LONDON (dpa-AFX) - Rolls-Royce Holdings plc (RYCEF.PK, RR.L, RYCEY.PK) said it is confident that the significant restructuring actions it took in 2020 would deliver permanent cost reductions, positioning it well for the rebound in international air travel.
Further, the company reported that operational and financial performance year to date has been in line with expectations across all its business units.
In the first four months of 2021 large engine flying hours were around 40% of 2019 levels supported by demand for cargo flights and the maintenance of key routes.
Looking ahead, the company continues to expect to turn free cash flow positive at some point during the second half of 2021, as engine flying activity recovers and cost savings are delivered.
Chief Executive Warren East, said, 'We are committed to our net zero targets and seizing the opportunity of supporting the transition in our end markets to low carbon and net zero carbon solutions. In the last few months, we have taken significant steps, including successfully testing 100% sustainable aviation fuels in current generation aircraft engines in Derby, while our Spirit of Innovation all-electric aircraft will take to the air within weeks.'
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