Rolls-Royce Order Book Logs in at $21.3 Billion

Thursday, May 31, 2001
British aircraft engine maker Rolls-Royce Plc said on Thursday its order book had risen to a record 15 billion pounds ($21.3 billion) as the group added to its share of the civil aviation and marine markets.

There was no change to the short-term outlook for the group, however, with sale delays and restructuring charges expected to hold back earnings growth this year.

"I am pleased to say that the order book has continued to grow since the year-end and today stands at a record $21.3 billion, reflecting significant growth in the civil aerospace and marine market shares," a top level Rolls Royce official said.

At the end of last year Rolls Royce's order book was at $18.5 billion, excluding $1.9 billion in orders that had been announced but not booked. Rolls-Royce had an underlying pre-tax profit of $617.8 million in 2000, up 18 percent on the previous year, but reiterated at the time of its results in March that it expected flat earnings for 2001 and earnings growth to resume in 2002.

Weighing on earnings this year are sales delays of an engine for ground-based power generation and restructuring charges. It plans to cut some 6,000 jobs over the next three years.

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