Fibernet has admitted that it suffered a "disappointing" six months thanks to "lumpiness" in the market. The Basingstoke-based firm - which provides carrier services to large enterprises, other telcos and ISPs, and is also a potential take-over target - has struggled to turn sales opportunities into firm orders, it said today publishing its first half results.

Total revenue for the six months to April fell to £23.7m compared to the £24.2m generated in H1 2005. At the same time, pre-tax loss narrowed to £1.1m compared to £1.9m during the same period last year.

Chief exec Charles McGregor said that Fibernet "had a disappointing first half year" with new orders "less than expected".

"This was due principally to the delay in the signing of a small number of larger contracts," he said. "Whilst this lumpiness is an ongoing feature of our markets, the niche business we target with major companies continues to grow." ®

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• Fibernet dips on tough outlook (12 April 2005)