The production of φ mesons in the reaction e+p → e+φp (φ → K+K−), for and virtual photon-proton centre of mass energies (W) in the range 42–134 GeV, has been studied with the ZEUS detector at HERA. When compared to lower energy data at similar 2, the results show that the γ∗p → φp cross section rises strongly with W. This behaviour is similar to that previously found for the γ∗p → ϱ0p cross section. This strong dependence cannot be explained by production through soft pomeron exchange. It is, however, consistent with perturbative QCD expectations, where it reflects the rise of the gluon momentum density in the proton at small x. The ratio of , which has previously been determined by ZEUS to be 0.065 ± 0.013 (stat.) in photoproduction at a mean W of 70 GeV, is measured to be 0.18 ± 0.05 (stat.) ± 0.03 (syst.) at a mean 2 of 12.3 GeV2 and mean W of ≈ 100 GeV and is thus approaching at large 2 the value of predicted from the quark charges of the vector mesons and a flavour independent production mechanism.