Rolls-Royce has reported improvements across its civil aerospace, defence and power systems business.
The aerospace giant, which has UK bases in Bristol and Derby, has said in a statement this morning (May 11) that its positive changes have been driven by its transformation programme workstreams and market demand. However, the company has closed its R 2 Factory venture to keep costs down.
The company, which is holding its Annual General Meeting today, said its underlying operating profit guidance of £800m to £1bn and free cash flow guidance of £600m to £800m in 2023 is unchanged.
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Rolls-Royce chief executive Tufan Erginbilgic said: "We are transforming Rolls-Royce into a high quality and competitive business with a strong balance sheet and growing profit, cash flows and returns. We are already benefitting from the actions we are taking as well as recovery and growth in our end markets.
"We announced several changes to the executive team in March to support the transformation, adding leaders with proven track records of delivery and high-performance. We are making good progress and our financial performance year-to-date is in line with expectations. I'd like to thank everyone at Rolls-Royce for their hard work and commitment so far. I am confident that, together, we can achieve great results."
Rolls-Royce has said that it is encouraged by the early progress of its commercial optimisation and working capital workstreams, with positive results expected to build as the year goes on.
The company will announce its half year 2023 results on August 3 2023.
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