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Rolls-Royce Reports Strong 2023 Performance

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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.

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