BICC cables disconnected

BICC shareholders gave approval to the group’s sale of its energy cables business to General Cables last week, setting the seal on its transformation into a construction business. The move also means the end of bid interest from Wassall, the industrial investor which had said it remained interested but only if the cables disposal was […]

BICC shareholders gave approval to the group’s sale of its energy cables business to General Cables last week, setting the seal on its transformation into a construction business.

The move also means the end of bid interest from Wassall, the industrial investor which had said it remained interested but only if the cables disposal was reversed.

Speaking at BICC’s annual meeting, chairman Viscount Weir said trading at Balfour Beatty, Brand-Rex and Andover Controls was in line with budgets.

The group’s half-year figures will include results from the Telecoms Cables business until its sale on 30 April, as well as Energy Cables’ contribution for a longer period.

Weir said the picture could be `somewhat confusing’, but added that second-half figures should be more representative of the group’s progress.