expansion there. In July, BT said it had no immediate plans to use the service, while Carphone Warehouse ended its agreement also.