Imagine revenues up 24%; reports EUR8m loss

8 Sep 2008

Irish alternative operator Imagine Telecommunications posted an operating loss of close to EUR8 million (USD11.4 million) in the year to 31 December 2007, despite increasing its revenues by 24% year-on-year to EUR49.9 million. The company, which earlier this year struck a deal to acquire Irish Broadband from NTR, recorded additional revenue of EUR18.8 million from its acquisitions, lifting total sales to EUR68.7 million, according to The Irish Independent citing an accounts filing by the group. Losses from continuing operations came to EUR5.3 million, while a further EUR2.6 million loss was recorded from its newly acquired businesses. Imagine posted a gorss profit of EUR9.7 million in FY2007, compared with EUR6.2 million in 2006, but said this was wiped out by administrative expenses of EUR16.5 million as well as a goodwill impairment charge of EUR1.1 million related to its acquisition of Dutch group Coolwave. Nonetheless, Imagine expects to post an operating profit in FY2008 and says last year’s loss should be placed in context with a telecoms group that aims to grow its revenues from EUR10 million in 2004 to an expected EUR100 million in FY2008.

Ireland, Imagine Communications