Fibernet hits profit

NEWS High-speed networking company Fibernet has announced profit for its full year results in line with expectations. The company has reported pre-tax profits up by 7.4 per cent for the year ending 31 August 2001 to £3.6m, up from £3.4m in 2000. However, the company's share price has seen a massive drop from a year high of 1,500p to a low of 160p post-11 September. Fibernet claims overall UK profits were dented by its expansion into Europe, although it has met with considerable success in Germany after the acquisition of Wetronic Automation in Munich and ICG in Berlin, giving it 3,300km of ready-to-go network and preliminary customers in place. The company's shares seem to be climbing steadily since 11 September and are sitting at 367.50p today.