Serco (United Kingdom) owns a one-third share in the joint venture AWE-ML, which runs the UK Atomic Weapons Establishment. It is responsible for manufacturing and maintaining the nuclear warheads for the UK arsenal.

Company profile

Serco Group, based in the United Kingdom, operates as a service company to governments and commercial customers worldwide. Its main business areas in public service are health, education, transport, science and defence. 1

In the financial year ending 31 December 2014, Serco generated revenues of £ 4.0 billion (€ 5.1 billion), resulting in an operating loss of £ 1.3 billion (€ 1.7 billion) and a net loss of £ 1.3 billion (€ 1.7 billion). 2

Contact Information

Twitter: @SercoGroup

Serco Group plc
Serco House
16 Bartley Wood Business Park
Bartley Way
RG27 9UY
United Kingdom
+44 (0)1256 745900

Nuclear weapons

Serco holds a 33.3% share in the joint venture AWE-ML, the company that manages the UK Atomic Weapons Establishment (AWE). 3 The other equal partners are Jacobs Engineering and Lockheed Martin. The AWE is responsible for the maintenance of the warheads for the country’s Trident nuclear arsenal. Trident is a submarine-launched, intercontinental ballistic missile system carried by the fleet of Vanguard-class submarines.

AWE’s involvement with Trident missiles covers the entire life cycle, from initial concept to assessment, design, component manufacture and assembly, in-service support and decommissioning and disposal. 4 AWE-ML has a 25 year-long non-revocable contract to run the AWE that expires in March 2025. 5


The following financial institutions have made approximately USD 4,517 million available to this producer since January 2012.

  • ANZ (Australia)
  • Artisan Partners (United States)
  • AXA (France)
  • Bank of America (United States)
  • Bank of New York Mellon (United States)
  • Barclays (United Kingdom)
  • BlackRock (United States)
  • Commerzbank (Germany)
  • Commonwealth Bank of Australia (Australia)
  • Crédit Agricole (France)
  • DBS (Singapore)
  • Fidelity Worldwide Investment (Bermuda)
  • Franklin Resources (United States)
  • GIC (Singapore)
  • Helaba (Germany)
  • HSBC (United Kingdom)

  • Invesco (United States)
  • JPMorgan Chase (United States)
  • KBC Group (Belgium)
  • Lancaster Investment Management (United Kingdom)
  • Legal & General (United Kingdom)
  • Lloyds Banking Group (United Kingdom)
  • Majedie Asset Management (United Kingdom)
  • Marathon Asset Management (United Kingdom)
  • Mitsubishi UFJ Financial (Japan)
  • MSD Partners (United States)
  • National Bank of Abu Dhabi (United Arab Emirates)

  • Orbis Group (Bermuda)
  • Prudential (UK) (United Kingdom)
  • Royal Bank of Scotland (United Kingdom)
  • Ruane, Cunniff & Goldfarb (United States)
  • Serco Group Plc Employee Benefit Trust (United Kingdom)
  • State Administration for Foreign Exchange (China)
  • State Street (United States)
  • Sumitomo Mitsui Financial (Japan)
  • Valarc Holdings (United States)
  • Vanguard (United States)
  • Woodford Investment Management (United Kingdom)

This page was last updated 29 October 2015.



  1. Serco, “About Us”, Website Serco (, viewed June 2015.
  2. Serco, “Annual Report 2014”, Serco, March 2015.
  3. Jacobs Engineering, “Jacobs Agrees to Acquire Share in AWE Management Limited”, News Release Jacobs Engineering, 17 December 2008.
  4. AWE, “Overview”, AWE, July 2014 (
  5. The Guardian, “Britain’s nuclear spending soars amid defence cuts”, Website The Guardian, 2 October 2011 (;
    AWE, “Annual review 2013”, AWE, May 2014.


In some nuclear-armed states – in particular the United States, the United Kingdom and France – private companies are hired by governments to carry out work on maintaining and modernising nuclear arsenals. This report looks at companies that are providing the necessary components to develop, test, maintain and modernise nuclear weapons.The contracts these companies have with nuclear armed countries are for materials and services to keep nuclear weapons in their arsenals. The companies described are substantially involved in the nuclear weapons programmes of the United States, the United Kingdom, France, or India and are themselves based in France, India, Italy, the Netherlands, the United Kingdom and the United States.

In other nuclear-armed countries –Russia, China, Pakistan and North Korea – the maintenance and modernization of nuclear forces is carried out primarily or exclusively by government agencies.


The nuclear weapon producers identified were selected on the basis of a predetermined set of criteria.
– Information on investments is publicly available.
– The company is directly involved in the development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services.
– The company’s involvement is related to warheads, or to delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

State owned or controlled nuclear industries are outside the scope of this research, as are companies not publicly listed. Our research uncovered a number of Universities involved in nuclear weapons programmes, but these are also outside the scope of the report.

The list of nuclear weapon producers investigated was compiled through a wide variety of sources, including financial institution exclusion lists, civil society reports, media reports, etc. Additional details on the contracts and components can be found in the Annex. We welcome information at any time about possible nuclear weapons producing companies to investigate.