The online broadcasting company Servecast reported a €1.92 million loss last year and has bought out its main venture capital investor, Providence Equity, writes Jamie Smyth, Technology reporter.

The Dublin-based firm used its own cash to buy out Providence's 30 per cent stake in a move that increased Setanta Sports and Island Capital's equity stakes to 30 and 20 per cent respectively.

New results filed with the Company's Registration Office also show two British subsidiaries of Servecast reported losses of £940,621 and £123,283 in 2003

Servecast was one of the most prominent Irish technology start-ups when it raised €40 million financing at the height of the technology boom in September 2000. Its list of investors includes two of the Republic's most famous entrepreneurs, Mr Denis O'Brien and Mr Eddie Jordan.

However, the firm experienced a difficult few years as investor confidence in broadband technologies waned in 2001 and 2002. Servecast shut six European offices in 2001 and 2002.

Mr Mark O'Meara, Servecast's chief executive, said the company's performance had improved considerably in 2004 as more people subscribed to broadband services in Britain and Ireland.

He said turnover had almost doubled in 2004, although he would not disclose the firm's revenues for 2003 and 2004. And under Irish company law Servecast does not have to disclose these in its financial accounts.

Servecast provides the software and technical infrastructure required to broadcast events over the internet. It has two business divisions, one which provides corporate broadcasts and one that provides sports broadcasts for consumers on the web.

The results show accumulated losses at Servecast Limited, the Irish parent firm, stood at €26.3 million at 31st December 2003, up from €24.3 million a year earlier.

Servecast helps to broadcast the matches of some of Britain's biggest football clubs.