Rolls-Royce on track amid return to flying and higher defence spending
Chief executive Warren East said the business has made ‘significant progress’ in its recovery.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Engineering giant Rolls-Royce has said a gradual improvement in flight demand and higher defence spending by governments has aided trading over the start of the year.
The FTSE 100 firm told shareholders on Thursday that its financial performance over the past four months has been “in line with expectations”.
Chief executive Warren East said the business has made “significant progress” in its recovery from the impact of the pandemic as it was boosted by significant cost savings across its operations.
Rolls-Royce said it expects to keep up positive momentum during the rest of 2022 “despite the ongoing risks around macroeconomic uncertainties”.
In a statement ahead of its annual general meeting, the company said flying hours in its large engine long-term service agreement were up 42% on the prior year, due to increased passenger numbers.
Mr East, who is due to leave the firm at the end of year, said: “In 2021, we delivered improved financial performance and continued to deliver on our commitments.
“As a result of the actions we have taken, we have made significant progress on the path to recovery from the impact of Covid-19 and are emerging as a better balanced and more resilient business with a sustainable future, focused on the long-term business opportunities presented by the global energy transition.
“I would like to thank our colleagues for their commitment and achievements this year and all our stakeholders for their support and engagement.”
Shares in Rolls-Royce were down 0.9% after early trading.