Revenue growing at AEA

Science and engineering business AEA Technology should see annual revenues grow to more than £400m in 1998/9, chief executive Peter Watson indicated this week. Following the announcement on Monday of a 31% rise in turnover to £166.6m for the first half of the year, Watson said: ‘We expect the second half to be on the […]

Science and engineering business AEA Technology should see annual revenues grow to more than £400m in 1998/9, chief executive Peter Watson indicated this week.

Following the announcement on Monday of a 31% rise in turnover to £166.6m for the first half of the year, Watson said: ‘We expect the second half to be on the same sort of trend.’

A comparable rise would take turnover for the full year to £402.5m.

Growth in contributions from technical services and technical products in the first six months was down to 57% and 44% respectively.

AEA’s third main business area environmental and nuclear engineering services experienced a marginal downturn.

However, Watson said this too should have a better second half, as the UK Atomic Energy Authority spent more money at Dounreay and further Chernobyl work came through.

Watson said other significant achievements in the first half were a 60% increase in overseas business and a 50% hike in UK private-sector business. Expenditure on R&D rose to £5.8m from £3.3m in the first half of last year.

Profits were up 20% to £10.6m and the interim dividend increased 13% to 3.5p.