Record year propels Rolls-Royce share price to 10-year high

The share price at Derby manufacturing giant rose to their highest point in almost ten years on Thursday (February 22) after the company posted record results for 2023.

At 2pm on Thursday, shares were changing hands for just over 367p each – a price not seen since the middle of March 2014.

Underlying operating profit at Rolls rose from £652m in 2022 to almost £1.6bn last year, while revenues were also up from almost £12.7bn to £15.4bn.

Rolls-Royce posted record free cash flow of almost £1.3bn.

Tufan Erginbilgic, CEO said: “We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce.”

Rolls-Royce said 2024 will bring “continued progress” with underlying operating profit between £1.7bn and £2bn and free cash flow between £1.7bn and £1.9bn.

The firm’s share price fell back slightly during Thursday afternoon to close at 357.4p – up 8.5 on the day.