New contracts help Fibernet reduce losses

UK high speed data networks group Fibernet [London: FIB] says that it is still winning new business as it reported a narrowing in pre-tax losses despite harsh trading conditions. The company negotiated new contracts worth GBP27 million during the six months to 28 February 2003, with customers including the Nationwide Building Society and data storage company InTechnology contributing to a significant increase on deals totalling GBP10 million for the corresponding period in 2002. Revenue for continuing operations remained steady at GBP17.6 million, an increase of GBP300,000 year-on-year, whilst improved profitability led to an operating loss of GBP3.7 million, compared with the GBP10.4 million loss posted twelve months before. The majority of Fibernet’s contracts were won in its home market, though it also gained a number of new customers in Germany to its Frankfurt Carrier Ring, including Cesky Telecom and TeleDanmark.