1,000 more jobs to be lost at AEA
The Government is studying options for privatising the company, which trades under the name AEA Technology, and has appointed Barclays de Zoete Wedd as its advisers. James Maltby, chairman, said that he would wish to see AEA remain largely intact but that certain parts of the business would not rest easily in private hands. These include the 500-strong police force that AEA operates on British Nuclear Fuel sites and the continued management of some old nuclear plants.
Mr Maltby said that the decison on privatisation and the form it could take rested with the Government, but added: 'The hardest target to aim for is a flotation and therefore that is our objective.'
The company has historic liabilities related to nuclear work of between pounds 3bn and pounds 4bn but has a letter of comfort from the Government that it will meet these.
There are also believed to be liabilities of about pounds 20m relating to current activities.
AEA reported a loss last year of pounds 46.9m after exceptional costs of pounds 61.6m relating to restructuring and refurbishment of old facilities. This compares with a profit of pounds 16.8m the previous year.
Operating profit fell to pounds 23.4m from pounds 33.3m a year earlier while turnover declined to pounds 415.2m from pounds 429.9m.
AEA has been increasing its drive for non-nuclear and non-public sector contracts. The company is aiming to establish itself as a world-class provider of services including environmental engineering, manufacturing technology, health care and transport technology.
- 1 Woman accidentally shoots herself in the head while posing for a selfie
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...