The motorist Rolls Royce announced a return to green results in the first half of 2023, supported by a net increase in turnover.
The British group displays a net profit part of the group of 1.2 billion pounds for the half of 2023, against a loss of 1.6 billion a year earlier, which was explained in particular by a heavy devaluation of foreign exchange contracts in the face of the soaring dollar. This profit is driven by a strong 34% increase in turnover, to 7.5 billion pounds, driven by civil aeronautics, with “the recovery of the large engine market and the growth of aviation from business,” according to a statement.
Underlying operating profit (i.e. excluding divestitures, acquisitions or other exceptional items) came in at 673 million pounds, in line with a sharply improved forecast last week. Rolls-Royce had returned to profit in 2021 after a significant loss the previous year. Then the group again fell heavily into the red in 2022, despite rising turnover.
“Our multi-year transformation program is off to a good start with progress already evident through strong results and increased guidance for 2023“, assured in a press release the general manager of the group, Tufan Erginbilgic, who took the reins of Rolls-Royce at the beginning of 2023. Upon taking office, he launched an ambitious transformation plan, which includes in particular a strategic review in order to to prioritize investmentsto the most profitable opportunities“.
