UK engineering company Rolls-Royce has brought in a forecast-beating 57 per cent increase in underlying profits for 2022 at £652 million ($787 million), helped by better performances in civil aerospace and power systems.
The company's cash flow was much strengthened by a recovery in engine flying hours, and Roll-Royce was also able to reduce its net debt to £3.3 billion, down from £5.2 billion at the end of 2021.
There is more profit growth to come, according to Rolls-Royce's new chief executive, Tufan Erginbilgic, who said the engineering company was capable of much more as his transformation plan starts to take shape.
Mr Erginbilgic, who is just two months into the top job at one of Britain's most famous industrial names, said major improvements are needed to secure the future of company that makes engines for Airbus A350 and Boeing 787 planes.
"Our transformation programme is already under way and is moving at pace," Mr Erginbilgic said.
"It will include a strategic review so that we can prioritise our investment towards the most profitable opportunities. We will report the findings together with our medium-term goals in the second half of this year."
'Burning platform'
Mr Erginbilgic, who spent two decades at the oil company BP, is making a determined effort to transform Rolls-Royce's operations.
In a recent address to staff, parts of which were leaked to the Financial Times, he referred to the company as a "burning platform", indicating that if nothing was done, it was heading for disaster.
He has already made changes to the civil aerospace unit, while also bringing in BP veteran Nicola Grady-Smith as his chief transformation officer.
Meanwhile, Rolls-Royce is forecasting an operating profit of between £800 million and £1 billion for 2023.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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When: The one-off Test starts on Friday, May 11
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Empty Words
By Mario Levrero
(Coffee House Press)
Company%20Profile
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How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
UAE currency: the story behind the money in your pockets
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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Power: 350hp @ 7,400rpm
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Fuel consumption, combined: 10.5L / 100km
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