Marconi warns over cost of lost BT deal

British telecoms equipment group Marconi today warned it faced a £50m (€72.8m) hit to revenues this year following its failure to land a major BT contract.

The company, which employs 4,300 people in the UK, also said it was experiencing “fierce” pricing pressures overall, as it posted annual results and outlined the financial impact of the BT disappointment for the first time.