FTSE 100 turbine developer and manufacturer Rolls-Royce Group (LSE: RR.) said this morning in its interim management statement that trading continues to be “in line” with expectations.
However, while the company maintained its guidance for the full year, Chief Executive Sir John Rose was more downbeat in his assessment of the industry as a whole. In a short statement, Sir John noted that while Rolls-Royce had witnessed some signs of recovery in emerging economies, it had yet to see evidence of “a sustained and general return to growth across the Group’s markets.”
He went on reiterate that Rolls-Royce’s strong balance sheet and aggressive cost cutting and efficiency measures would help see the company through the current downturn:
"We have strong positions in markets with long-term growth potential and we have a record order book, which has been increasing despite some minor cancellations. We continue to invest despite this general economic downturn to support the growing demand for our products and services and we have the financial strength to take advantage of opportunities as they arise".
The Group will report its preliminary results for the 12 month period ending 31 December 2009 on 11 February 2010.