Fibernet upbeat on European units

Fibernet, which supplies and installs high-speed data networks to businesses, delivered an upbeat trading statement yesterday, saying it had made positive progress in the UK, Germany and France.

Fibernet, which supplies and installs high-speed data networks to businesses, delivered an upbeat trading statement yesterday, saying it had made positive progress in the UK, Germany and France.

The company, which has about £100m cash in the bank, said the profitable growth of its UK business made it "confident" progress would continue.

Its shares jumped 52.5p yesterday to 350p. It had traded as high as £27.87 last spring. The company, which was updating investors on third-quarter trading to 31 May, cited new business from Credit Lyonnais.