Irish Broadband full-year losses widen

23 Nov 2007

Alternative operator Irish Broadband reported pre-tax losses of EUR22.5 million (USD33.4 million) in the twelve months ended 31 March 2007, up from a loss of EUR16.2 million in the previous year. ENN reports that the widening losses came despite a rise in revenues from EUR8.2 million to EUR12.1 million over the same period. The company’s operating losses rose to EUR19.5 million, up from EUR15.3 million for the year ending 31 March 2006. Irish Broadband is owned by NTR (49%), Kilsaran Concrete Products (39%), and by the founders of the company, Paul Doody and Jeremy Nel, who between them hold the remaining 12%. In its latest filing with the Companies Registration Office (CRO), the operator said that the risks and uncertainties faced by the company at present reflect the stage of development it is at and the market within which it operates. It added that during 2006/07, it increased its customer base by two-thirds and is continuing to focus heavily on what it calls, ‘customer acquisition activities.’ According to recent estimates the firm currently has approximately 50,000 subscribers.

Ireland, Imagine Communications