BNFL results up for 2006

11 July 2006

British Nuclear Fuel (BNFL) has released its full year results for the year ended 31 March, showing profits up by nearly 20% to £208 million ($373 million) from 2004’s £169 million ($307 million).

Gross revenue came it a £3.46 billion ($6.29 billion) on the back of strong performances from its Westinghouse, British Nuclear Group and Nexia Solutions businesses.

European Union State Aid clearance was made effective 31 March 2006, allowing the completion of BNFL’s restructuring and the final transfers of nuclear liabilities to the UK’s Nuclear Decommissioning Authority (NDA) and the government has approved the proposed sale of British Nuclear Group (BNG), a process expected to be completed by autumn 2007. A $5.4 billion deal has also been reached with Toshiba Corp for the purchase of Westinghouse, with the sale expected to be finalised later in 2006. Westinghouse has won a number of new contracts in the US, Europe and Korea, has submitted bids for four AP1000 reactors in China, and has seen its fuel approved for use in all EdF’s 900 MWe plants.

British Nuclear Group, which operates 14 sites in the UK under contract to the NDA, announced £72 million ($131 million) profit on gross revenue of £2.01 billion ($3.66 billion) in its first full year of clean-up operations.

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