Lycamobile UK, founded by Sri Lankan-born Subaskaran Allirajah in 2006, has received a major raise to its recorded revenues in 2014- sue to the changes in the way it draws up its accounts.
The changes added £45.7 million to the low-cost telecoms operator's stated income, boosting the turnover to £201.4 million for the year to the end of February 2014.
However, the company saw a decline in its pre-tax profits by more than halve to £1.9 million, compared to £4.1 million in the last 12 months.
Subaskaran Allirajah is also one of the Conservative party's biggest donors- He had paid £210,000 for a Margaret Thatcher bronze statue at a Conservative fundraising dinner. The Lycamobile's accounts also show that the company had contributed approximately £150,000 during 2013-14 to the Conservative party.
