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Phorm posts $16m loss for first half

Phorm, the web-targeting company, has reported a $15.7m (£9.9m) operating loss for the six months to 30 June.

Kent Ertugrul: chief executive of Phorm

Kent Ertugrul: chief executive of Phorm

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In the same period last year, the company had operating losses of $15m. Phorm attributed this to the company’s restructure, building up operations in Brazil, and reducing the size of the UK office.

While it has not reported any revenues in the first half of the year, it said it had invoiced Oi, the Brazilian ISP, for $1.6m.

Kent Ertugrul, chief executive of Phorm, said: "We are also very actively exploring opportunities in markets outside of Brazil and, in particular, we are pleased with our progress in Asia.

"We expect to announce a number of developments over the next year as various opportunities come to fruition," he said.

The firm, which has attracted criticism for its use of behavioural targeting technology at an ISP level, announced recently it had served its first targeted ads to opted-in users in Brazil.

It said it had signed agreements for advertising inventory with a number of large publishers and was continuing to extend its network of partner websites in Brazil.

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