By Tony Hallett, 23 October 2002 09:30
NEWS Second quarter results show Marconi has continued to cut costs - down from £760m in Q1 to £635m - but sales are still sluggish, down 6 per cent sequentially to £482m for the three months. The equipment manufacturer said it has "aggressively managed" its cost base to take into account what would always be a difficult period. Further job cuts are expected, taking the workforce from an already-reduced total of 21,000 in July to 15,000 next year. The good news - if it can be called that - is that the results are in line with expectations and the goal of being cash generative is in sight. Yesterday Marconi won a four-year contract to build a transmission network to support O2's 3G network in Germany.
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