French nuclear group Areva posts record losses

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French nuclear group Areva posts record losses

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French nuclear group Areva has posted record losses of 4.8 billion euros in 2014. The company which is 87-percent owned by the French state had forecast losses of 4.9 billion euros saying it was forced to absorb costs linked to project delays.

On the back of the announcement Areva said it would announce a financing plan by the end of this month and set out to make savings worth around one billion euros in the coming years.

The business has taken a big hit in the past year from delays in building its Olkiluoto 3 nuclear plant in Finland as well as facing difficulties with its renewable energy contracts.