Firecomms aims for €5m turnover next year
Cork-based photonics company Firecomms forecasts turnover of €5 million next year as it continues to secure backing from investors for the company’s growth.
New accounts for the firm reveal a €6.2 million loss last year, and it now has accumulated losses of €16.2 million.
Chief executive Declan O’Mahoney said the losses were mainly due to the amount of capital the company had invested in research and development.
‘‘Our investors are very committed,” he said. ‘‘Our shareholder funds are strong and we continue to raise new investment as we expand the business.”
Firecomms publishes abridged accounts, which do not disclose turnover. O’Mahoney did not comment on current revenue, but said the company was on track to record a turnover of €5 million next year.
Shareholders’ funds at Firecomms rose to €992,000 last year, up from a €1.4 million deficit in 2007. This was primarily due to a $5 million (€3.3 million) funding deal closed late last year.
Some of this funding was drawn down in 2008 and more of it was invested in the firm during this year.
The last funding deal was led by Swiss telecoms firm Swisscom and included existing investor Atlantic Bridge and ACT.
O’Mahoney said the backing from Swisscom was particularly significant because Firecomms was a supplier to the company for its IPTV products. O’Mahoney said the company had performed strongly this year.
‘‘Our product has been built into set-top boxes for Cisco and Motorola,” he said. ‘‘We have seen quite a large deployment of our products in China where the government is funding a fibre programme in schools.”
The economic downturn has affected the company in some sectors, primarily the motor industry, where Volvo, Land Rover, Kia and Hyundai are customers.
‘‘We had some new projects in operation there,” said O’Mahoney.
‘‘These sectors haven’t disappeared, but we have entered into a new phase with them.”
The consumer side of the business is led by exports to countries such as Japan, China and the United States, all of which are doing better at the moment, he added.
The latest piece of business has been a major trial in Portugal with Portugal Telecom, where its product will be deployed next year.
