Atlantic Telecom is searching for funding to expand its presence beyond Scotland after receiving a licence to operate in the North West England region last month.
The Scots cable company turned telco has been engaged in an ambitious program to expand its fixed wireless phone network and this week announced operating losses of £15.8 million on turnover of £14.9 million for the year to 31 March.
The figures compare with an operating loss of £8.9 million on turnover of £11.3 million in the same period last year. Atlantic executive chairman Graham Duncan said such losses were a feature of the telecommunications industry when it was in growth mode.
Atlantic has launched its telco business in three new cities, Edinburgh, Aberdeen and Dundee, in the past 12 months.
The company needed to obtain further funding from the debt capital markets, if it was to continue its rollout into the Manchester region later this year, Duncan said.
He refused to reveal the sum Atlantic was looking to raise but claimed it had recently appointed three investment banks to advise on the best approach.
Atlantic has its finger in several pies, in addition to its Scottish infrastructure rollout. It will begin trialling a high speed broadband data service later this month (see Newswire 16 February) and has plans to launch its own Internet service provider arm.
The high speed service is expected to be launched commercially in at least one Scottish city by the end of the year and will be targeted at small and medium businesses, which to date have been unable to justify the cost of high speed communications.
“The business applications [to run on high speed networks] are there now but they’ve not been available to SME customers at the right price,” Duncan said.
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