Rolls-Royce's Earlier Financial Trading Guidance Verified
Rolls-Royce state that trading is consistent with the guidance for the Group provided at its half-year results in July 2012. For the full year, the Group continues to expect good growth in underlying revenue and underlying profit, with cash flow around breakeven as we continue to invest in future growth. Guidance for the business segments remains unchanged except for Marine where, due to the phasing of deliveries, underlying revenue is now expected to be broadly flat. Guidance excludes the impact of the Tognum acquisition and the sale of the Group’s shareholding in International Aero Engines (IAE). Since the half-year results in July, Rolls-Royce has achieved some important milestones.
Mike Terrett, Roll-Royce COO, Retires
Rolls-Royce announce that Mike Terrett, Chief Operating Officer, has decided to retire at the end of the year. Mike has worked for Rolls-Royce for 34 years and has been instrumental in shaping the current success of the business. Mike, an engineer, started as a graduate apprentice in Derby in 1978. He has succeeded in many roles since then, including as the Chief Engineer on the Trent 800 programme, President and CEO, International Aero Engines (IAE) and President Civil Aerospace. He was appointed Chief Operating Officer and a member of the Rolls-Royce Board in 2007.
Rolls Royce Give Interim Management Statement
Trading since the start of the year is consistent with the guidance provided in our Full Year Report in February. For the full year, the Group continues to expect good growth in underlying revenue and underlying profit with cash flow around breakeven as we continue to invest in future growth. Guidance excludes the impact of the Tognum acquisition and the proposed sale of the Group’s 32.5% shareholding in International Aero Engines (IAE). The Group’s balance sheet remains strong. Recognising this, Standard & Poor’s Ratings Services has raised its long and short term corporate credit ratings to ‘A/A-1’ from ‘A-/A-2’, with a stable outlook. Since announcing preliminary results in February, Rolls-Royce has achieved some important milestones.
