The scale of Phorm’s loss was down from $49.8m in the previous year, a change that it attributed to the appreciation of the dollar in relation to sterling. During 2009 it slashed its headcount by 13% as well as reducing spending in areas including marketing and property rental.

The firm, which has still not managed to win business in the UK, is looking to various international markets to launch its online ad targeting services. It is focusing particularly on Brazil, where it has already invoiced $1.6m of revenue through a deal with internet service provider Oi and online publishers UOL, Terra and IG. It is seeking to raise money by offering investors equity in its local subsidiary. It also plans to move some operational activities from the UK to Brazil, to reduce costs and to be closer to the local market.

CEO Kent Ertugrul (pictured) said in a statement that Phorm is “at the final approval stage with a number of ISPs worldwide”, and hopes it will be able to launch in the next twelve months. Meanwhile a planned launch in Korea with local ISP KT, which was hoped to be the firm’s first launch, has been delayed for reasons not stated.

Ertugrul said the Brazil launch had been encouraging. “Whilst the roll-out to consumers in Brazil is at an early stage, opt-in rates observed to date suggest that initial concerns about the commercial effectiveness of an opt-in approach are unfounded,” he said.

Phorm’s attempts to get a foothold in the UK fell foul of bad publicity over privacy, but the firm insists it “demonstrably support[s] the highest standards of privacy in the market”, and is seeking to ensure that “a compelling consumer proposition” stays at the heart of its offer.