Rolls-Royce suffers £78m loss on mini-nukes amid UK rollout delays [Yahoo! Finance]
ROLLS ROYCE HLDGS S/ADR (RYCEY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The company, which is developing a small modular reactor (SMR) design that it hopes to export globally, saw losses in 2023 grow from £61m the previous year, new accounts show. It came as the company ramped up spending on research and development from £78m to £115m. It made no revenue and employed some 590 staff. Losses also grew as Rolls – along with three rivals – continued to wait for a decision by the UK Government on which SMR technologies it would back following a series of delays. The competition was first announced by George Osborne, the former Conservative chancellor, in 2015 but is still yet to reach a conclusion. Tufan Erginbilgiç, chief executive of the Rolls-Royce group, has urged ministers to press ahead as quickly as possible, saying he expects orders from around the world to begin flowing in if Rolls emerges as a winner. SMRs are seen as one of the most promising technologies for decarbonising heavy industry and providing a stable power source as the world shif
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