British nuclear firm BNFL has reported a bigger annual loss due to the cost of starting up a new plant and other higher costs at its Sellafield plant in north England.
Losses before tax and exceptionals widened to £303 million sterling (€459.4 million) for the year to March 31st, compared to a £261 million loss last year.
Turnover rose to £2.3 billion pounds from £2.2 billion last year. BNFL also had a cash outflow of £128 million pounds, due to heavy investment to improve cleaning up of nuclear material.
Chief Executive Michael Parker said today although the group's loss was disappointing, BNFL's financial position would improve once a new government body called the Nuclear Decommissioning Authority assumes most of its assets and liabilities.
BNFL will then be left with its US-based Westinghouse business, its research and development unit and a business that handles used nuclear fuel. "Overall we feel that we are in good shape to face the future," Mr Parker said.