Pipex has released it's financial results for the last year which show that profits have fallen due to borrowing to pay for rival ISPs Bulldog, Toucan Homecall during the year.

Pre-tax profits were down to £4.8m, from £5.1m a year earlier, and margins went the same way from 46 percent to 38.2 percent last year. The number of connected broadband customers rose from 283,000 to 570,000 due to the acquisitions.

At the same time it took a swipe at the media who have been reporting the ISPs attempts to find a new owner, allegedly attracting the attention of Virgin Media, BT and the Carphone Warehouse.

The statement is likely to do little to end speculation, while it seems potential buyers are cooling off, the lure of over half a million customers could still make it an interesting target for buyers.