Good morning: Alongside full-year results this morning Rolls-Royce has announced plans to “move to a considerably simplified staff structure” as it takes a £227 million hit from repairs to its Trent 1000 and Trent 900 engines. Pre-tax profit is up 25 per cent at just over £1.07 billion on the back of a 6 per cent rise in revenue to £15.09 billion. The performance is better than expected but Rolls says that it expects to see “mid-single-digit growth in 2018 underlying revenue​”, which may disappoint the City. The company said that it remained on track to meet its goal of generating free cash flow of £1 billion by 2020. Financial results were ahead of our expectations and we achieved…

Source: The Times March 07, 2018 08:58 UTC