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15/10/2001
Marconi reassures investors about debt burden
Marconi has sought to reassure investors that the company is on course to decrease its £4.3 billion debt burden.
Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance. There is much to do and the new management team remain focused on delivering the cost and debt reduction targets arising from our Operational Review."
Marconi was keen to point out that the second quarter results were in line with previous guidance with a first-half operating loss of £222 million. However, group sales during the second quarter were down 24 per cent to £1,444 million compared to £1,899 million during the second quarter. But more worryingly core business operations sales were down to £893 million representing a 33 per cent decline on 2001’s £1,339 million figure.
Group operating profit for the second quarter was £5 million in line with the company’s previous guidance of breakeven and indicated that trading conditions had not worsened beyond expectations.
Marconi’s cost reduction measures cut operating costs by 12 per cent and axed 6,600 jobs.
In September, Marconi sold its shareholding in French company, Lagardere, for £43.3 million, but the proceeds, received in October after the half-year end, were not reflected in the second quarter results.
Declining to give sales and operating profit guidance for the full financial year, Marconi reported that market conditions remain difficult with “continued uncertainty regarding levels and timing of service provider spending”.
Aggressively implementing its cost cutting Operational Review, Marconi is seeking to reduce its core operating costs by £1 billion and reduce net debt to below £3.2 billion by March 2002. Amid concerns on how Marconi intend to implement further debt reduction, the company’s shares rose during early morning trading. (SP)
Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance. There is much to do and the new management team remain focused on delivering the cost and debt reduction targets arising from our Operational Review."
Marconi was keen to point out that the second quarter results were in line with previous guidance with a first-half operating loss of £222 million. However, group sales during the second quarter were down 24 per cent to £1,444 million compared to £1,899 million during the second quarter. But more worryingly core business operations sales were down to £893 million representing a 33 per cent decline on 2001’s £1,339 million figure.
Group operating profit for the second quarter was £5 million in line with the company’s previous guidance of breakeven and indicated that trading conditions had not worsened beyond expectations.
Marconi’s cost reduction measures cut operating costs by 12 per cent and axed 6,600 jobs.
In September, Marconi sold its shareholding in French company, Lagardere, for £43.3 million, but the proceeds, received in October after the half-year end, were not reflected in the second quarter results.
Declining to give sales and operating profit guidance for the full financial year, Marconi reported that market conditions remain difficult with “continued uncertainty regarding levels and timing of service provider spending”.
Aggressively implementing its cost cutting Operational Review, Marconi is seeking to reduce its core operating costs by £1 billion and reduce net debt to below £3.2 billion by March 2002. Amid concerns on how Marconi intend to implement further debt reduction, the company’s shares rose during early morning trading. (SP)
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06 May 2005
800 jobs to go at Marconi
Telecoms equipment manufacturer Marconi has announced that 800 jobs are to go in the UK. 450 jobs are expected to go at the firm’s site in Coventry and another 350 are expected to be lost in Liverpool. Marconi currently employs around 4,300 in the UK. The announcement comes after the company’s failure to secure a new contract with BT.
800 jobs to go at Marconi
Telecoms equipment manufacturer Marconi has announced that 800 jobs are to go in the UK. 450 jobs are expected to go at the firm’s site in Coventry and another 350 are expected to be lost in Liverpool. Marconi currently employs around 4,300 in the UK. The announcement comes after the company’s failure to secure a new contract with BT.
03 January 2002
Record number of million pound ‘golden handshakes’
A Labour Research report has revealed that a record number of company executives in the UK received golden handshakes of more than £1 million last year. Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.
Record number of million pound ‘golden handshakes’
A Labour Research report has revealed that a record number of company executives in the UK received golden handshakes of more than £1 million last year. Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.
27 September 2001
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
15 January 2002
Marconi could lay off 1,000 UK workers
Beleaguered telecoms manufacturer Marconi is to initiate a restructuring review that could see the company cut 1,000 jobs throughout its UK operations.
Marconi could lay off 1,000 UK workers
Beleaguered telecoms manufacturer Marconi is to initiate a restructuring review that could see the company cut 1,000 jobs throughout its UK operations.
30 March 2004
Virgin Express reports 19.6m euro loss
Virgin Express has revealed a 19.6 million euro net operating loss for 2003 - which the Brussels-based airline has blamed on "heavy ticket discounting". Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
Virgin Express reports 19.6m euro loss
Virgin Express has revealed a 19.6 million euro net operating loss for 2003 - which the Brussels-based airline has blamed on "heavy ticket discounting". Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
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