Quinn confident of profits in 2014 for internet firm
Former Republic of Ireland international Niall Quinn, right, said he is "pretty certain" his satellite broadband firm will record an annual profit for the first time this year.
The Dubliner, who is currently trying to sell his house near Naas, Co Kildare, for €2.5m, was yesterday commenting on new accounts just lodged with the Companies Office by Alphasat Communications, which show the firm's accumulated losses jumped by over €2.2m to €3.3m at the end of 2012.
The firm's shareholder deficit stood at €2.62m at the end of the year. Niall Quinn Media Services advanced a further €454,123 to the firm, trading as Q-sat, in 2012, after advancing €780,249 in 2011, bringing the total to €1.234m. At the end of 2012, Alphasat had paid back €934,000. The balance owing to Quinn's media firm was €300,372 at the end of 2012 and it is understood Quinn has ploughed around €1m of his money into Alphasat to date. "We had two very tough years, but last November was a turning point when we hit profit for the first time," Mr Quinn said. He added that he was "pretty certain the business will record a decent profit in 2014". He said that the 2012 accounts "reflect the tail end of the initial investment in the firm".
Mr Quinn said that the first two years of the business "were tough because we were trying to get people to believe in the product and keep the jobs safe".
Sixteen people are directly employed in the firm and revenues are expected to total €2.5m in 2014.
Mr Quinn said: "The jobs are safe and the future looks okay. We have no bank debt. I am a lot happier about where the business is at now."
He said that the number of customers that Q-sat has now "is not far off 7,000".
A note attached to the accounts states that the directors "are confident that the company will return to a position of generating positive cash flows and achieve profitability in 2014".