BOOHOO BREAKS £1BN BARRIER
THE company behind Britain’s first nuclear power plant in a generation has warned the cost of the project will rise by up to £2.9billion.
French energy giant EDF blamed “challenging ground” as it said the bill for the Hinkley Point C plant in Somerset will now be between £21.5million and £22.5billion.
It has not ruled out further increases for the project, supposed to provide 7 per cent of Britain’s electricity by 2025.
But cost overruns will be met with no impact on taxpayers nor energy bills.
Stuart Crooks, managing Hinckley tunnel borer goes in
director of the project, said: “We are delivering on our milestones and although the risk of a delay has increased, the schedule is unchanged and we remain focused on delivering the first power in 2025. Getting this far has cost more than we anticipated. Our earthworks are complete but challenging ground conditions meant we overspent.
“We have made changes to the design to satisfy the exacting standards that the public would expect. Our regulation within the UK is recognised as strong and credible across the globe, so we can be satisfied that the plant we are building will deliver safe, reliable generation.”
The Department for Business, Energy & Industrial strategy said: “The Government negotiated a competitive deal.
“Any increase in costs will be borne entirely by EDF and their investment partners.” STRONG demand for all its major brands helped Boohoo stay ahead in the fashion stakes as it broke through the £1billion sales barrier in the past 12 months.
Chief John Lyttle hailed a “fantastic” first half in which it claimed “significant” market share gains and pledged to invest in the recently acquired digital business of Karen Millen and Coast.
Half-year pre-tax profit at the online retailer, founded in Manchester in 2006, jumped 83 per cent to £45.2million on 43 per cent higher revenue of £564.9million.
Boohoo’s fashions, pictured, rose 34 per cent to £281million, with PrettyLittleThing up 41 per cent to £237.6million and Nasty Gal up 148 per cent to £43.9million. Lyttle said: “We enter the second half well-placed and confident that our platform, which combines the latest fashion, great prices and excellent service, will deliver further market share gains.” Pre-tax earnings at fashion brands firm Oasis and Warehouse Group grew by a fifth to £11.5million on 6.5 per cent higher sales of £293.2million in the 53 weeks to March. Online turnover was up 30 per cent and now makes up 30 per cent of overall sales. Chief Hash Ladha said: “We have two innovative brands.”