Business
Rolls-Royce confirms trading outlook unchanged
Rolls-Royce confirms trading outlook unchanged.
About this update from Rolls-royce Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9805V Rolls-Royce Holdings plc 09 November 2017 \n\n9 November 2017\nROLLS-ROYCE HOLDINGS PLC\nCONFIRMS TRADING OUTLOOK UNCHANGED\n \nRolls-Royce Holdings plc is today providing a brief update on its trading outlook and setting out the timetable for the transition of financial reporting and guidance under the new revenue recognition standard, IFRS 15.\n \nTrading update: reconfirming full year outlook\n \nReconfirming his outlook comments from the Company's Half Year Results, Warren East, Chief Executive of Rolls-Royce, said: \"We have made steady progress in the second half of the year. In Civil Aerospace, we continue to achieve our key targets for customer deliveries while managing in-service issues. Defence Aerospace and Power Systems are also performing satisfactorily, although Marine continues to be impacted by weak demand for products and services for the off-shore oil and gas market. Overall, while we have a good deal left to do in the last two months of the year, our performance for 2017, for revenue, profit and free cash, remains on track.\"\n \nLooking beyond 2017, Warren East added: \"Operationally, we are making good progress ramping up production, bringing new large civil engines to market and enhancing further our aftermarket capabilities across all our businesses. The installed Trent XWB-84 fleet has now achieved over 950,000 flight hours with strong in-service performance. At the same time, we are making progress reducing unit cash costs on original equipment sales of large civil engines. While markets for our Power Systems products continue to improve, we note the ongoing weakness in offshore oil and gas markets for Marine and timing changes to new export orders for Defence Aerospace. Our transformation programme is proceeding well, providing some of the cost savings that underpin our business performance while pursuing opportunities to further simplify our business structure and processes.\"\n \nCommenting on the Company's long-term direction, Warren East added: \"I am comfortable with our strategic direction and how we are investing in the long-term. We know that the growth in electrification and digitalisation will offer substantial and wide-ranging opportunities and we are now investing accordingly. The businesses in our portfolio have different roles to play ...