BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Rolls Royce Holdings plc (RYCEF.PK, RR.L, RYCEY.PK) reported a loss before tax of 5.37 billion pounds for the half-year ended 30 June 2020 compared to a loss of 791 million pounds, prior year. Loss per share was 280.06 pence compared to a loss of 48.02 pence. Underlying loss before tax was 3.24 billion pounds compared to profit of 93 million pounds, previous year. Underlying loss per share was 173.19 pence compared to a loss of 1.58 pence.
First half revenue declined year-on-year to 5.82 billion pounds from 7.88 billion pounds, prior year. Underlying revenue was 5.6 billion pounds, down 24% from last year.
Warren East, Chief Executive said: 'The COVID-19 pandemic has significantly affected our 2020 performance. We have identified a number of potential disposals that are expected to generate proceeds of more than 2 billion pounds, including ITP Aero and a number of other assets. We are continuing to assess additional options to strengthen our balance sheet.'
The Group expects underlying revenue in 2020 to be approximately 25-30% lower than the prior year. Year-end 2020 liquidity is anticipated to be around 6 billion pounds. The projected 2020 free cash outflow is negative at approximately 4 billion pounds.
Rolls Royce Holdings also announced that Stephen Daintith is resigning as Chief Financial Officer and Executive Director. The Board has begun a process to identify and appoint a successor.
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