Shares in Fibernet dipped this morning after the UK alternative telco warned of tough times ahead.

Revenue for the six months to the end of February increased from £18.4m last year to £24.2m which helped narrow pre-tax losses from £3.9m to £1.9m.

Chief exec Charles McGregor said that the company has delivered an "encouraging set of results" but that "we expect the rate of improvement to slow in the second half year due to the decision by one of our larger customers to discontinue an operation to which we provide services".

Despite the warning the alternative carrier remains upbeat reporting that it signed £24.1m of new orders in the last six months including Barclays Capital, GlaxoSmithKline and Ford demonstrating its "consistent performance of [its] market strategy".

At noon shares in Fibernet were down 3p (3.17 per cent) at 91.5p. ®

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