Marconi Provides Quarterly Update

Marconi released financial results for the quarter ended 31-December-2002, noting progress towards key operational goals in its restructuring program. Marconi's group operating loss for the quarter was £130 million, down from £256 million a year earlier. The Core networking business lost £41 million for the period, down from £90 million in the previous quarter. Core gross margin improved by almost three points over the same period a year ago despite lower volumes.
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