A doubling of profit margins in one year and record cash inflows have cemented the turnaround at Rolls-Royce as one of the fastest and most eye-catching in British corporate history.
Its chief executive of nearly 14 months, Tufan Erginbilgic, is also promising rising profits and cash-flows every year for the next four years.
The company, which makes engines for long-haul passenger jets and nuclear propulsion systems for the Royal Navy’s submarine fleet, reported operating profits for 2023 of £1.59 billion, up from £652 million in 2022. With revenues 21 per cent higher at £15.4 billion, margins have gone from 5.1 per cent to 10.3 per cent. The £1.28 billion of net cash that poured into the business in the 12 months has never been bettered
