They included a noncash charge of $113 million for new accounting methods for income taxes and post-retirement benefits.

During his tenure, the board forced companies to begin recognizing the cost of post-retirement benefits while employees are still working.

In the 52 weeks ended 26 September 1992, the group charged £8.2m (£8m restated) in respect of other post-retirement benefits.

The 1993 figures reflect changes in the method of accounting for post-retirement benefits.

The increase in earnings does not take into account adjustments to accommodate charges of $146 million for post-retirement benefits and $73 million for equity investments.

In the US the group provides post-retirement medical benefits to pensioners.

The over 15 week-long strike was the result of a proposal by the city to not offer post-retirement benefits for new employees of the city.

Full-year results were distorted by a $1.55 billion charge to 1991 earnings the change the company's accounting for post-retirement benefits.

U S West also took a $1.8 billion charge against 1992 earnings for post-retirement benefits.

For the year, the company reported a loss of $287 million, including a one-time accounting charge of $482 million for post-retirement benefits.