Good to know there's some consistency in this topsy-turvy world...
By Ben King
Published: 23 July 2002 14:45 GMT
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.
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