Rolls-Royce poised for further growth, King steps down

Aircraft engine maker Rolls-Royce said it continues to expect modest growth in underlying revenue and good growth in underlying profit for the full year as it announces the surprise departure of Mark King, head of its Aerospace business.

Aircraft engine maker Rolls-Royce said it continues to expect modest growth in underlying revenue and good growth in underlying profit for the full year as it announces the surprise departure of Mark King, head of its Aerospace business.

Tony Wood has been named the new President of its key Aerospace division and will take up his new role on May 13th. King will resign from the company at the end of June, the group explained.

Otherwise the FTSE-100 firm said current trading is in line with expectations after a strong quarter from its civil aerospace unit. Guidance for all business units remain unchanged and cash flow is around breakeven.

Since the preliminary 2012 results in February, Rolls-Royce has won a $1.6bn order from International Airlines Group (IAG) for Trent XWB engines, with long-term TotalCare service support, to power 18 Airbus A350-1000 aircraft.

Rolls Royce explained: "We have signed multiple contracts to provide and service military transport engines for the US Air Force and US Marine Corps; and we have started construction of the state-of-the-art Core Manufacturing Facility in Derby that will produce reactor cores for the UK's current and future Submarines Programme."

Lawrie Haynes, currently President for the group's Nuclear division, has been appointed as President of Marine & Nuclear.

CJ

Recommended

Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022
Anna Macdonald and Mikhail Zverev: Investing in innovative new frontiers
Investment strategy

Anna Macdonald and Mikhail Zverev: Investing in innovative new frontiers

Merryn talks to Anna Macdonald and Mikhail Zverev of Amati about investing in growth-focused innovation in the teeth of a tech-stock selloff, and the …
12 May 2022
BT is making progress and the dividend is back – but is it time to buy yet?
Share tips

BT is making progress and the dividend is back – but is it time to buy yet?

Investors in telecoms giant BT have seen dismal returns over the last 15 years. But there are signs that it is starting to turn things around, says Ru…
12 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022
What the Ukraine crisis might mean for ESG investing
Advertisement Feature

What the Ukraine crisis might mean for ESG investing

The Ukraine crisis has brought many of the issues around ESG investing into sharper focus. Where does the sector go from here?
3 May 2022