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 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 New Tricks: Dennis Waterman to leave the show after a decade of crime-solving
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...