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 The scientist who takes 100 drugs a day so he can live to 150
- 2 The Visit: Trailer for M Night Shyamalan's latest horror film is terrifying
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 The confessions of men who ordered mail-order brides
- 5 General Election 2015: Stephen Hawking says he will vote Labour
General Election 2015: Tories sack candidate who said she would never support 'the Jew' Ed Miliband
9/11: Iranian General accuses US of organising September 11 terror attacks
General Election 2015: Stephen Hawking says he will vote Labour
Yazidi sex slaves undergoing surgery to 'restore virginity' after being raped by Isis militants
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
Andrew Lloyd Webber: Phantom of the Opera writer mocked after issuing a warning about Ed Miliband and Nicola Sturgeon
General election 2015: Labour will toughen hate crimes legislation surrounding Islamophobia
EU exit would hit UK economy much harder than neighbouring countries, study finds
iJobs Money & Business
£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...