Year of new contracts sees revenues soar at Rolls-Royce
ENGINEERING firm Rolls-Royce is going from strength to strength thanks to a series of new multi-million-pound contracts.
The firm, which employs 4,000 people at its factory in Patchway, is being hailed as one of the success stories of British industry thanks to a set of record annual results. However, the news has come just a few weeks after the firm revealed it is making hundreds of people redundant at its factory in Anstey, near Coventry.
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Rolls-Royce
The firm has reported an increase in full-year profits for the tenth year in a row and said it has seen a growth in sales thanks to demand from airlines for more fuel-efficient engines, such as the Trent XWB for the new Airbus A350 aircraft. Rolls-Royce said revenues over the last 12 months increased nine per cent to £12.2 billion, with more than half coming from the servicing of its jet engines.
Underlying pre-tax profits, which does not take into account the cost of hedging foreign currencies, increased by an impressive 24 per cent. When financing costs are taken into account, pre-tax profits more than doubled from £1.1 billion in 2011 to £2.7 billion.
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Rolls-Royce has its headquarters in Derby. The business in Bristol is responsible for defence and marine.
Big contract wins over the last 12 months have included a $315 million deal in the US for the engines for the F-35B Lightning II aircraft. The engines were largely designed and developed in Bristol. There was also a £100 million contract extension to maintain engines for C-130 and VC-10 aircraft for the RAF.
The firm also won a contract with the US Navy to supply MT30 gas turbines and propulsion systems for the two latest vessels in its Littoral Combat Ship programme.
Tom Bell, the man in charge of the Bristol operation, said: "This has been another successful year for the defence business, despite the fact that our customers around the world continue to experience budgetary pressures. However, in a tough operating environment we must improve our levels of affordability to ensure we maximise the opportunities we have, both in our traditional markets and in expanding defence markets such as India, the Middle East and Asia."
8 Comments
by collegefields
Monday, February 18 2013, 4:25PM
“"And it's a Merc not a Bentley"
Nice lolly .... like it ! good reply!”
by lolly60
Sunday, February 17 2013, 11:33PM
“And it's a Merc not a Bentley”
by lolly60
Sunday, February 17 2013, 11:32PM
“My husband sold some of his shares,that is how he has made his profit but I forget thats a dirty word for some .”
by collegefields
Sunday, February 17 2013, 11:09PM
“Come to think of it, I did see lolly pulling out of The Stokers in her Bentley, heading back to "The Leaze" ....Minted .... I tell you.. minted!!
Remember lolly60, The best things in life are still free !!”
by Lone_Ranger
Sunday, February 17 2013, 1:38PM
“I believe lolly60 not to have a 100% relationsship with the truth in this case.
Rolls Royce last share dividend payment was for the period July 1, 2012 - December 31, 2012. The next is due at the end of June 2013, so her "Husband" could not have "just made" any thing at all. Two months ago, the dividend payment was 0.441% per share. To earn £2000 would mean owning just over £455800 worth of shares.
If the Lolly60 family has enough spare money to purchase almost half a million £s worth of shares in a single company, I doubt Lolly60 would be trawling the comments boards of a provincial rag.”
by lolly60
Sunday, February 17 2013, 1:09AM
“No just stating the facts that they are doing very well at the moment as are the share holders what's wrong with that ,we all need to behind these company's at times when things are hard so when things are good why shouldn't we shout about it .its people like you that make this world a very sad place to live in .”
by collegefields
Saturday, February 16 2013, 8:36PM
“ZZZZZZ ZZZZZZZ Yawn Yawn !
lolly60 bragging again !!”
by lolly60
Friday, February 15 2013, 8:49PM
“Yes they are doing very well in deed ,Husband has just made over £2000 in profit from his shares”