Imagine reports rise in revenues, but losses up too

4 Feb 2010

Imagine Communications, the Irish telecoms venture founded by Sean Bolger, reported net losses of EUR9.2 million (USD12.8 million) in 2008, on top of the EUR8.8 million loss booked in 2007, new accounts for the company show, as reported by the Irish Independent. The latest results show the operator’s accumulated losses stood at EUR30.8 million at the same date. On a more positive note, Imagine’s turnover climbed to EUR94 million in 2008, up from EUR68.7 million the previous year, it said, while revenue from ongoing operations increased 66% year-on-year to EUR82.5 million and turnover from acquisitions dipped to EUR11.4 million from EUR18.8 million. The telco an operating loss of almost EUR8 million and net debt climbed from EUR5.2 million to EUR6.1 million.

Imagine Communications purchased fellow operator Irish Broadband in 2008 for EUR40 million in a share deal that saw NTR and investor Kilsaran Concrete taking a combined 25% stake in Imagine. They also committed a further EUR7 million to the venture. In the past Imagine has also acquired other brands such as Cinergi and Gaelic Telecom. Today, the enlarged group employs more than 350 people and plans to up this to around 550 as it moves to roll out a EUR100 million nationwide WiMAX network in the Republic – backed by Intel and Motorola.

Ireland, Imagine Communications