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Fibernet reports 'solid' quarter

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Fibernet - the UK-based outfit that provides telecoms services to large organisations as well as other telcos and ISPs - reports that its performance during Q1 has been "solid".

In a trading update published today Fibernet said service contract revenues increased to £11.6m for the three months to September, up £200,000 on the previous quarter.

It has also signed broadband deals with telecoms outfit Opal for The Carphone Warehouse and local loop unbundling (LLU) operator Be Unlimited.

"Fibernet's performance in the first quarter has been solid and we continue our progress towards profitability," said chief exec Charles McGregor.

"New business orders and contract renewals for the first quarter have both been to plan. Our margins remain in line with our expectation and we continue to maintain a substantial cash balance."

Last Friday, Fibernet confirmed it had been approached regarding a possible take-over, although at the time it said it was doubtful whether it would amount to much.

Within hours of making that announcement it issued another statement saying that the "very preliminary discussions regarding an approach have now ceased and the approach has been withdrawn". ®

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