Urenco Group upbeat as revenues dip but order book increases

Revenue fell at uranium enrichment services provider Urenco Group in its most recent financial year, but its order book jumped 27 per cent to more than €18bn. 

In the year ended 31 December 2024 the company, which has major UK operations in Capenhurst, reported revenue of €1.8bn (2023: €1.9bn) and EBITDA at €728.1m (2023: €886.7m), both down year-on-year, in line with expectations. 

The figures were impacted by reduced delivery volumes at pricing levels agreed in legacy contracts which are below today's market prices. 

As a result, net income was down at €180.3m, but its order book surged from €14.7bn to €18.7bn. 

Capital expenditure was also up by 67 per cent as its capacity programme accelerated. The company is building a HALEU plant at Capenhurst, primarily to fuel small and advanced modular reactors, with the support of a £196m grant from the UK government, which matched Urenco. 

Chief executive Boris Schucht said its increased order book is a "great sign of confidence in Urenco, which underpins our cash flows for many years to come". 

He added: "Our lower net cash position this year is largely the result of increased investments in enrichment capacity at all four of our sites - our capacity programme - and increased working capital, primarily driven by a high volume of customer deliveries shortly before year-end, for which cash is received in 2025. 

"As we commence making deliveries from our growing order book, our operating cash flow is expected to strengthen over time.

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