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07/03/2002
Rolls-Royce profits remain on course
Rolls-Royce has revealed a 9 per cent rise in profits, effectively ending speculation over possible further job cuts.
The aerospace engine manufacturer shed over 5,000 jobs in October of last year, as the downturn in the aviation industry forced Rolls-Royce to implement a restructuring programme that saw their UK operations lose 3,800 employees.
In the company's preliminary results for 2001, released on Thursday 7 March, Rolls-Royce was able to report improved pre-tax profits (before exceptional items) of £475 million, representing a 9 per cent increase on the previous year's performance.
In addition, the firm has managed to reduce its average net debt by 25 per cent to £990 million, meaning its cost reduction plans remain on target for 2002.
This positive result comes despite the predicted decrease in the company's core business of civil aerospace projects, which is likely to mean that profits for the forthcoming year will be halved.
However, with aftermarket and services revenue representing 40 per cent of Rolls-Royce sales, and with the company's order book remaining strong, any further redundancies are ruled out for the foreseeable future.
(CL)
The aerospace engine manufacturer shed over 5,000 jobs in October of last year, as the downturn in the aviation industry forced Rolls-Royce to implement a restructuring programme that saw their UK operations lose 3,800 employees.
In the company's preliminary results for 2001, released on Thursday 7 March, Rolls-Royce was able to report improved pre-tax profits (before exceptional items) of £475 million, representing a 9 per cent increase on the previous year's performance.
In addition, the firm has managed to reduce its average net debt by 25 per cent to £990 million, meaning its cost reduction plans remain on target for 2002.
This positive result comes despite the predicted decrease in the company's core business of civil aerospace projects, which is likely to mean that profits for the forthcoming year will be halved.
However, with aftermarket and services revenue representing 40 per cent of Rolls-Royce sales, and with the company's order book remaining strong, any further redundancies are ruled out for the foreseeable future.
(CL)
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