Interim management statement
Friday, 11 November 2011
Rolls-Royce Holdings plc, the global power systems company, today issues its Interim Management Statement for the period 1 July to 10 November 2011 in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency Rules.
Current trading consistent with guidance
Trading across the Group’s businesses has progressed in line with the full year guidance provided in July 2011. For the full year, the Board continues to expect good growth in underlying profit and a modest cash inflow, excluding the impact of acquisitions. Rolls-Royce has continued to make progress since the half year, with encouraging order flow from a broad range of global customers.
The Group’s balance sheet remains robust following payments of more than £1.4 billion for its share of the joint acquisition of Tognum and the completion of the R Brookes Associates acquisition in the nuclear sector, and will be strengthened on completion of the restructuring of the Group’s involvement in IAE International Aero Engines (IAE).
A consistent strategy delivering shareholder value
John Rishton, Chief Executive, said: “Since the half year we have achieved some important milestones and continued to lay firm foundations for future growth. We closed our joint acquisition of Tognum, adding significantly to the scale of our Energy and Marine opportunities. In Civil Aerospace we announced our intention to form an important new joint venture with Pratt and Whitney which will develop engines to power the next generation of mid-size jets, and announced a restructuring of our existing involvement in IAE. We were also delighted to celebrate the entry into service of the first Boeing 787 Dreamliner, operated by ANA and powered by Rolls-Royce.
“The breadth and balance of our portfolio and the strong access we have to parts of the world where demand remains robust has made Rolls-Royce increasingly resilient. We continue to focus on fulfilling our record order book and delivering on the promises we have made to our customers”.
The Group will report its financial results for the year ending 31 December 2011 on 9 February 2012.