the group in which it has gone from being branded a “burning platform” by its new chief executive to delivering the best performance of any stock in Europe’s Stoxx 600.
The FTSE 100 company, whose engines power large civil aircraft as well as submarines and military jets, is in the middle of a revamp under chief executive Tufan Erginbilgic, who took the helm in January 2023.
The former oil industry executive is streamlining the group and reducing duplication, cutting up to 6 per cent of its workforce across its three divisions.
Erginbilgic has also called an end to agreeing lossmaking contracts in an effort to improve Rolls-Royce’s resilience, rebuild its balance sheet and drive profitability.
Nick Cunningham, analyst at Agency Partners, said that while the company beat expectations “across all the operating businesses . . . proportionately the biggest element of outperformance came from power and defence”.
This “across the board performance” suggested that “management actions, not just external recovery, play a large part in this performance”.
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