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Rolls-Royce Half Year results
Rolls-Royce announced Half Year results on Thursday 1 August 2024.
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Thursday 3 May 2018 07:00 AM
Rolls-Royce Holdings plc AGM statement
03 May 2018
Rolls-Royce Holdings plc is today holding its Annual General Meeting in Derby. In his comments to shareholders, Chief Executive Warren East will observe: “I am pleased to report that the year has started well and that trading is in line with our expectations. We continue to make significant progress with our simplification programme; we have slimmed down the Group to three divisions from the previous five and we are making good progress with the diagnostic phase of the restructuring programme that we announced in January, the results of which will be shared in June. We have also announced the sale of the L’Orange fuel injector business. These are all meaningful steps as Rolls-Royce continues its ambition to deliver its full potential, both operationally and financially.
In April we gave a further update on the Trent 1000 in-service performance issues that we noted in our full year results for 2017. The most recent update noted the need for an accelerated inspection programme on the Package C engine fleet. Roughly two-thirds of the initial programme of accelerated inspections has now been completed, with the remainder of initial inspections scheduled to take place within the next six weeks, in accordance with the guidance issued by our regulatory authorities. We sincerely regret any disruption these inspections may cause and we continue to work closely with Boeing, our customers and the regulatory authorities to minimise this. In addition to mobilising specialist teams to support these inspections across the globe we have also made significant progress in identifying and developing additional MRO capacity which will enable us to return those engines requiring maintenance more rapidly to our customers.
While the requirement for more regular inspections will lead to higher than previously guided cash costs, in response to this we have reprioritised various items of discretionary spend to mitigate these incremental cash costs. Accordingly, we are maintaining our profit and cash expectations for 2018.”
We will be announcing our half-year results on Thursday 2 August and expect trading to follow the pattern of previous years with first half cash outflows reversed in the second half; and group profit also heavily second half weighted. The 2018 outlook excludes the year-on-year effect of foreign exchange translation and any acquisition or disposal activity on our reported results.
As announced at our 2017 Full Year results, Rolls-Royce Holdings plc will be holding a Capital Markets event in London on Friday 15 June 2018.
Further information can be found at www.rolls-royce.com
Investors: Jennifer Ramsey +44 7825 903206 Ross Hawley +44 7920 822534
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