Debts up, sales down - business as usual at Marconi

NEWS Marconi's sales figures are down as the troubled company struggles to survive in a telecoms market which stubbornly refuses to show signs of life. Marconi's sales of £592m for the first quarter were down from £1.134bn for the same period the previous year. Meanwhile, Marconi's debt mountain grew, hitting £3.017bn at the end of June, up £152m from the end of the previous quarter. The company blamed reduced spending among telecoms operators for the poor results. It plans a debt-for-equity swap to help it reduce its growing debt liabilities. Although the group cut more than 3,000 jobs in the quarter, it conceded that more cuts may be necessary.