Versatel losses mount to €100m

Telecom and cable company Versatel booked a net loss of €100m last year, compared with a profit of almost €200m in 2005. The earlier positive result was due to the sale of the company’s German activities which generated a one-off windfall of €240m. Turnover rose 15% last year to €434.5m. Almost 85% of Versatel is in the hands of Sweden’s Tele2.

Versatel pays some €30.5m a year for the rights to broadcast premier league football but so far only 60,000 people have signed up for the service. Versatel’s target was for 100,000 subscribers by the end of 2005.

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