Avingtrans wins 'safe nuclear waste' storage contracts

11th Oct 2023 09:57

(Sharecast News) - Critical components designer Avingtrans has secured two national contracts that aim to make "safe nuclear waste" for long-term storage of the UK's legacy of nuclear assets.

Avingtrans said on Wednesday that Stainless Metalcraft, part of its energy and medical division, had won the contracts, one of which was new and the other being an extension to an existing contract, valued at £14.5m.

The AIM-listed group highlighted that the additions had boosted Metalcraft's forward order book to more than £75.0m over the next six years.

Metalcraft will produce stainless steel waste containers that will be used to store intermediate-level legacy waste. Additionally, Metalcraft secured a contract from a new client to prepare concrete waste containers to support decommissioning of the now-retired fleet of UK nuclear power plants.

Divisional managing director Austen Adams said: "We are proud to be a part of this national mission of utmost importance. Winning these additional contracts is a testament to our production capability in Cambridgeshire and the incredible potential of our team members, who are highly skilled and ready to tackle these new challenges in the future decommissioning market.

"This challenge highlights the finest aspects of UK manufacturing while the benefit of a large forward order book enables us to invest in the people essential to the success of the challenge. We are looking forward to fulfilling these contracts and more to follow."

As of 0955 BST, Avingtrans shares were up 5.10% at 409.90p.

Reporting by Iain Gilbert at Sharecast.com