Urenco Announces Strong Earnings And 25% Market Share
Written by NucNet
Thursday, 08 April 2010
Uranium enrichment company Urenco says it has continued to be a principal supplier of enriched uranium to the worldwide nuclear power industry with a global market share of 25 percent.
Announcing its 2009 results today, the company said its market share has provided it with “strong earnings and cashflow visibility into the future”.
“Demand for services continues to increase and the already strong order book grew by 8 percent in 2009 to 19.5 billion euro (EUR) (26 billion US dollars) and extends beyond 2025,” the company reported, adding that the strong results would drive capacity expansion plans.
Urenco said net income in 2009 grew by 32% to EUR 342.8 million, compared to EUR 260.1 million in 2008.
EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 2% to EUR 669.7 million (2008: EUR 654.3 million) after significant start-up costs for the Urenco USA/Louisiana Energy Services uranium enrichment facility.
EUR 75.9 million was spent on startup costs at the facility in 2009 compared to EUR 57.9 million in 2008.
Urenco said the growth in EBITDA was achieved largely due to other operational efficiencies, economies of scale and the weaker sterling-to-euro exchange rate.
Commercial operations at the Urenco USA/LES enrichment facility are scheduled to begin in spring 2010.
Urenco said earlier this year that the expansion of its Dutch facility in Almelo was progressing well and that further expansion on the site is expected to begin during the second half of 2010.
