Marconi said that despite slightly lower sales revenues during the last fiscal quarter its key financial performance measures improved. Based on preliminary data, the company’s core sales for the period ending 31-December-2002 were £456 million, a sequential decline of 5%. Marconi also noted continued progress and some delays in its ongoing financial restructuring, which it now anticipates will be implemented in April. Some other highlights:
- Marconi’s 10 largest customers during the quarter were (alphabetical order): BellSouth, BT, Ericsson, Metro City Carriers, Telecom Italia, Telkom South Africa, UK Government, US Federal Government, Verizon and Vodafone Group. In aggregate, these customers accounted for 46% of core sales (previous quarter: ten largest customers equaled 48%). BT remains Marconi’s largest customer and accounted for 19% of core sales in the quarter (same as previous quarter).
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As of the end of December 2002, Marconi had just over 16,000 employees, down by approximately 3,000 since the end of September 2002. The company plans to eliminate a further 1,400 positions in the coming months. Once it has achieved its targeted cost structure, Marconi expects to employ around 14,000 people.
As of the end of December 2002, Marconi’s net debt amounted to £2.8 billion, comprised of £3.9 billion of gross financial debt offset by £1.1 billion in cash.
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