Rolls-Royce has swung back into profit as the return of long-distance travel and a turnaround programme kicked off by its new boss gathered pace. Rolls was boosted by the return of long-haul flying in 2023, as it makes money from servicing engines for planes such as Boeing 787s and Airbus A350s. Sales soared partly because it has hiked these prices – though chief executive Tufan Erginbilgic said it should have raised them sooner. He said the company needed to be ‘honest about our financial underperformance’ adding that with every investment it makes, Rolls ‘destroys value’. Rolls has more than doubled in value so far this year under Erginbilgic, who replaced longtime boss Warren East.

Source: Daily Mail August 04, 2023 11:44 UTC