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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020