logo
  

Rolls Royce Reports YTD Operational, Financial Performance In Line With Expectations

Rolls-Royce Holdings plc (RYCEF.PK,RR.L,RYCEY.PK) said it is confident that the significant restructuring actions it took in 2020 would deliver permanent cost reductions, positioning it well for the rebound in international air travel.

Further, the company reported that operational and financial performance year to date has been in line with expectations across all its business units.

In the first four months of 2021 large engine flying hours were around 40% of 2019 levels supported by demand for cargo flights and the maintenance of key routes.

Looking ahead, the company continues to expect to turn free cash flow positive at some point during the second half of 2021, as engine flying activity recovers and cost savings are delivered.

Chief Executive Warren East, said, "We are committed to our net zero targets and seizing the opportunity of supporting the transition in our end markets to low carbon and net zero carbon solutions. In the last few months, we have taken significant steps, including successfully testing 100% sustainable aviation fuels in current generation aircraft engines in Derby, while our Spirit of Innovation all-electric aircraft will take to the air within weeks."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
Follow RTT