Phorm posts a loss as costs rise but says it has enough in reserve

TARGETED online advertising company Phorm yesterday posted a full-year year loss as costs rose, but said it expected to have adequate resources to continue operations.<br /><br />Its pre-tax loss was $48m(&pound;29.3m) for the year ended 31 December, widening from $32.1m last year. <br /><br />Phorm said that it had cash resources of $23.2m, up from $16.6m in the year ago period and virtually no debt.<br /><br />The company expects to be able to operate within its existing cash resources, including the proceeds of &pound;15m from the additional equity placement in June 2009.<br /><br />Shares of the company closed at 498.13p yesterday, down by 4.66 per cent.