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.
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Chicago river turns green to mark Saint Patrick's Day 2014
Saint Patrick's Day: Google Doodle celebrates patron saint of Ireland - here are 10 things you didn't know about the man himself
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
Ukip and Nigel Farage on course for remarkable victory in European elections
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Tony Benn was entirely ineffectual - and usually wrong
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
- 4 Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£50000 - £60000 per annum: Harrington Starr: Application Support - Sophis, Fid...
£30000 - £50000 per annum: Harrington Starr: Application Support Analyst - SQL...
£55000 - £65000 per annum: Harrington Starr: Front Office Support Analyst -Cha...
£70000 - £85000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...