Irish operator Smart Telecom has started a strategic review of its operations, after reporting a 15 percent slide in first-half sales and an end to its cash resources. In a trading update at its AGM, it also announced that CEO Oisin Fanning is stepping for health reasons. Chief operating officer Ciaran Casey will head the strategic review, which will focus on orienting the company more towards profitable growth areas. The operator has currently 16,500 broadband customers, up from 12,000 at the end of May, but reiterated that the process of provisioning remains slow and the number of sales staff has been reduced. While losses for the full year are expected to be in line with market expectations, the company’s cash resources have run out and it is reliant on its main shareholder for working capital and long-term financing. Earlier this year the company said it does not expect operational breakeven until mid-2007. NCB Corporate Finance has been appointed as advisor for the strategic review, focusing on possibilities for long-term financing.

Source- http://www.telecompaper.com

Technorati : Ireland, Mobile, Smart Telecom
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