Phorm delights with bullish Turkish update

24th Oct 2013 15:27

Share in internet monitoring outfit Phorm gained almost two-thirds on its reports of fast-growing user numbers in Turkey. The company, which recently shifted its head office from the US to Singapore to focus on Asian opportunities, said numbers of monthly active users had risen to 4.4m from 3.6m the month before. Phorm, where former Chancellor Lord Lamont sits on the board, said in September its systems had processed 70m web page requests on its network of client websites, up from 40m in August. This led to advertising impressions served by the company leaping 89% to 126m in the month.Phorm, which has raised £33.2m in the last two years despite cumulative losses of $238m since its 2004 AIM float, announced that Turkish advertisers were rebooking campaigns "reflecting the positive experience that they have had".Shares in Phorm were up 62% to 13.38p at 15:30 on Thursday, still some way from their 77.5p 12-month high. OH