Thursday 23 November 2017

Accumulated losses at Imagine rose to €40m by end of 2009


John Mulligan

John Mulligan

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.

Irish Independent

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