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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