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15/10/2001
Marconi reassures investors about debt burden
Marconi has sought to reassure investors that the company is on course to decrease its £4.3 billion debt burden.
Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance. There is much to do and the new management team remain focused on delivering the cost and debt reduction targets arising from our Operational Review."
Marconi was keen to point out that the second quarter results were in line with previous guidance with a first-half operating loss of £222 million. However, group sales during the second quarter were down 24 per cent to £1,444 million compared to £1,899 million during the second quarter. But more worryingly core business operations sales were down to £893 million representing a 33 per cent decline on 2001’s £1,339 million figure.
Group operating profit for the second quarter was £5 million in line with the company’s previous guidance of breakeven and indicated that trading conditions had not worsened beyond expectations.
Marconi’s cost reduction measures cut operating costs by 12 per cent and axed 6,600 jobs.
In September, Marconi sold its shareholding in French company, Lagardere, for £43.3 million, but the proceeds, received in October after the half-year end, were not reflected in the second quarter results.
Declining to give sales and operating profit guidance for the full financial year, Marconi reported that market conditions remain difficult with “continued uncertainty regarding levels and timing of service provider spending”.
Aggressively implementing its cost cutting Operational Review, Marconi is seeking to reduce its core operating costs by £1 billion and reduce net debt to below £3.2 billion by March 2002. Amid concerns on how Marconi intend to implement further debt reduction, the company’s shares rose during early morning trading. (SP)
Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance. There is much to do and the new management team remain focused on delivering the cost and debt reduction targets arising from our Operational Review."
Marconi was keen to point out that the second quarter results were in line with previous guidance with a first-half operating loss of £222 million. However, group sales during the second quarter were down 24 per cent to £1,444 million compared to £1,899 million during the second quarter. But more worryingly core business operations sales were down to £893 million representing a 33 per cent decline on 2001’s £1,339 million figure.
Group operating profit for the second quarter was £5 million in line with the company’s previous guidance of breakeven and indicated that trading conditions had not worsened beyond expectations.
Marconi’s cost reduction measures cut operating costs by 12 per cent and axed 6,600 jobs.
In September, Marconi sold its shareholding in French company, Lagardere, for £43.3 million, but the proceeds, received in October after the half-year end, were not reflected in the second quarter results.
Declining to give sales and operating profit guidance for the full financial year, Marconi reported that market conditions remain difficult with “continued uncertainty regarding levels and timing of service provider spending”.
Aggressively implementing its cost cutting Operational Review, Marconi is seeking to reduce its core operating costs by £1 billion and reduce net debt to below £3.2 billion by March 2002. Amid concerns on how Marconi intend to implement further debt reduction, the company’s shares rose during early morning trading. (SP)
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03 January 2002
Record number of million pound ‘golden handshakes’
A Labour Research report has revealed that a record number of company executives in the UK received golden handshakes of more than £1 million last year. Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.
Record number of million pound ‘golden handshakes’
A Labour Research report has revealed that a record number of company executives in the UK received golden handshakes of more than £1 million last year. Among those who received the ‘gifts’ were British Telecom`s outgoing chief executive Sir Peter Bonfield who has been given a pay-off of nearly £1.
30 March 2004
Virgin Express reports 19.6m euro loss
Virgin Express has revealed a 19.6 million euro net operating loss for 2003 - which the Brussels-based airline has blamed on "heavy ticket discounting". Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
Virgin Express reports 19.6m euro loss
Virgin Express has revealed a 19.6 million euro net operating loss for 2003 - which the Brussels-based airline has blamed on "heavy ticket discounting". Executive Chairman David Hoare also pointed to "challenges" resulting from the Iraq war and price cutting against rival Ryanair that saw revenue per available seat kilometre plummet 21%.
11 December 2003
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
21 January 2003
Logica announce over 300 jobs losses
Troubled telecommunications firm Logica, which recently merged with CMG, has announced that around 315 workers are to be made redundant in the next few weeks. A spokesperson for the company confirmed that talks were underway on the redundancy packages for the employees affected by the cuts at the firms bases in Cork and Dublin.
Logica announce over 300 jobs losses
Troubled telecommunications firm Logica, which recently merged with CMG, has announced that around 315 workers are to be made redundant in the next few weeks. A spokesperson for the company confirmed that talks were underway on the redundancy packages for the employees affected by the cuts at the firms bases in Cork and Dublin.
06 August 2001
British Airways perform to expectations
British Airways have announced a pre-tax profit of £40 million compared to a loss of £50 million in the same quarter last year, for the three months to June. The upsurge in profits was boosted by the £100 million profit British Airways made when it sold its no-frills airline Go in June this year.
British Airways perform to expectations
British Airways have announced a pre-tax profit of £40 million compared to a loss of £50 million in the same quarter last year, for the three months to June. The upsurge in profits was boosted by the £100 million profit British Airways made when it sold its no-frills airline Go in June this year.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
