Perlico incurs losses of €11.4m

BROADBAND and phone company Perlico incurred pre-tax losses of €11.4 million last year, new accounts show.

Accounts just returned to the Companies Office by Perlico Communications Ltd show the company’s turnover increased by 16% to €43.7m to the end of March last year.

However, the accounting period was 15 months last year compared to the previous 12-month year, when revenues of €37.5m were recorded.

The company – purchased by British communications giant Vodafone in 2007 – had accumulated losses of €28m at the end of March last year.

The reported €80m deal to purchase the company resulted in Vodafone acquiring 62,000 fixed-line customers.

The filings show that the company’s after-tax loss last year was €3.7m after the company received €7.6m in tax credits.

The directors state that the company ceased trading at the end of November 2008 with all assets and liabilities transferred to Vodafone Ireland Ltd.

The filings show that the company incurred an operating loss of €11.3m last year following an operating loss of €10.7m in 2008.

The numbers employed by Perlico increased from 71 to 80 during the year, with 61 in administration, 11 in management and eight in sales and marketing.

In spite of the increase, staff costs reduced from €5.2m to €4.6m.

Directors’ salaries were more than halved, from €7070,253 to €348,177.

The tax credits of €7.6m arose from “credit in respect of group relief surrendered”.

The filings show that the company’s shareholders’ funds did not have a negative balance, due mainly to €28.1m in share premium.

The company’s cost of sales increased by 10% from €31.7m to €34.9m during the same period and gross profit rose by 51% from €5.7m to €8.7m.