Aerospace engineering firm Rolls-Royce Holdings has reported a pre-tax loss of £891m for the 12 months ended 31 December 2019, as spiralling costs in trying to solve durability problems with its Trent 1000 engine eclipsed profit gained from record engine deliveries.
Rolls-Royce Holdings had to write off an exceptional charge of £1.4bn in its full-year results, which off-set the fact that underlying core operating profit climbed 25% to £810m.
Rolls-Royce Holdings’ chief executive Warren East said the firm remains on target to reduce aircraft on ground to single digits by the end of the second quarter of 2020, and that Rolls-Royce Holdings has a focus on sustainability.
“We continued to invest significantly in R&D and took important steps towards becoming a leader in low carbon technologies,” he added.
“We grew our electrical capabilities with the acquisitions of Siemens’ eAircraft business and a majority stake in Qinous, as well as developing new in-house hybrid-electric solutions.”
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