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Fibernet reports pre-tax loss

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Shares in Fibernet slipped in trading this morning after the alternative carrier reported a pre-tax loss of £91m.

Much of the loss - £70.1m - was attributed to an exceptional charge relating to Fibernet's exit from its French and German operations in the summer following the collapse of KPNQwest.

Putting this to one side, the company still reported a pre-tax loss of £21.1m, compared to a pre-tax profit of £3.6m in 2001.

Group turnover fell from £54.5m in 2001 to £43.1m for the year to the end of August 2002.

UK revenue fell from £52.3m last year to £36.2m this year. Despite the fall, orders have tripled in the second half of the year compared to H1 giving rise to some optimism at least.

Chief exec, Charles McGregor, claimed the company has "finished a difficult year strongly" and added that the "risks facing the business going forward have been significantly reduced".

By late morning shares had recovered slightly down 0.25p (1.1 per cent) at 22.5p. ®

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