Company
LON:RR.
Rolls-Royce, a world-leading provider of power systems and services for use on land, at sea and in the air, operates in four global markets - civil aerospace, defence aerospace, marine and energy.
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Rolls is confident that the batteries developments driving the Spirit of Innovation into the air are “very similar” to the characteristics that air-taxis will require
There has been a lot of interest in ITP Aero said the statement
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The UK's premier share index closed up over 24 points, or 0.35%, at 6,963
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UK blue chip index edged higher while the Dow Jones Industrial Average is being lifted by strong service sector and manufacturing data
The aero engineer signed an agreement to sell Bergen to TMH in February
Bank of America raised its share price target to 80p from 55p previously
When EFH reaches 80% Rolls-Royce said it will be generating cash of around £750mln a year.
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Britain's blue-chip benchmark finished up around 11 points at 6,736
Whether its aerospace or retail the focus is on re-opening and recovery.
Britain's blue-chip benchmark added over 88 points at 6,719 on the day
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Results and updates are also expected from Pearson, Morrisons, Standard Life, Abcam, Berkely and TP Icap
Panos Kakoullis will join in May to replace Stephen Daintith
Rolls Royce shares will continue to be weighed down by the underperformance of widebody aircraft segment
The engine maker warned last month that ongoing travel restrictions resulting from the new coronavirus variants were pushing back the prospect of a recovery of long-haul travel
The engine maker expects to turn cash-flow-positive “at some point” during the second half
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The UK index of leading shares finished down more than seven points at 6,712
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5. The economy develops momentum on its own because of pent-up demand, and depressed hospitality and airline stocks become strong performers. Fiscal and monetary policy remain historically accommodative. Nominal economic growth for the full
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More than 5,500 jobs will have been axed during the year
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The UK index of leading shares closed the day down around 53 points at 6,546
Builders and building materials
Also in the diary are results from Polar Capital and Nexus Infrastructure as well as a smattering of US macro data
In the past couple of months, the FTSE 100 group has drummed up £4bn via a discounted rights issue and an issue of bonds
The engine maker’s share price jumped from below 70p to above 120p earlier this week on coronavirus vaccine news
Rolls-Royce said it had seen strong demand from bond investors
“Four of the top five most profitable trades this month were significant loss making trades in August, highlighting the speed at which fortunes can change during this volatile period”
Rolls Royce is tapping shareholders for a rescue rights issue, meanwhile, investors have been throwing billions of dollars at Elon Musk’s Tesla this year.
The rights issue price is 75% below last night’s close of 130p
The group said £2.5bn could be raised via a rights issue and/or another form of equity-based funding
The European investment bank sees "a rapidly improving profit and cash profile from 2022”.
Duncan Tatton-Brown has been Ocado’s CFO for eight years and is leaving for family reasons
Rolls said it also expects to see a cash outflow in 2021
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President Trump is reportedly looking to fast-track the approval of a drug that has the potential to be a vaccine
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Other firms scheduled to report include doorstep lender Provident Financial and Paddy Power owner Flutter
The aero engine maker is working with various companies on potential supersonic commercial planes, including Virgin Galactic
The San Francisco-based investment company sold its entire stake five years after becoming its largest shareholder
A shareholder cash call could bank £1.5bn for the troubled British engineer.
“The numbers are stark and will do little to stem recent speculation that the company might need to issue shares or even offload a part of the group to generate cash.”
The group warned of a US$1.5bn cash hit from reducing a hedging position on future business
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Britain's blue-chip benchmark closed down over 106 points, or 1.73% at 6,049
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Housebuilders Persimmon and Vistry Group, together with recruiters PageGroup and Robert Walters are also among the notable names in the corporate diary for Thursday
Options under consideration include a share issue of between £1.5-2bn or alternatively a sale of its ITP Aero business, according to reports.
The reduction in headcount, around a sixth of its total workforce, is expected to contribute around £700mln of savings
The engine maker cut its forecast production of widebody plane engines to around 250 widebody engines in 2020, down from 450
Savings from any job cuts have been more than eclipsed by the costs from its Trent 1000 engine problems
The engine maker had gross cash of £5.2bn as of the end of March
Hardware & electrical equipment
Forecasts for component makers Melrose Industries and Meggitt were also cut, thought the former remains a 'buy'
After multiple credit and outlook downgrades from ratings agencies, the analysts had had been worried about the risk of an equity raise alongside the results
The engine maker said the coronavirus outbreak was “likely to have an impact” on air traffic growth but its guidance for 2020 excludes any material impact
There will be a £1.4bn exceptional charge in this year’s results to cover additional customer disruption and provisions for losses on contracts.
In its statement, the aero-engine maker said it 'deeply regretted' the additional disruption the delays will cause customers.
“We have made good progress on resolving the Trent 1000 compressor issue, though regretfully, customer disruption remains."
