[an error occurred while processing this directive]
BBC News
watch One-Minute World News
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.




SEE ALSO:
Marconi unions leave empty-handed
23 Jun 05 |  Merseyside
Marconi warns of 50m BT impact
17 May 05 |  Business
800 Marconi staff cut in shake-up
06 May 05 |  Business
Job losses now likely at Marconi
03 May 05 |  Business
Marconi plunges on BT deal news
28 Apr 05 |  Business
Marconi plans new 70m city base
06 Apr 05 |  West Midlands


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific