Accumulated losses at Imagine rose to €40m by end of 2009
Accumulated losses at Imagine Communications, the telecoms group controlled by Sean Bolger, soared to €40m at the end of 2009 after the company posted a pre-tax loss of €9.7m during the year, according to accounts just filed.
The accounts also show that turnover at the group fell 14pc to €80.7m in 2009.
The performance for 2009 also included the first full year of operations from subsidiary Irish Broadband, which Imagine acquired in 2008 for €40m from utilities group NTR and Kilsaran Concrete.
That deal resulted in the latter two companies taking a combined 25pc stake in Imagine. They also agreed to invest an additional €7m in the telecoms group, which employs close to 300 people.
Shareholder funds at Imagine stood at €66.5m at the end of 2009, up from €64.9m a year earlier.
At the time of the Irish Broadband acquisition, Imagine said that the deal would result in the group having annualised revenues of €100m and value the overall company at €187m.
At the end of 2009, Imagine's outstanding bank loans with a maturity of more than one year stood at €393,000, down from just over €2m a year earlier.
The amount owed on finance lease agreements with a maturity of over a year climbed to €4.7m from €2m.
Total net debt stood at €6.8m at the end of 2009, up from €6.1m at the beginning of the year, while its cash decreased by €1.8m in 2009, compared with a €3.6m increase in 2008.