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Last Updated: Wednesday, 3 August 2005, 10:40 GMT 11:40 UK
Marconi losses widen as sales dip
Workers at Marconi
Marconi is set to shed 800 jobs
Losses have widened at UK telecoms equipment firm Marconi, as sales fell and margins tightened.

In the three months to June losses at its ongoing operations rose to 36m ($64m) from 11m a year ago, with revenues slipping 4m to 285m.

Despite the loss Marconi said it expected annual sales to remain similar to last year's levels.

Marconi said it would continue its cost-cutting moves, begun after it missed out on a key BT contract in May.

Marconi's share price almost halved in value in May when it was revealed it was not one of the eight companies chosen by BT to work on a 10bn upgrade of its network.

After warning the decision meant it would lose out on 50m, it launched a shake-up which included 800 job cuts.

Marconi said talks with unions over the job cuts were "progressing amicably" and that the first job cuts were set to begin towards the end of its second quarter, which runs until the end of September.

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17 May 05 |  Business
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03 May 05 |  Business
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28 Apr 05 |  Business
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06 Apr 05 |  West Midlands

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