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Pipex Communications (FFG)

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Monday 09 August, 2004

Pipex Communications

Acquisition & Trading Update

Pipex Communications PLC
09 August 2004

9 August 2004

                            PIPEX Communications plc

              Acquisition of Nildram and Half-Year Trading update

PIPEX Communications plc ("PIPEX"), the telecoms network operator and provider
of broadband and hosting solutions, announces the acquisition of AccentUK
Limited, which trades as Nildram, one of the UK's leading independent broadband
internet service providers. The acquisition will add approx 35,000 new ADSL
customers to the existing PIPEX base, taking the total number of broadband
customers to 162,000.

PIPEX announces that trading for six months to June 2004 has gone well with
particularly encouraging monthly broadband connection numbers. The integration
of the Host Europe acquisition is also going according to plan.

PIPEX has acquired Nildram for a total consideration of £12.9 million in cash,
funded out of PIPEX's debt facilities with the Bank of Scotland.  Nildram is an
Internet Service Provider focusing on providing network application services and
related products to businesses and broadband to both business and residential
customers in the UK. At the end of July 2004 Nildram had approximately 35,000
broadband customers, of which an estimated 30% are business customers.

Nildram is both profitable and cash generative. During the year ended 31, March
2004 Nildram's audited turnover was £14.1 million and audited EBITDA was
£366,563. The value of Nildram's net assets as at 31 March 2004 was £323,219.
Over the last 12 months Nildram has grown substantially, benefiting from the
increasing demand for broadband.  Nildram has an 8 year track record as an
independent ISP and has built up a loyal customer base.

PIPEX has acquired six companies since the acquisition of GX Networks in October
2002 and has successfully demonstrated its ability to realise synergies and
achieve cost savings, while also focusing the business on growth areas in the
telecommunications sector, namely broadband and shared hosting.

Peter Dubens, Chairman of PIPEX, said: "The acquisition of Nildram further
strengthens PIPEX's position as a leading UK provider of broadband services and
takes the total number of broadband customers to 162,000.  We continue to focus
on our strategy of growth through both organic and acquisitive means, through
opportunities which provide a clear strategic fit. The success of this strategy
is demonstrated by the growth of our total customer base from approximately
12,000 customers in 2002 to over 350,000 customers today and a significant
improvement in gross margin."

Mike Read, CEO of PIPEX, said: "The integration process of PIPEX since the
latest acquisition of Host Europe is progressing well. In addition to its
substantial customer base, Nildram fits extremely well within our current
framework and brings with it strong product development expertise that will add
further strengths to the group going forward."

Sean Stephenson, MD of Nildram, said: "This transaction is extremely positive
for Nildram.  By joining PIPEX, Nildram will be able to achieve the scale
required for stronger, more profitable growth."

Stuart Gibson, Head of Telecoms for Bank of Scotland Corporate said: "We are
delighted to be able to continue to support PIPEX Communications plc in their
acquisition of Nildram. Growth in broadband internet access is presenting new
opportunities and changing the way many of us work. This transaction further
strengthens their position in this fast moving sector."

                            Half Year Trading update

PIPEX's broadband division continues to experience good growth and remains the
fifth largest supplier of ADSL broadband in the UK.  For the first half, the
monthly run rate for customer acquisition increased from 5,000 in December 2003,
to just under 8,000 in June 2004 and we expect broadband customer acquisition to
continue to go well in the second half.  Encouragingly, the ARPU per customer
has remained constant for the period at approximately £23.00.

PIPEX will launch its first Voice over Internet Protocol ("VoIP") to SME
customers in the fourth quarter of 2004.   PIPEX is also exploring avenues to
maximize revenue from its wireless division which includes an exclusive 3.6 to
4.2 GHz national wireless license. This license currently delivers broadband to
PIPEX customers in places where BT has not equipped the exchanges.

The Group remains EBITDA positive and operationally cash generative and the
gross profit margin continues to improve on last year.  We expect a continuing
strong performance from broadband and shared hosting, assisted by the ongoing
growth in these markets.  This leads us to expect a solid performance for the
second half of the year.


PIPEX Communications plc                                           020 7766 6909

Peter Dubens, Chairman

Investec Investment Banking                                        020 7597 5051

Chris Godsmark

Financial Dynamics                                                 020 7831 3113

Juliet Clarke / Edward Bridges

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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