Rolls-Royce begins 2017 well amid mixed conditions
Source - SMW
Rolls-Royce Holdings says it has started 2017 well, with all businesses performing in line with its expectations.
"As a result, Group expectations for first half revenue, profit and free cash flow remain unchanged from that provided at the AGM in May."
Looking at the year as a whole, against a backdrop of mixed market conditions, Rolls said it remained focused on the delivery of its engine production ramp up, the continued execution of its transformation programme and growing its free cash flow.
"Full year expectations for revenue, profit and free cash flow are unchanged from those outlined in February 2017," the company said.
It noted that the 2017 outlook excluded the year-on-year effect of foreign exchange translation on its reported results.
"Our guidance at this stage of the year is unchanged," said Rolls in a statement.
"If rates remain unchanged from those seen recently, the impact of the average year-on-year movement on the translation of our overseas subsidiaries results would improve full year reported revenues by around £400m and improve reported profit before tax by around £50m."
Separately, Rolls said it had appointed Beverly Goulet as a non-executive director, effective from 3 July.