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Listing rules - Why Marconi was benighted by a day.
(From Financial Director)
On 11 April, the Financial Services Authority announced its decision that Marconi's handling of its profits warning statement of 4 July 2001 had contravened Listing Rule 9.2(c). It should have spoken up one day sooner.
The FSA statement regarding Marconi's profit warning exonerated deputy chief executive John Mayo and FD Steve Hare, but was critical of the delaying tactics on the part of chairman Sir Roger Hurn and chief executive Lord (George) Simpson. Here is an edited chronology of events, as reported by the FSA.
17 May 2001 - (share price 375p)
Marconi announces prelims for year to 31 March 2001. Sales are up 21% to GBP6.9bn, operating profit is up 8% at GBP807m. Net debt is GBP3.2bn. Statement says that the first-half of the 2001-02 financial year won't show improvement on previous year H1, but that growth is expected for the year as a whole.
12 June 2001 - (share price 324p)
Chief executive Lord Simpson tells non-execs that the first two months of the financial year are off to a slow start, with flash results pointing to a 10% decline. Operational reviews underway to prepare a trading statement for the July AGM. Analysts at CSFB and UBS Warburg cut their forecasts by 21% and 22% respectively on 18 and 19 June.
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