Fibernet - the network services outfit that operates in the UK and Germany - has increased turnover and narrowed losses.

Revenue for the year to the end of August was up £5.7m to £47.9m compared to £42.2m last year. At the same time the company made a loss before exceptional items of £4.4m which is a modest improvement on the £5.7m deficit made in 2004.

And although contract renewals are taking longer than usual Fibernet is still pleased with the progress made over the last 12 months.

Fibernet admits that conditions in the telecoms sector "have continued to be uncertain in 2005, particularly in the volume fixed line voice market", but remains confident it can continue to narrow losses and eventually turn a profit.

By late morning shares in Fibernet were up 1p at 63.6p. ®

Related stories

• 'Lumpiness' blamed for Fibernet sales slide (25 April 2006)
• Fibernet reports slower than expected progress (29 March 2006)
• Fibernet reports 'solid' quarter (7 December 2005)
• Scottish reseller sold to Sopra (17 June 2005)
• Fibernet dips on tough outlook (12 April 2005)
• Fibernet reports pre-tax loss (17 October 2002)