Openet Telecom pre-tax profits surge to €3.4m

A COMPANY backed by businessman Barry Maloney, who shunned the recent Global Irish Economic Forum because Denis O’Brien was attending, reported a surge in profits for last year.

Openet Telecom Ltd, which provides billing services to the major phone companies, reported pre-tax profits of €3.4 million for the year to the end of December 2010 compared with €1.2m in the previous year.

Accounts filed with the Companies Office state that in 2010 Openet achieved “significant corporate growth” in key areas of increased revenues, solid market traction and the establishment of critical customer and partner relationships.

Revenues grew 64% last year to €76m following growth of 49% in the previous year.

“While these growth milestones are important, the activity of the company also continued to evolve into the key strategic target areas that the company strategy had identified as important,” the accounts read.

“Looking forward, business development progress across the US and Canada as well as in emerging regions of [Asia-Pacific] and Africa, together with significant strategic partnerships secured or furthered in 2010, sets the stage for further growth in 2011.”

In December 2010, the company raised additional equity and debt finance in order to allow continued development of the business.

The accounts state that the main risks arising from the company’s financial instruments are credit risk, cashflow risk, liquidity risk and price risk.

Staff numbers increased from 276 to 399 at the end of last year. As a result staff costs jumped from €25.4m to €37.3m. Directors emoluments fell from just over €1m in 2009 to €856,387 last year.

Recently Mr Maloney, who is the former chief executive of Esat wrote to the Taoiseach and Tánaiste saying he would not attend the Global Irish Economic Forum in Dublin because his former business associate Denis O’Brien was attending.

Mr Maloney is now a partner with London-based Balderton Capital. He is believed to have not communicated with Mr O’Brien in years following disagreements.

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