Telecoms equipment group Marconi today said it remained on track to meet full year sales targets as it posted narrower first quarter losses.

Telecoms equipment group Marconi passed a key milestone in its recovery today with its first quarterly profits for three years.

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

Telecoms equipment maker Marconi has said its second-quarter sales were up 6% on the preceding quarter, but down on last year. It has warned of tough times facing the sector.

Battered telecoms equipment group Marconi has offered little sign of an immediate end to its woes after reporting a further sales slump.

Stricken telecoms firm Marconi today unveiled a long-awaited overhaul of its finances that will leave shareholders with a mere 0.5% stake in the business.

SHAREHOLDERS in stricken telecoms firm Marconi could be left owning less than 1% of the group following a rescue financial restructuring deal, it was claimed yesterday.

Marconi has secured a deal estimated to be worth at least €320m to supply Ericsson with DWDM technology for use in high-speed telecom networks.

Marconi has sold another subsidiary and bought back £152m worth of bonds.

Beleaguered telecoms group Marconi made a massive £5.1bn loss in the last half year - equating to £28m a day - which was today seen as one of the worst corporate figures in history.

Troubled telecoms group Marconi said today that trading conditions remain ‘‘tough’’ as it reported second quarter figures in line with previous estimates.

Marconi is to meet with union bosses to discuss its plans to cut 2,100 UK jobs.

Marconi's chairman and chief executive have resigned after the company issued its second profit warning in two months and axed a further 2,000 jobs.