Rolls-Royce has hailed 'significantly improved' first-half results, with earnings soaring more than fivefold against a continued resurgence in air travel. Profitability was driven by margins in its civil aerospace division jumping by nine percentage points as the group saw a sustained recovery in large engine demand, supported by a record order from Air India. The rebound in airline travel helped underlying revenues in the civil aerospace arm leap by over £900million to £3.26billion, just under half the firm's total underlying turnover of £6.95billion. In early July, the High Court ruled that Rolls-Royce made incorrect invoices for the supply of aircraft engine spare parts made by Goodrich, a subsidiary of Raytheon. Rolls-Royce Holdings shares were 0.4 per cent lower at 183.2p on Thursday morning, although they have still doubled in value over the past 12 months.

Source: Daily Mail August 03, 2023 18:01 UTC