Rolls-Royce posts record losses

Rolls-Royce Trent 900 (Image Kolossos/CC BY3.0)
Rolls-Royce Trent 900 (Image Kolossos/CC BY3.0)

British engine manufacturer Rolls-Royce has posted record losses totalling £4.6bn.

Rolls-Royce, who make jet engines for aircraft including the Trent series used on Boeing 777, 787 and A380, blamed the weak pound and the settlement following the bribery and corruption case brought against them by the US and the UK.

It was badly hit by the weak pound following Brexit as traditionally deals in aviation are done in dollars.

Underlying profits have almost halved from the previous year down to just over £800m from 1.4bn leading Chief Executive Warren East to say that more needed to be done to improve profit margins.

Rolls Royce says it is in the process of a major cost-cutting exercise.

About Aviation Wales Team 290 Articles
Aviation Wales is the premier news source for Aviation, Travel and Aerospace in Wales and the wider UK. Articles "Written by Aviation Wales Team" indicate more than one editor, reporter or journalist has contributed to the story.

Be the first to comment

Join the conversation...

You may also like...