Imagine's accumulated losses pass €55m in 2010
ACCUMULATED losses at telecoms group Imagine Communications, which owns the WiMax brand in Ireland, worsened to more than €55m in 2010 as the company saw losses widen and turnover continue to fall.
Accounts just filed for Imagine Communications show the company's losses increased by more than 45pc to €14.15m while turnover slumped 20pc to €64.4m. That followed a 14pc slide in turnover in 2009.
Company managing director Brian O'Donohoe said the losses were down to a large investment in WiMax infrastructure and a renewed focus on that business. Imagine spent €8.7m to acquire tangible fixed assets, up from €1.6m the year before.
Mr O'Donohoe also attributed the drop in turnover to this strategy, as the company moved away from its traditional fixed-line business to concentrate on its "non-traditional" telecoms business.
WiMax is a communication technology for wirelessly delivering high-speed Internet service to large geographical areas. In theory, it offers data-transfer rates of up to 75 megabits per second, which should be superior to conventional cable-modem and DSL connections.
Despite the losses, Mr O'Donohoe said the company was performing well, and had "traded profitably" in 2011.