Beleaguered telecommunications company Stentor has said it will require further funding from its shareholders because its move to value added businesses has been slower than expected. The company which lost £11.17 million (€14.19 million) for the year to March last, says it is talking to its principal shareholder about this.
Stentor said last March it would require a further £2 million this year and a further £600,000 next year. Last year, it got an £8.3 million cash injection as part of a rescue plan by the Co-operation Retirement Benefit Fund.
Stentor released its audited accounts for the six months to September yesterday. Turnover had remained virtually static at £3.075 million compared to the same period in 1998. However, the company managed to reduce its losses radically.
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