Rolls-Royce powers on despite "fragile" economy
Derby manufacturing giant Rolls-Royce has said it is trading in line with expectation despite an economic recovery described as fragile. The business added that its £2.7bn offer for Tognum AG, put forward in April through a joint venture with Daimler AG, would "significantly accelerate" growth of its marine and energy businesses.
In an interim management statement ahead of an annual general meeting today, chief executive John Rishton said: "The global markets that we address are starting to recover as expected and our view of the full year trading performance remains consistent with the guidance issued at our preliminary results in February 2011. However the economic recovery is fragile and markets remain volatile."
He added that the joint venture with Daimler would create a "market-leading" portfolio of clean, fuel efficient technologies and systems for the marine, transportation and distributed power generation sectors.
The company was confident it could double revenues in the coming decade through organic growth alone, according to Rishton, who said there would be continued investment across the business.
