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Poor Phorm – Tits Up by mid-August unless more cash raised.

Tom Winnifrith Sunday 29 June 2014

 

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In the last days of March, AIM Cesspit listed Phorm (PHRM) raised £10 million. Today it has warned that unless it raises more cash urgently it will go tits up. I reckon tits up day is in mid-August.

The numbers defy belief. As ever in March Phorm was blathering on about the good days ahead. It is still blathering on about billions of potential advertising pages blah blah blah as it announced its results for the 2013 calendar year and admits to more delays on the operational side. But it is the cash that should horrify one and all.

Phorm says that cash and cash equivalents as at May 31 were $8.8 million - call that £5.5 million. In other words in just two months £4.5 million has gone to money heaven. Why Phorm cannot give us an up to date figure in this era of electronic banking God only knows.

But at the current run rate this company will be out of cash and tits up by mid-August. That should be the headline. Phorm phrases this dogs dinner in more of a blurred fashion thus:

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About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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