Mobile virtual network operator (MVNO) Tesco Mobile Ireland, a joint venture between retail giant Tesco and Telefonica O2 Ireland, booked revenues of EUR21.5 million (USD27.5 million) in FY 2011, more than double the EUR10.6 million figure reported the previous year. In a filing to the Republic’s Companies Office, the MVNO also reported it turned a pre-tax loss of EUR678,000 in fiscal 2010 into a pre-tax profit of EUR5.3 million last year, and booked an operating profit of EUR5.9 million, compared with EUR8,000 in FY 2010. Tesco Mobile Ireland’s directors’ report states that it grew its share of the pre-paid segment in 2011 on the back of offering simple value-for-money offerings. ‘The company launched a pay monthly proposition into the market place in October 2011 … The company has based its business plan on continuing to grow market share in 2012,’ it added. The report goes on to say that the management believes ‘the company will have sufficient funding for its operating requirements for this period  and therefore consider it appropriate to adopt the going concern basis in the preparation of the financial statements’.
According to TeleGeography’s GlobalComms Database, in July 2011 Tesco Mobile Ireland reported breaking the 100,000 subscriber barrier, saying its success has been built on offering competitive products with low-cost domestic and international voice calls. By 30 September 2011 (latest official figure) the base has increased to 115,000. The company can provide coverage of 99.6% of the Republic through its tie-up with O2 Ireland.