LONDON (ShareCast) - Phorm (LSE: PHRX.L - news) , which makes software that tracks Internet users' browsing habits so that they
can be targeted with more relevant advertising, saw losses rise by 50% last year.
Loss before tax widened to $48m in 2008 from $32.2m in 2007, as sales and administrative expenses ballooned to $42.2m from $32.8m the year before.
The company said its technology is taking longer to deploy in the UK than originally anticipated, so the company has decided to focus more on developing multiple international markets following the success of its collaboration with ISP Korea. .
The company's software has attracted controversy in the UK on the grounds of privacy issues, with some opponents of the technology picketing the annual general meeting of telecoms giant BT (LSE: BT-A.L - news) last year to protest at its use of Phorm's interception technologies.
"We are actively engaged with ISPs [Internet Serice Proviers] in over 15 markets, including eight of the top ten, as measured by online advertising spend. With a strong financial position, and Phorm's Webwise Discover proposition warmly welcomed by consumers, ISPs and publishers, we look to the future with great optimism," said chief executive officer Kent Ertugrul.
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