Hunting PLC
1 December 1999
HUNTING-BRAE TO HAND OVER AWE MANAGEMENT CONTRACT IN 2000
Hunting PLC ('Hunting') announces that the Hunting-BRAE DERA team,
consisting of Hunting Engineering Limited (which is part of Hunting's
Defence Division), AEA Technology Limited, Brown & Root Limited and the
Defence Evaluation Research Agency, has been informed by the Ministry of
Defence that it has been unsuccessful in the competition for the award of
the new contract starting in April 2000 to manage the UK Atomic Weapons
Establishment. The team submitted a highly professional and competitive
bid and is disappointed not to have been selected.
However, Hunting Engineering and other companies within Hunting's Defence
Division have won a substantial amount of new business - £200 million so
far this year including £100 million for Temporary Field Accommodation for
British Troops in Kosovo - and are in a strong position to pursue other
significant contracts. These include Expeditionary Campaign Infrastructure
(worth £250 million) and the Airfield Support Services Project (worth £1.5
billion).
Hunting has a 51% interest in Hunting-BRAE, current holder of the AWE
management contract. Hunting-BRAE had turnover of £289 million and a
profit before taxation of £13.7 million in the year ended 31st December
1998. The earnings after taxation attributable to Hunting's interest were
£4.7 million in the year ended 31st December 1998.
Ken Miller, Chief Executive of Hunting said:- 'Although the news on AWE is
disappointing, with the many new contract opportunities due to occur in our
sectors of the market, I have every confidence in the future of our Defence
Division.'
For further information, contact:
Ken Miller Hunting plc 0171 321 0123
Sara Musgrave/Philippa Power Brunswick Group Ltd 0171 404 5959
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