Marconi's telecoms equipment market is recovering slowly

The former UK electronics giant said it expected "low single-digit" percentage growth in sales at constant currencies over the current year.

Marconi reported a operating loss before goodwill amortisation and exceptional items of �62m ($110m) in the year to 31 March.

That compares with a loss of �308m during the previous year.

Internet hopes

Marconi, which formed itself from the once mighty UK industrial giant GEC, narrowly avoided collapse in 2000 when the bottom fell out of the booming hi-tech telecoms and internet market.

It was thrown a survival line when creditors forgave �4bn of debt in return for majority ownership of the company.

Marconi is now focusing on surging demand for high-speed internet services. It posted an �8m operating profit in its fourth quarter.

However, the company said it was still experiencing slow recovery in its core telecoms equipment market.

Chief executive Mike Parton said: "We delivered profit, our sales have stabilized and we have cash in the bank. All of our energy is now turned to profitably growing our business."