Nuclear firm Urenco on track for year despite 45pc fall in revenue

 
Suzie Neuwirth
NUCLEAR fuel company Urenco yesterday posted a 45 per cent drop in first-half revenue and a 31 per cent fall in earnings, blaming a lower level of deliveries than during the year-ago period.

Revenue fell to €384m (£324m) and earnings dropped to €319m, but the company said that it expects a “substantial rebalance” during the second half of the year and remains on track to achieve its targets for the full year. The uranium enrichment firm expects to benefit from continued capacity expansion in its US facility and the construction of a new unit in the UK.

“A stabilisation of the world nuclear market has been apparent over the current period,” said chief executive Helmut Engelbrecht.

“We have experienced increased procurement activity from our customers in the first half of 2013 and we remain confident in the long-term future of the nuclear sector as an essential part of the global energy mix.

“We continue to seek opportunities and identify areas of growth in new markets. The nuclear sector has an important role to play in meeting the world’s energy needs and we are proud to be an active part of it.”

The UK government owns one third of Urenco, as does the Dutch government, with the final third held by German utility firms E.On and RWE. All the owners have been looking to sell their stakes but have so far failed to secure a deal.

Several buyers have reportedly been interested in the UK government’s stake, including French nuclear group Areva and Japan’s Toshiba.