Marconi plc (UK) released full-year results with a pre-tax loss of $1.8 billion and stated that very tough market conditions still prevailed. The company’s core sales were $2.9 billion, down 32%. The company also said its headcount target was now 13,000 by the end of its next financial year in March 2004. Previously the company has only said it was aiming for a headcount of below 14,000.
Tough market conditions translated to single-digit declines in core sales quarter-on-quarter to $702 million in the fourth quarter. The company said disposal of non-core assets in the last financial year had made $714 million and that remaining non-core assets included the Italian-based mobile communications subsidiary, UMTS, and interests in joint ventures. The last of these includes a 6.3% stake in Bookham Technology.