Altobridge profits hit €4.7m in stellar 2007

KERRY-BASED remote communications group Altobridge enjoyed a stellar 2007, according to accounts just filed.

The company, chaired by former tánaiste Dick Spring, posted a profit for the year of €4.7 million compared with a €3 million deficit in 2006.

This reduced its accumulated losses to €1.2 million, from just under €6 million a year earlier.

The reduction in losses and a "revaluation reserve" of €5.9 million helped boost shareholders' funds to more than €12 million at the close of last year, up from €1.4 million at the end of December 2006.

In 2007 Altobridge earned €3.7 million from Blue Ocean Wireless, which provides mobile phone services to container ship crews by licensing its technology.

Altobridge owns shares in Blue Ocean and chief executive Mike Fitzgerald is among its directors.

Claret Capital, a shareholder in Altobridge, is another large backer of Blue Ocean.

Altobridge's accounts show the Dómhnal Slattery-led private equity group earned an "arrangement fee" of €190,868 from Altobridge in relation to a "share sale".