{"id":28173,"date":"2013-02-14T09:08:54","date_gmt":"2013-02-14T08:08:54","guid":{"rendered":"http:\/\/uk.news.yahoo.com\/engine-demand-boosts-rolls-royces-profit-071408979--finance.html"},"modified":"2013-02-14T09:08:54","modified_gmt":"2013-02-14T08:08:54","slug":"rolls-royces-profit-boosted-by-strong-orders","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/rolls-royces-profit-boosted-by-strong-orders\/","title":{"rendered":"Rolls-Royce’s Profit Boosted By Strong Orders"},"content":{"rendered":"
\n

Strong growth at Rolls-Royce’s civil aerospace unit has helped it report a strong rise in profit for 2012.<\/p>\n

The aircraft engine maker also confirmed BP director Ian Davis as its new chairman – as revealed by Sky News’ City Editor on Wednesday<\/strong> .<\/p>\n

Mr Davis, a former partner at management consultancy McKinsey, replaces Sir Simon Robertson as head of the company’s board.<\/p>\n

The company said underlying pre-tax profit was up 24% at \u00a31.4bn in 2012 – an increase for the tenth year in a row.<\/p>\n

Its order book increased by 4% over the year boosted by \u00a310.3bn of new civil aerospace orders, as demand soared for the company’s more fuel-efficient engines.<\/p>\n

In a statement Mr Rishton added: “The strength of our order book demonstrates the confidence our customers have in our products and services.<\/p>\n

\u201cIn 2013, we expect modest growth in underlying revenue and good growth in underlying profit with cash flow around break even as we continue to invest for the future.”<\/p>\n

There were fears Rolls-Royce would be affected by the global grounding of Boeing’s\u00a0Dreamliner, after the aircraft was hit by a string of technical issues.<\/p>\n

But chief executive John Rishton said he was “confident” Boeing would sort out the problem and insisted his company had not been impacted by the\u00a0situation.<\/p>\n

Rolls-Royce makes the Trent 1000 engine which powers the Dreamliner planes.<\/p>\n

The results come after months of uncertainty about the company and its leadership following corruption allegations relating to payments made by its subsidiaries overseas.<\/p>\n

Rolls-Royce said it had passed information to the Serious Fraud Office following a request for information about allegations of malpractice in Indonesia and China.<\/p>\n

It said it had “significantly strengthened” its compliance procedures in recent years, and added: “As a further measure, we have appointed Lord Gold to lead a review of current procedures and report to the ethics committee of the board.”<\/p>\n

More follows…<\/strong><\/p>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

\n

Strong growth at Rolls-Royce’s civil aerospace unit has helped it report a strong rise in profit for 2012.<\/p>\n

The aircraft engine maker also confirmed BP director Ian Davis as its new chairman – as revealed by Sky News’ City Editor on Wednesday<\/strong> .<\/p>\n

Mr Davis, a former partner at management consultancy McKinsey, replaces Sir Simon Robertson as head of the company’s board.<\/p>\n

The company said underlying pre-tax profit was up 24% at £1.4bn in 2012 – an increase for the tenth year in a row.<\/p>\n

Its order book increased by 4% over the year boosted by £10.3bn of new civil aerospace orders, as demand soared for the company’s more fuel-efficient engines.<\/p>\n

In a statement Mr Rishton added: “The strength of our order book demonstrates the confidence our customers have in our products and services.<\/p>\n

“In 2013, we expect modest growth in underlying revenue and good growth in underlying profit with cash flow around break even as we continue to invest for the future.”<\/p>\n

There were fears Rolls-Royce would be affected by the global grounding of Boeing’s Dreamliner, after the aircraft was hit by a string of technical issues.<\/p>\n

But chief executive John Rishton said he was “confident” Boeing would sort out the problem and insisted his company had not been impacted by the situation.<\/p>\n

Rolls-Royce makes the Trent 1000 engine which powers the Dreamliner planes.<\/p>\n

The results come after months of uncertainty about the company and its leadership following corruption allegations relating to payments made by its subsidiaries overseas.<\/p>\n

Rolls-Royce said it had passed information to the Serious Fraud Office following a request for information about allegations of malpractice in Indonesia and China.<\/p>\n

It said it had “significantly strengthened” its compliance procedures in recent years, and added: “As a further measure, we have appointed Lord Gold to lead a review of current procedures and report to the ethics committee of the board.”<\/p>\n

More follows…<\/strong><\/p>\n<\/div>\n

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