Optimism as Marconi cuts losses

Embattled telecoms equipment group Marconi said today that optimism for the long term looked “increasingly justified” after half-year losses narrowed.

The operating loss of £149m (€214.2m) for the six months to September 30 reduced from £485m (€697.2m) a year earlier as a cost-cutting drive and “pockets of increased demand” boosted the performance by Marconi.