Britain appears to have lost its early dot-com lead to Germany.

A survey released today by PricewaterhouseCoopers shows that more than one third of Europe’s top 150 Internet firms are located in Germany. Less than a quarter are based in the UK.

Germany also leads the UK in terms of profitability with more than a half of its dot-com firms in the black.

Only 26 percent of Britain’s dot-com companies are currently running at a profit.