Feeds

Fibernet reports slower than expected progress

Shares dip

Internet Security Threat Report 2014

Shares in UK-based Fibernet, which provides carrier services to large enterprises, other telcos and ISPs, dipped today as the firm warned that business hasn't been as brisk as hoped.

The value of contracts signed in the last quarter (£7.9m) was below expectations and the firm doesn't expect to make up this shortfall in the second half of the year, it said in a trading statement today. And while Fibernet hasn't lost any customers in the last three months, the amount each customer has spent has been "lower than anticipated".

As a result the firm - which is still regarded as a possible take-over target - has revised its financial forecast.

"While the company expects full year revenues, EBITDA and loss before tax to improve on the prior year," it said. "The rate of progress will be slower than expected. While the loss before tax will be less than last year, it is now expected to be larger than current market expectations for the full year."

Despite this, chief exec Charles McGregor said he expects the firm's interim results to be "in line with expectation" and he remains upbeat that the telco is "on course to demonstrate improvement on prior year revenue, EBITDA and loss before tax for the full year". By mid morning shares in Fibernet were down 2.93p (4.5 per cent) at 62.75 p. ®

Internet Security Threat Report 2014

More from The Register

next story
Docker's app containers are coming to Windows Server, says Microsoft
MS chases app deployment speeds already enjoyed by Linux devs
IBM storage revenues sink: 'We are disappointed,' says CEO
Time to put the storage biz up for sale?
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
SDI wars: WTF is software defined infrastructure?
This time we play for ALL the marbles
Windows 10: Forget Cloudobile, put Security and Privacy First
But - dammit - It would be insane to say 'don't collect, because NSA'
Oracle hires former SAP exec for cloudy push
'We know Larry said cloud was gibberish, and insane, and idiotic, but...'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.