But we have proven we can deliver on our promises

But we have proven we can deliver on our promises." ECC's problems emerged soon after the chief executive, Andrew Teare, left the group 18 months ago to join Rank, the entertainment giant.Since then ECC has been forced to announce 400 redundancies as part of a cost-cutting programme designed to save more than pounds 50m a year. Dennis Rediker, chief executive of ECC, said: "We had to launch a review into every part of the business Last year we had to announce grim news. Shares in English China Clays, the chemicals and minerals group that made a huge loss last year after being forced to implement a radical restructuring program, jumped 30.5p to 263.5p after it revealed it had stormed back into the black in the first six months of 1997. English China Clays (ECC) unveiled a four-fold rise in first-half profits to pounds 48.6m thanks to a major shake-up of its management and operations over the past 12 months. Last year's profits, for the 12 months to the end of March, were pounds 80m on a pro-forma basis, suggesting earning this year could be above pounds 100m.. The merger combined Mercury's long-distance network with cable operators Bell Cablemedia, Nynex CableComms and Videotron.CWC also pointed to an increase in the number of homes taking its services.

Penetration for telephony offerings rose from 20.1 per cent to 22.6 per cent, with 772,209 subscribers, while cable television penetration edged up by 1 percentage point to 19.1 per cent.Mr Wallace said bundled tariffs, which offered telephone line rental and five television channels for pounds 11.99 a month, would boost customer numbers.He said the rationalisation would bring efficiency savings of pounds 106m compared with the former spending plans of the four companies, translating into a pounds 20m boost to CWC's profits. "When you put four organisations together you've got to take a pretty close look at costs," he said. He gave an upbeat assessment of CWC's recent performance, as the company yesterday unveiled its new marketing campaign using the brand Cable & Wireless, also the name of its majority shareholder, and backed by a pounds 50m advertising promotion.Total revenues in the three months to the end of June rose by 13 per cent, to pounds 551m, compared with the same quarter the year before. The 40 per cent cut in the group's management, with the loss of around 400 jobs, cost pounds 45m, while other provisions included pounds 55m to cover a reduced valuation of computer systems and pounds 53m of property write-downs.Mr Wallace defended the provisions. More than pounds 600m of the investment was earmarked for an expansion of the cable and long-distance telephone network, 58 per cent of which has been completed. A further pounds 250m would cover connections to homes, while the remaining pounds 170m would be spent on a new computer billing system. The provisions of pounds 200m were larger than the pounds 125m of write-offs originally forecast by analysts. Henceforth we will list the 1,250 biggest companies by market capitalisation together with some popular shares and share listings which have been paid for.

Requests for additional listings should be put in writing and will be accommodated where possible.. The decision by Graham Wallace, CWC's chief executive, to issue the group's first trading statement yesterday partly reflected continuing concerns about the company's share price, which has fallen steadily since the merger was completed in April. Yesterday the shares dropped a further 13p to 242p, down from 300p in April, as analysts registered surprise at the group's decision to press ahead with a pounds 1bn investment programme this year. The Government is consulting on its plans which were a manifesto commitment from Labour.. From today we have changed the way companies are selected for inclusion on our share price page. He took the honourable course to fall on his sword." He denied that the pay-off, which is subject to mitigation, represented a reward for failure even though Dalgety's shares have underperformed the market by over 60 per cent during Mr Clothier's tenure.

"We are meeting the obligations in the contract as it is proper to do I think he was disappointed and inevitably a little sad. But someone has to carry the can in these circumstances."As part of the strategic review, Dalgety yesterday put two of its four main businesses up for sale. Buyers are being sought for its food ingredients business and Martin Brower, the US distribution operation that services McDonald's, the fast-food giant. The proceeds will be used to reduce pounds 255m of debt and to return around pounds 200m to shareholders. The slimmed down company will concentrate on three divisions: pet foods, the Pig Improvement Company and agricultural supplies.The disposal could raise pounds 300m to pounds 400m, analysts said. Dalgety has appointed Lazards to find buyers for the food ingredients business.

Interested parties could include Kerry Group, the Irish food company, at a price of up to pounds 200m. The flour milling operation, part of the food ingredients division, could be of interest to Green Core, the American group which has been expanding in the UK, and Associated British Foods. Analysts expect a price tag of around pounds 125mThe sale of the Martin Brower business, which will be overseen by Morgan Stanley, could attract an American buyer or management buyout. The business could be worth up to pounds 90m, less a substantial tax charge.Mr Hanna said Dalgety would remain a substantial business with pounds 2bn of sales, 8,000 employees and the number two in the pounds 5bn-a-year European pet food market.Though analysts welcomed the decision to introduce more focus in the business they said the key to its success would be its bid to restore the pet foods division to better financial health. Sir Denys said the pounds 440m acquisition of Quaker's European pet foods division had been right but that the integration had been too slow.