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April 12, 2005

Fibernet shares hit after gloomy outlook

Shares in network service provider Fibernet Group fell after the company warned of a tough period ahead, which took the shine off an otherwise good set of first half results.

By CBR Staff Writer

For the six months ending February 28, the Basingstoke, UK-based company reported a net loss of GBP 1.8m ($3.4m), down from a net loss of GBP 3.7m ($6.9m) for the same period last year. Revenues meanwhile rose to GBP 24.2m ($45.6m) from GBP 18.3m ($34.5m) last year.

CEO Charles McGregor said that the company had delivered an encouraging set of results, but then went onto add we expect the rate of improvement to slow in the second half year due to the decision by one of our larger customers to discontinue an operation to which we provide services.

Shares in the company fell 2.6% to 92p ($1.73) as of 4.20pm BST on the London Stock Exchange.

Yet despite the warning the alternative carrier was fairly upbeat citing an encouraging level of contract renewals and sales pipeline. During the last six months, the company signed GBP 24.1m ($45.4m) of new contracts (including Barclays Capital, GlaxoSmithKline and Ford), slightly down from the GBP 26.3m ($49.5m) signed in the same period last year.

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