Rolls Royce set for growth
ROLLS-ROYCE has said it continues to expect good growth in revenue and profit as demand for its engines strengthens.
In a trading update, the engine manufacturer said its cash flow was around breakeven as it continued to invest in future growth and its balance sheet remained strong.
Recognising the financial position of the group, 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,” said the statement.
“The Trent XWB engine took to the skies for the first time, on board an Airbus A380 flying test bed. In Singapore, we opened our new manufacturing and training facilities that will produce wide chord fan blades and assemble and test large commercial jet engines.
“Rolls-Royce continues to invest across the group in technology, capability and facilities to deliver on our current commitments, to improve productivity and to create opportunities for future growth.”
The group, which has plant at Barnoldswick in Lancashire that makes blades for Trent engines, will report its interim results for the six month period ending June 30, 2012 on July 26, 2012.
The current guidance excludes the impact of the Tognum acquisition and the proposed sale of the group’s 32.5% shareholding in International Aero Engines (IAE).
