Nevada tele.com, the all-Ireland telecoms and internet company, has said its investment programme remains on target despite industry reports that the slowdown in the communications sector is affecting the Belfast-based firm. Senior industry sources in the North say Nevada, a joint venture between Viridian, the Northern Ireland energy to IT group, and Energis, the UK-based telecoms company, is moving at a slower pace because of the downturn.

The company was formed two years ago and moved into the South last July when it acquired the Dublin-based company Stentor in a £36 million sterling (€58 million) deal. Its ambition is to offer an all-Ireland product to businesses, North and South.

Nevada employs about 201 people in Belfast, Dublin, Cork, Shannon and Carrick-on-Shannon.

Industry sources say competition has made market penetration difficult. Employees are believed to be concerned that without an increase in market share, there could be a question mark over job security in the new year.