Category Archives: Rolls-Royce

Rolls-Royce swings to £1.6bn profit with cost cuts ‘well under way’

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Engine-maker says it has made £150m of its £400m to £500m savings target, with up to 2,500 jobs to go

The British engine-maker Rolls-Royce has said cost-cutting plans that will result in it axing up to 2,500 jobs by the end of next year are “well under way”, as it swung to a £1.6bn underlying operating profit for 2023.

The aerospace engineering specialist reported the statutory pre-tax profits for 2023 against losses of £1.5bn in 2022, helped by cost savings and better-than-expected revenues.

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Nuclear option to the fore as Tories prepare to unveil roadmap to net zero

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Energy security secretary Grant Shapps will this week outline plans for Britain’s atomic power’s renaissance and 2050 emissions commitment

In London’s Science Museum sit full-size turbine engines that tell the story of 300 years of steam power. This week, the museum will play host to the government’s dreams for a new industrial renaissance – this time for nuclear energy.

The secretary of state for energy security and net zero, Grant Shapps, has chosen the venue to set out his ambitions for the UK’s nuclear programme. He is expected to illuminate the path towards the government’s existing commitment to build 24 gigawatts of nuclear power capacity – the equivalent of a quarter of Britain’s total generating capacity – by 2050.

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Farnborough airshow to focus on cleaner flying and potential fighter jet deal

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Manufacturers to emphasise their efforts to reduce environmental impact of planes

Low-emission air travel and a potential deal for Japan to help build the UK’s next-generation Tempest fighter jet are set to take centre stage at the annual Farnborough airshow this week.

Executives from global aerospace manufacturers and airlines will gather at the airport in Hampshire after a four-year gap. The show, which begins on Monday, normally happens every two years but was cancelled in 2020 because of the coronavirus pandemic, as the aviation industry faced potential collapse.

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Rolls-Royce reports £4bn loss as Covid crisis shakes jet-engine maker

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Air travel restrictions forced firm to burn through £4.2bn in cash to keep afloat as revenues collapsed

Rolls-Royce has reported a loss of £4bn for 2020 as the jet-engine manufacturer’s business was shaken by the coronavirus pandemic.

The FTSE 100 manufacturer revealed it burned through £4.2bn in cash during the year as revenues from servicing passenger aircraft collapsed. It expects to burn through a further £2bn this year.

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US and European markets dip as Covid containment efforts founder

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Investors’ summer optimism gives way to insecurity as curfews and lockdowns return

Stock markets in the US and Europe fell sharply oas investors focused on signs that rich countries’ efforts to contain the coronavirus pandemic were foundering.

In Europe, the Stoxx 600 index lost 1.8% after heavy falls in German blue-chip stocks. In the US the Dow Jones industrial average closed 2.3% down at 27685.38, while the benchmark S&P 500 fell 1.9% to 3400.97.

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Rolls-Royce reports record £5.4bn loss as Covid-19 hits aviation

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Several production sites to close after slump in demand for jet engines

The jet engine maker Rolls-Royce made a record loss of £5.4bn in the first half of the year, after the collapse in international travel during the pandemic led to to a slump in demand.

The Derby-based company said it had originally expected to manufacture 450 engines during 2020 but now planned to deliver only 250.

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