Rolls-Royce Holdings PLC (LSE:RR.) enjoyed a more rapid recovery in terms of the flight times of its engines towards 2019 levels than rivals last year, CitiGroup analysts have revealed.
Combined hours flown by its engines ended the year 8% off pre-pandemic levels, the bank’s data showed on Friday, having seen a 42% increase in cycles compared to 2022.
Though this was off General Electric’s engine times, which closed the year 7% off 2019 levels, Rolls-Royce began the year from a lower base meaning the FTSE 100 manufacturer was recovering faster than rivals, Citi said.
Rolls-Royce is paid based on the combined flying times of its engines, with a higher number of hours also driving shop visits for the likes of servicing.
Given its particular exposure to the long-haul sector, through engines designed for wide body planes, Rolls-Royce’s flight time recovery has lagged behind those supplying the booming short-haul sector.
Last year saw the combined number of global flights sit broadly flat with 2019 levels meanwhile, Citi said.
Narrow body flight numbers sat 2% higher within this, the bank continued, while wide body volumes still lagged by 11%.