Home Business NewsBusinessAviation News Rolls-Royce swings to £2.4 billion profit

Rolls-Royce swings to £2.4 billion profit

by Amy Johnson LLB Finance Reporter
22nd Feb 24 11:22 am

Rolls-Royce have announced a £2.4 billion profit after their cost cutting plans which will see 2,500 jobs lost by the end of 2025.

The engine maker reported pre-tax profits against losses of £2.5 billion 2022 due to better than expected revenues and cost savings.

The engineering specialist said that underlying operating profits more than doubled to £1.6 billion last year compared to £652 million the year before.

The company said they delivered £150 million of their £400 million to £500 million through cost savings.

Rolls-Royce said, “Our actions to deliver sustainable cost efficiencies and improve competitiveness are well under way.”

Tufan Erginbilgic, chief executive of Rolls, said, “Our transformation has delivered a record performance in 2023, driven by commercial optimisation, cost efficiencies and progress on our strategic initiatives.

“This step-change has been achieved across all our divisions despite a volatile environment with geopolitical uncertainty, supply chain challenges and inflationary pressures.”

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