BNFL looks at US bonds
Friday 04 September 1998
It would be the first time the company will have resorted to private capital for funds. The company has been wholly self-financing so far because of the long-standing industry practice of paying for reprocessing up front.
"We may have to raise finance in this way. It is something we are looking at," the finance director, Ross Chiese, said.
Once the $1.2bn acquisition of Westinghouse's nuclear business in collaboration with America's Morris Knudsen is completed at the end of the year, some 25 per cent of BNFL's activity will be in the private sector.
However, John Taylor, the chief executive, said there had been no discussion with the government about possible privatisation of the group, a highly controversial step given the widespread public concern about the safety of the nuclear reprocessing industry.
The firm is a net contributor to the Treasury to the tune of pounds 53m this year, up from pounds 46m. BNFL's cash pile nearly doubled to pounds 4.5bn this year with the takeover of Magnox Electric, the government-owned operator of older nuclear plants. "There is nothing we have wanted to do that we have not been able to do with the Government as our shareholder," Mr Taylor said.
Profits before tax fell from pounds 216m to pounds 199m in the year to 31 March, taking into account Magnox losses. Turnover was up from pounds 1.26bn to pounds 1.34bn.
- 1 'Kidnapped boy may have been abused and murdered by VIP paedophile ring,' say police
- 3 Girl, 7, gets Tesco to remove 'stupid' sign suggesting superheroes are 'for boys'
- 4 This letter from a reader explains why women can’t play football
Black Friday 2014: Opening times for Asda, John Lewis, GAME, PC World and Argos
Miss Honduras Maria Jose Alvarado's stylist Luis Alfredo Garcia is found stabbed to death
Dr Lam Hoe Yeoh: Voyeur doctor jailed for eight years after using network of hidden cameras to film patients, colleagues and friends on the toilet
'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Scientists predict green energy revolution after incredible new graphene discoveries
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
iJobs Money & Business
£6000 - £60000 per annum + Bonus and Benefits: Ampersand Consulting LLP: UI De...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
Negotiable: h2 Recruit Ltd: A rapidly expanding, global Software/ SaaS Vendor ...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...