Financial Services Industry
Industry: Email Alert RSS FeedITOUCH (ITU).
Investors Chronicle, March, 2004
iTouch has turned a sharp corner with last June's acquisition of mobile service provider Movilisto, which successfully pioneered low-cost mobile data services in Spain and Portugal. The deal has had an immediate effect on figures, with underlying cash profits turning positive in the third quarter and totalling GBP1.7m in the second half. Fourth-quarter revenue of GBP18.2m was GBP1.9m higher than in the previous three months, though this was helped by high-volume Pop Idol voting in December.
The company is replicating Movilisto's direct channel model with encouraging results, aggressively rolling out into the UK, Ireland, South Africa and Morocco. There are also plans to tackle Australia and two further European countries. Western Europe remains iTouch's main...
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