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.

"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statement saying that the "very preliminary discussions regarding an approach have now ceased and the approach has been withdrawn".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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• Fibernet reports slower than expected progress (29 March 2006)
• Carphone swallows Onetel, Tele2 (19 December 2005)
• UK 'on target' for 1m unbundled lines in 2006 (9 December 2005)
• Fibernet gets a nibble (2 December 2005)
• Fibernet ups revs, trims losses (11 October 2005)
• Fibernet dips on tough outlook (12 April 2005)