Business
2022 Full Year Results
2022 Full Year Results.
About this update from Rolls-royce Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n 23\n \n \n February\n \n \n 2023\n \n \n \n \n \n \n \n \n \n ROLLS-ROYCE HOLDINGS PLC - 2022 Full Year Results\n \n \n \n \n \n \n \n \n \n Improved profit and cash in 2022; transformation programme underway to create a high-performing, growing and competitive business\n \n \n \n \n \n \n \n \n · \n Improved orders, revenue, profit and cash flow in 2022\n \n \n - Strong new order wins in Civil Aerospace and Defence and a record order book in Power Systems\n \n - Underlying operating profit of £652m, £238m higher than the prior year, with the increase driven by Civil Aerospace and Power Systems\n \n - Free cash flow from continuing operations of £505m, £2.0bn higher than the prior year, led by engine flying hour recovery\n \n - Net debt of £3.3bn, down from £5.2bn at end 2021, due to disposals and improved cash flow\n \n · \n Focused on delivering significant performance improvement in 2023 and beyond\n \n \n - Transformation programme in place to deliver further performance improvements from 2023, informed by rigorous benchmarking\n \n - Underlying operating profit guidance of £0.8-£1.0bn and free cash flow of £0.6-£0.8bn in 2023; includes early benefits from transformation\n \n - Strategic review underway to identify investment priorities; medium-term financial targets to be set in the second half of 2023\n \n \n Tufan Erginbilgic, CEO said: \"It is an honour to lead Rolls-Royce, one of the world's most trusted brands and a business with strong positions in growing markets. Our people take tremendous pride in our innovation and engineering solutions. Together, we must now move at pace and harness that pride to create a high-performing, growing and competitive business.\n \n \n While our performance improved in 2022, we are capable of much more. Our transformation programme will improve our efficiency and commercial outcomes, and deliver a sustainable reduction in working capital. This will require a winning culture, underpinned by more effective performance management and a shared determination to deliver cash and reduce debt. Our success will enable us to reward investors for their support and invest in future growth.\n \n \n Our transformation programme is already underway and is moving at pace. It...