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Rolls-Royce said today the long-term outlook for its nuclear businessÌýwas positive with renewed activities in the civilian market.ÌýThere are "encouraging opportunities" in the UK and China in particular, alongside its nuclear submarine activities, the company said on the release of its 2016 financialÌýresults.

The BritishÌýengineering company recorded a loss of £4.6 billion ($5.7 billion), but revenueÌýin the group's nuclear business rose 11% year on year to £777 million. This was led by submarine programs, including refuelling projects and decommissioning activities, though civil instrumentation and control programs in France and FinlandÌýwere also strong, Chief Financial Officer David Smith said. These included the first phase ofÌýupgrade work at the Loviisa nuclear power plant in Finland and maintenance programsÌýacross the French nuclear power fleet.

LowerÌýgross marginÌýin its nuclear business reflected the dominance ofÌýgovernment-led submarine programs, Smith said, and wasÌýfurther offset by additional costs including R&D to support the initial design phase for small modular reactors (SMRs). Underlying profitsÌýfor theÌýnuclear business were £37 million before financing.

SMR opportunity

Rolls-Royce last year outlined plans to develop through a consortium a fleet of 7 GWe SMRsÌýin response the UK government's competition to identify the best value SMR design for the country.

"We continue to invest in new designs for new opportunities … SMRs represent those opportunities," CEO Warren East said.

OtherÌý2016 highlights for Rolls-Royce's nuclear business include the government's final approval of the Hinkley Point C nuclear power plant, for whichÌýit wasÌýawarded preferred bidder status for waste treatment system, heat exchanger and diesel generator contracts.ÌýIt has also announcedÌýcloser strategic collaboration withÌýChina National Nuclear Corporation, including engineering and training services. "The Chinese market is expected to sustain strong growth and we are well-positioned with relevant technology," it said.

The long-term outlook for its nuclear business remains positive, it said,Ìýwith the UK government's confirmation of ongoing investment in the Dreadnought class of submarines.

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