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Marconi To Go On The Nasdaq

Marconi is to join the rollercoaster ride of the dot com companies by listing its shares on the topsy-turvy Nasdaq.

The firm, which has a huge centre in Coventry, is taking its message out on the road in the United States to convince traders of its value before the listing starts next week.

The Nasdaq, which lists shares in technology companies, has come under scrutiny this year as the hype surrounding dot com firms fizzled out into wariness of their profitability.

Ahead of the US listing and roadshow Marconi gave a detailed trading update on completion of its half year to 30 September 2000. The half-year results will be announced on 29 November 2000.

So far the firm has performed in line with expectations, with sales booming. There have been orders of £3.3 billion against £2.7 billion in the same period last year.

In addition new frame contract wins totalling more than £2.7 billion were announced in the first half, and the outlook for the full year remains buoyant.

Sales in the optical network business continued to accelerate with growth in excess of 50 per cent. Overall communication sales grew by more than 40 per cent in the first half while overall System sales were in line with last year.

Commenting on the announcement, George Simpson, Chief Executive of Marconi plc, said:

"This is a very significant moment for Marconi. I am delighted that our shares will be listed on Nasdaq, as it will mark the next step in the development of Marconi as a leading global broadband communications equipment supplier.

“The listing underlines our commitment to our employees and customers in the US where we have more than 40 per cent of our business today."

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CWN / Business / A-Z / Marconi / 11 Oct 00
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