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The Rolls-Royce industrial group announced on Thursday a heavy annual loss in 2022, caused in particular by a massive accounting charge related to foreign exchange contracts. However, it announced a significant increase in its turnover, driven by rising orders.
The net loss of the Rolls-Royce group, which specializes in aircraft engines, ships and ship design, came to 1.3 billion pounds, compared with a profit of 120 million pounds a year earlier. The underperformance is explained by a charge of nearly 1.6 billion pounds related to the devaluation of foreign exchange contracts in the face of the soaring dollar.
Rolls-Royce saw its turnover soar by 21% to 13.5 billion pounds, and its operating profit by 63% to 837 million pounds, thanks to an increase in orders. The civil aviation and defense divisions were responsible for the increase in sales.
Return to profit
However, Rolls-Royce was hit hard by the pandemic, which brought air traffic to a standstill for a very long time, as did the rest of the aviation sector. But the recovery in international travel has resumed as before the covid, boosting orders for aircraft engines, according to the group. It is also confident that its results will improve in 2023.
In 2020, the British group had put in place a recapitalization plan and launched a vast restructuring, the largest in its history in its aeronautics branch. This led to the elimination of nearly 9,000 jobs. A year later, it returned to profit, after a heavy loss the previous year.
Transformation of the group
Tufan Erginbilgic, the new group boss who took over the company earlier this year, wants to go further in the transformation of the group: “Although our performance has improved in 2022, we are capable of much more. Our transformation program is already underway and moving forward at a rapid pace. It includes a strategic review to prioritize our investments towards the most profitable opportunities,” he said in a statement.
He also announced the arrival of Nicola Grady-Smith, a senior executive, like him from the oil giant BP. A newcomer who aims to turn around the performance of the group.
Medium-term financial targets will be set in the second half of 2023, said Rolls-Royce in a statement.
In addition, the group is also developing new business segments, such as a program to develop small nuclear power plants in the UK.
Read also >Rolls Royce electric plane breaks speed records
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The Rolls-Royce industrial group announced on Thursday a heavy annual loss in 2022, caused in particular by a massive accounting charge related to foreign exchange contracts. However, it announced a significant increase in its turnover, driven by rising orders.
The net loss of the Rolls-Royce group, which specializes in aircraft engines, ships and ship design, came to 1.3 billion pounds, compared with a profit of 120 million pounds a year earlier. The underperformance is explained by a charge of nearly 1.6 billion pounds related to the devaluation of foreign exchange contracts in the face of the soaring dollar.
Rolls-Royce saw its turnover soar by 21% to 13.5 billion pounds, and its operating profit by 63% to 837 million pounds, thanks to an increase in orders. The civil aviation and defense divisions were responsible for the increase in sales.
Return to profit
However, Rolls-Royce was hit hard by the pandemic, which brought air traffic to a standstill for a very long time, as did the rest of the aviation sector. But the recovery in international travel has resumed as before the covid, boosting orders for aircraft engines, according to the group. It is also confident that its results will improve in 2023.
In 2020, the British group had put in place a recapitalization plan and launched a vast restructuring, the largest in its history in its aeronautics branch. This led to the elimination of nearly 9,000 jobs. A year later, it returned to profit, after a heavy loss the previous year.
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The Rolls-Royce industrial group announced on Thursday a heavy annual loss in 2022, caused in particular by a massive accounting charge related to foreign exchange contracts. However, it announced a significant increase in its turnover, driven by rising orders.
The net loss of the Rolls-Royce group, which specializes in aircraft engines, ships and ship design, came to 1.3 billion pounds, compared with a profit of 120 million pounds a year earlier. The underperformance is explained by a charge of nearly 1.6 billion pounds related to the devaluation of foreign exchange contracts in the face of the soaring dollar.
Rolls-Royce saw its turnover soar by 21% to 13.5 billion pounds, and its operating profit by 63% to 837 million pounds, thanks to an increase in orders. The civil aviation and defense divisions were responsible for the increase in sales.
Return to profit
However, Rolls-Royce was hit hard by the pandemic, which brought air traffic to a standstill for a very long time, as did the rest of the aviation sector. But the recovery in international travel has resumed as before the covid, boosting orders for aircraft engines, according to the group. It is also confident that its results will improve in 2023.
In 2020, the British group had put in place a recapitalization plan and launched a vast restructuring, the largest in its history in its aeronautics branch. This led to the elimination of nearly 9,000 jobs. A year later, it returned to profit, after a heavy loss the previous year.
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