General Cable Plc, which has just bought Iminus Ltd was also out shopping last year, and has seen losses widen as a result. The UK cable television and telecommunications group saw losses of 29.8m pounds, up from 8.1m pounds last time, on revenue up 81.4% at 55.7m pounds. General Cable bought the 50% of Yorkshire Cable Group Plc it did not own from Singapore Telecom International Pte Ltd last year (CI No 2,951), and has just paid 33m pounds for Iminus Ltd to enable it to offer voice and data services outside its franchise area. The Imminus deal was for 19.5m pounds in cash, 7.1m pounds in loan notes with up to a further 6.4m pounds payable to shareholders after one and two years. The remainder will be payable in cash or optionally General Cable shares. The company says it has seen strong growth in all business areas and in number of customers and operating cash flow. Some 54% of the company’s residential customers take both its television and phone services. Business telecommunications has been successful in the year, and the Imminus acquisition adds to this business under the General Telecommunications Ltd banner. The group saw 24% of revenue from business telecommunications, 44% from residential telephony and 31% from cable television. It says annual revenue per home is up 5% at 154 pounds. Margins are improving, it says, and operating cashflow was up in the year. The group reckons it still has significant cash resources to support investment this year, and gearing stood at 24% at year end though this is expected to rise this year.
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