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New chief signals new era for Utility

FORMER Amec director Brian McCann has taken over as chief executive at Utility Cable.

The move follows the resignation of Brendan McCann (no relation) who left the company last month for personal reasons.

The arrival of a new chief executive comes as Utility nears completion of a major reorganisation which has seen the firm ditch all of its loss- making contracts.

Utility was floated by City whiz Luke Johnson in 1994 when shares hit a high of 37p. But by October this year it had plummeted to 5p where it remains.

The loss of confidence in Utility Cable followed a profits warning in September when the reorganisation of the company brought write-offs of around £4 million.

Utility is now confident it has put last year's problems behind it.

Managing director Steve Parry said cable contracting business would be halved to £35 million next year.

He said: 'We plan to show the market we can achieve a much improved profit on a decreased turnover and be able to sustain it.'

As part of the reorganisation, Utility plans to offer a turnkey service to its cable clients which will cover everything from the initial design to the final commissioning of networks.

It also hopes to increase its income from other utilities through its RS Kennedy business.

The group is expected to post its full-year results in January.