Engineer recovers

Rolls-Royce sees ‘step change’ in performance

Rolls-Royce said it is has undergone a transformation

Rolls-Royce has marked its recovery from the pandemic with a record annual performance and said it is making significant steps to achieving its mid-term targets.

The aircraft engine manufacturer posted underlying operating profit of £1.6bn for 202, up from £652m last time. Pre-tax profit came in at £1.26bn against £206m in the previous year. The company achieved an underlying margin of 10.3%.

Tufan Erginbilgic, CEO said: “Our transformation has delivered a record performance in 2023, driven by commercial optimisation, cost efficiencies and progress on our strategic initiatives.

“This step-change has been achieved across all our divisions, despite a volatile environment with geopolitical uncertainty, supply chain challenges and inflationary pressures.

“We are managing the business differently and our significant performance improvement in the year reflects the hard work and focused actions of all our teams. We are also continuing to invest to drive future sustainable growth.

“Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets. We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce.”  

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