And it has again delayed the target date for the financial restructuring that will clear its �4bn ($6.3bn) debt with banks and bondholders.

The complex changes will see shareholders left with just 0.5% of the company.

Marconi refused to rule out further job cuts in the restructuring and said it expected sales to fall in the next year.

The firm also announced a core operating loss of �41m for the October to December quarter, down from a loss of �128m in the same period a year earlier.

All change

When talks on the debt-for-equity swap began it was hoped to have the deal done by January, but now the target completion date has been put back to 31 May.

When the deal is completed, Marconi will be dissolved and delisted from the London Stock Exchange and replaced by a new listing.

The group, hit hard by the collapse of the technology boom, has seen its share value dwindle from �12.50 two years ago, to just a couple of pence, down 9% on the day.

It has now filed its restructuring plans with the High Court and said it expected shareholders to receive details by 31 March.