Marconi shares continued a run of strong performances in the City last week after the former GEC relisted following the separation of its electronic systems business to British Aerospace.
The company’s shares closed the week at 1014.25p – a new high, 83.5p ahead of its previous closing record. The stock is set to continue outperforming as it is now seen as a telecoms specialist rather than solely an electronics company.
GEC’s communications division was one of the star performers in the first half of the year and is seen as the driving force behind the new Marconi.
Two weeks ago the company unveiled a 40% jump in turnover, excluding defence-related activities, to £2.5bn – up from £1.8bn but 8% ahead on a like-for-like basis.
Reported operating profit before exceptionals was 51% up at £299m, and 10% up on a like-for-like basis.