Radical action to improve performance cost BICC Group £164m last year and dragged its full-year losses more deeply into the red.
The engineering group reported pre-tax losses for the year to 31 December 1998 of £94m, down from a £30m loss in 1997. Turnover fell 11% to £3.67bn.
The exceptional charge came about from the sale of the group’s interest in Metal Manufactures of Australia, the rationalisation of its communications business, as well as the write-off of goodwill on telecoms sales announced in March.
The group’s engineering construction and maintenance sector saw profits rise 30% to £69m, boosted by contractor Balfour Beatty.
But there was significant profits downturn in the cables business, where pre-exceptional profits collapsed from £74m to £19m.