Business Services Industry
Marconi CEO Upbeat over Stock Upturns among British Telecom Firms.
Knight Ridder/Tribune Business News, September, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Sep. 9--Marconi chief executive Mike Parton signalled his growing confidence that the market for telecoms equipment may finally have bottomed out after its long nightmare.
"Markets are stabilising," he told a turbulent agm, the first since the massive UKpound 4 billion debt-for-equity swap.
"Sales this quarter will be flat or slightly up from the previous one," he added. "That's the first time in two and a half years we have been able to say that."
Parton and new chairman John Devaney were nonetheless given a rough ride by investors, angry about the 559-for-1 share consolidation in May and the recent decision to cash out those with five or fewer shares.
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