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The Independent Online

Broadband Britain is gathering speed with about 1 million high-speed internet connections now being added each quarter. PlusNet, the small internet service provider which announced its maiden annual results yesterday, is in the middle of both consumer and business uptake of this technology.

Broadband Britain is gathering speed with about 1 million high-speed internet connections now being added each quarter. PlusNet, the small internet service provider which announced its maiden annual results yesterday, is in the middle of both consumer and business uptake of this technology.

Since floating last summer at 94p the shares have surged to 190.5p.

Sales for the year were up 60 per cent to £27.8m and, before the exceptional costs of the float, operating profits were up 58 per cent to £2.9m. Earnings per share rose 45 per cent to 7.63p and PlusNet's cash husbandry meant balances at the year-end were a healthy £6.8m.

And there is more to come as high-speed internet connections, linked to televisions, are used to buy film and music on demand.

BT Group is already rebuilding its network to accommodate this and PlusNet has a close relationship with the former state monopoly. Its shares do trade on a racy forward multiple of 17 times but deservedly so, given its prospects. Buy.

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