Smart Telecom losses €4.4m

SHARES in Smart Telecom fell 3% yesterday after it said pre-tax losses for the first half of the year had doubled to €4.4 million.

Turnover soared over 60% to €9m as the company added more than 5,000 new residential customers every month, but administrative expenses that rose from €3.5m to €6.7m hurt the bottom line.

The company, which is headed by former stockbroker Oisín Fanning, said the results were solid and in line with expectations. It pointed to a listing on London’s Alternative Investment Market, which took place last month and raised €15m, and strong gross margins as reasons to be confident for the future.