News

Rolls-Royce Reports Strong 2023 Performance

1 Mins read

Rolls-Royce Holdings has announced a remarkable turnaround in its financial results, showcasing a significant pretax profit increase thanks to cost-saving measures and higher-than-expected revenue.

Key Figures for 2023:

  • Pretax Profit: £2.43 billion ($3.07 billion)
  • Revenue: £16.49 billion, exceeding expectations of £15.33 billion
  • Underlying Operating Profit: £1.59 billion, marking a £900 million increase
  • Free Cashflow: £1.3 billion

Forward Guidance for 2024:

Rolls-Royce is optimistic about its future performance, with projected underlying operating profit in the range of £1.7 billion to £2 billion and free cash flow expected to be between £1.7 billion and £1.9 billion.

Operational Highlights:

  • Large engine flying hours have rebounded to 88% of 2019 levels, a 65% increase from 2022.
  • Large engine orders hit a 15-year high.
  • Progress on defense programs, like the Aukus submarine agreement, is on track.

“Our robust performance in 2023 bolsters our confidence in achieving our 2024 targets and signifies a significant stride towards our long-term goals,” stated Chief Executive Tufan Erginbilgic.

Related posts
News

School curriculum resources to teach children about risks of in-game purchases

3 Mins read
The Oak National Academy – an arm’s length body to help schools deliver curriculum content – has launched a package of teaching…
News

Endeavour Silver is Producing First Batch of Concentrate at the Terronera Mine; Remains on Track for Wet Commissioning in Early Q2

3 Mins read
VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) provides a…
News

Expert highlights disparity as banks profit amid

1 Mins read
While millions of Nigerians grapple with rising inflation and a weakened naira, commercial banks continue to report record-breaking profits highlighting a disconnect…

Leave a Reply

Your email address will not be published. Required fields are marked *

+ 6 = 10