“We are at the dawn of the third era of aviation, which will bring a new class of quieter and cleaner air transport to the skies”
The British engine maker has a 53.1% stake in ITP Aero
The transfer of £4.6bn of assets and liabilities relating to the engine maker's pensioners will reduce its post-retirement obligations by around £4.1bn
Rolls-Royce said it a small number of engines that have experienced a higher frequency of flights have needed to have their high-pressure-turbine blades replaced earlier than planned
On Tuesday, the airline said it had detected durability issues with the engines and had already withdrawn two of the aircraft from service to await replacements
In a note, the US investment bank said in a results meeting following its full-year results on 28 February the CFO had, for the first time, guided for softer company-defined earnings (EBITA) margins of around 10% for 2023-2024, lower than t
Last Thursday, Rolls said it would not be bidding to power Boeing’s latest plane, while it has now confirmed that it has all but given up on developing the engine for Turkey’s new fighter jet
Rolls said it wasn’t confident it could deliver a “sufficiently mature product” within the timeframe proposed by Boeing
The UK's premier share index closed down around 32 points at 7,074
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Its set to be a busy day for blue-chip news in London on Thursday.
Investments and investor services
The UK blue-chip index finished around five points ahead at 7,183
The bank's analysts said: “The Trent 1000 (powering the 787) has been the key execution impediment to the case and it now appears to be showing signs of improvement”
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The more UK-company focused FTSE 250 gained over 147 points to close at 18,972
A team of Rolls-Royce engineers are toiling in a hangar in south west England, building an all-electric aircraft which they expect will smash speed records
Some of the main news-driven risers and fallers in London on Wednesday...
The aero and defence group said it would continue to implement its Brexit contingency plans until it is certain that a deal and transition period had been agreed
The benchmark index also gets a boost from optimism over US-China trade talks
Rolls said it was likely to fall short of its prior engine delivery projection of 550 large engine deliveries for 2018, and is now expecting to deliver around 500 engines
At the close, the UK blue-chip index was down 64.54 points, or 0.9% at 6,939.56, albeit bouncing off the hefty session low of 6,851.59 having spent all day heavily in the red
The flight was forced to divert to Boston 90 minutes after take-off and make an emergency landing due to a technical fault in one of Rolls-Royce’s Trent XWB engines
Investments and investor services
The quarterly update on the health of the UK economy showed something of a recovery from the snowed under first quarter.
Rolls-Royce expects 2018 underlying profit and free cash flows to reach the upper end of its guidance range
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FTSE 100 lost almost 77 points to close the day at 7,575, while FTSE 250 was also down, off over 252 points at 20,548
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A month ago, a rate hike of a quarter of a point seemed nailed on. Most economists still think it is the most likely outcome but the decision may not be unanimous given some recent iffy economic data
FTSE 100 closed down 0.46 points, or 0.01% at 7,700 on Monday
A number of deals are expected to be reached at the Farnborough International Airshow this week
Rolls-Royce said the decision to dispose of the unit follows a strategic review
Kepler said the engineer’s defence business should benefit from a better US environment, while talks over the disposal of its commercial marine division continue
Analysts said the FTSE 100 engine manufacturer would see its free cash flow increase from £273mln in 2017 to £1.2bn by 2020 and possibly reach over £1.9bn by 2023
Both brokers are playing catch-up on the share price after the positive reaction last week to the trading update and the capital markets day held on Friday
A look at some of the biggest risers and fallers in London on Friday afternoon...
The FTSE 100-listed engine maker also announced ambitious new mid-term financial targets, saying it is aiming for free cash flow per share to exceed 100p in the mid-term
The UK's top share index shed over 131 points at 7,633, while mid-cap brother FTSE 250 was also lower
The FTSE 100-listed engines maker said the job cuts and overhaul of its business would cost it £500mln and be spread across 2018, 2019 and 2020
Investments and investor services
The FTSE 100 has clawed back all of this morning's losses and some, while the ECB has unveiled plans to end its quantitative easing programme in December
The FTSE 100-listed engineer has been working to fix a problem with the compressor in the Trent 1000 Package C engines that power Boeing's 787 Dreamliner jet
Investments and investor services
The UK pound shed 0.38% against the Euro, while it was off 0.30% against the US dollar.
In a statement to be delivered at its annual general meeting today in Derby, the FTSE 100-listed group’s chief executive Warren East said “that the year has started well and that trading is in line with our expectations"
Investments and investor services
Imports in the period fell 2.1%, while exports increased 2.4%
Takeda on Wednesday increased its offer for Shire up to £46bn or £49 per share.
The FTSE 100-listed engineer noted that some Trent 1000 engines have needed unscheduled maintenance as the turbine blades have worn out faster than expected
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After an up-and-down day, the FTSE 100 finished in positive territory after a late surge
The FTSE 100-listed group said the proceeds “will be used to improve the resilience of the balance sheet and provide additional capital to judiciously pursue opportunities that will drive greater returns for the Group"
The UK blue chip share index finished around 11 points higher at 7,194
A look at some of the biggest risers and fallers in London on Wednesday
Rolls-Royce expects 2018 results will be affected by costs related to repairs on some aero-engines
Investments and investor services
Around 3.50pm, the FTSE 100 index was up 13 points at 7,160
The investor that pushed for changes at Rolls-Royce and Microsoft has bought a stake in Merlin Entertainments but the company is understood to be "not alarmed"
