UK based telecommunications equipment provider Marconi has announced that its full year losses have increased from £70 million to £5.66 billion. The figure represents one of the largest ever losses recorded by a UK company.
Marconi’s losses include the write off of a number of companies purchased at the height of the technology boom.
Marconi is thought to owe creditors around £2.9 billion. The company has stated that restructuring talks with its banks are proceeding positively.