Business
2023 Half Year Results
2023 Half Year Results.
About this update from Rolls-royce Holdings Plc
[{"type":"text","content":"\n\n\n3 August 2023\n \nROLLS-ROYCE HOLDINGS PLC - 2023 Half Year Results\n \nImproved financial results and upgraded guidance helped by early successes on transformation\n \n\n\n\n\n●\n\n\nSignificantly improved first half results: higher underlying operating profit of £673m and free cash flow of £356m reflects continued end-market growth and our focus on commercial optimisation and cost efficiencies across the Group\n\n\n\n\n●\n\n\nFull year guidance raised: on 26 July we upgraded 2023 guidance for underlying operating profit to\n£1.2bn-£1.4bn and free cash flow to £0.9bn-£1.0bn; transformation efforts are accelerating our financial delivery\n\n\n\n\n●\n\n\nMargin improvement led by Civil and Defence: driven by higher volumes, commercial improvements, and cost efficiencies; Power Systems margins were lower, but are expected to improve in the second half due to our pricing actions\n\n\n\n\n●\n\n\nAccelerated financial delivery driven by transformation: our multi-year programme has started well with strong initial results\n\n\n\n\n●\n\n\nDelivering in an uncertain environment: an increased focus on costs and productivity has helped to offset the impact of inflation and supply chain pressures\n\n\n\n\n \nTufan Erginbilgic, CEO, said: \"Our multi-year transformation programme has started well with progress already evident in our strong initial results and increased full year guidance for 2023. There is much more to do to deliver better performance and to transform Rolls-Royce into a high performing, competitive, resilient, and growing business. We will share the outcome of our strategy review along with medium-term goals for the Group in November.\nOur people are committed, passionate and full of energy. Despite a challenging external environment, notably supply chain constraints, we are starting to see the early impact of our transformation in all our businesses. Better profit and cash generation reflect greater productivity, efficiency, and improved commercial outcomes. We have tightly managed our cost base to offset inflationary cost pressures.\nWe have a strong portfolio of products and technologies in growing end markets and have secured key contract wins that will create future value and profitable growth. Our continued transformation will grow our business and allow us to play a stronger role in the ener...