Shares in Marconi fell 40% on Thursday following news that the company had not been selected for BT’s 21st Century Network. Marconi, which had been a traditional supplier to BT, currently generates about a quarter of its business from the carrier. Marconi will continue to supply equipment and services to BT under the various, multi-year frame contracts it has in place.
“This is a disappointing outcome from a very competitive tender process. Our products performed extremely well technically, but we have been unable to meet BT’s commercial requirements,” said Mike Parton, Marconi’s CEO.
The decision is likely to impact employment levels at the firm..
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