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.
Jo from Northern Ireland was less than impressed by Russell Brand's attempt to stage a publicity stunt
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
$125 - $175 per annum: Carlton Senior Appointments: Senior Wealth Manager In...
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...