Rolls-Royce on track for a good year
Derby's Rolls-Royce said this morning it expects good growth in underlying profit and a modest cash inflow for the year.
The manufacturer told the Stock Exchange that trading across the group's businesses has progressed in line with July's expectations for the four months to 10 November.
Following payments of more than £1.4bn for its share of the joint acquisition of Tognum and the completion of the R Brookes Associates purchase in the nuclear sector, the balance sheet remains "robust", the company said.
On completion of the restructuring of the group's involvement in IAE International Aero Engines (IAE), the balance sheet is set to be strengthened further, Rolls-Royce added.
Chief executive John Riston said: "Since the half year we have achieved some important milestones and continued to lay firm foundations for future growth.
"The breadth and balance of our portfolio and the strong access we have to parts of the world where demand remains robust has made Rolls-Royce increasingly resilient."
Underlying pre-tax profit reached £595m, up from £465m, for the half-year to July, which the manufacturer attributed to "one-off trading items" and strong growth in its civil aerospace division.
Rolls-Royce will report its financial results for the year ending 31 December 2011 on 9 February 2012.
