Newspaper article The Journal (Newcastle, England)

Revived Marconi in Strong Progress

Newspaper article The Journal (Newcastle, England)

Revived Marconi in Strong Progress

Article excerpt

Rejuvenated telecoms equipment group Marconi narrowed losses at an operating level yesterday after achieving strong progress in driving up margins.

The group continued its recovery following a life-saving restructuring with second quarter losses of pounds 29m, against a pounds 62m deficit a year earlier. One-off items took bottom-line profits to pounds 47m from pounds 5m.

Chief executive Mike Parton said the figures offered encouragement and added the group remained on track to meet its targets for the full-year. These include low single digit sales growth and a gross margins target of 34pc.

Sales in the six months to September 30 were pounds 2m lower at pounds 594m, but the figure came in 3.5pc higher at constant exchange rates. Higher volumes, cost savings and an improved business mix resulted in a five percentage point increase in the company's gross margin at 32.7pc.

Mr Parton said: "Looking forward, I am encouraged by the confidence our customers are showing in our new products and services. …

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