LONDON (dpa-AFX) - Rolls Royce Holdings plc. (RYCEF.PK, RR.L, RYCEY.PK), in its trading update to October 31, reported Thursday continued recovery in large engine flying hours, record order intake in Power Systems and a resilience in the Defence business.
Further, the company maintained fiscal 2022 guidance unchanged a focus on operational and contractual discipline in an inflationary environment.
In the four months to the end of October, in Civil Aerospace, large engine flying hours reached at 65% of 2019 levels.
Engine flying hours in Business Aviation remained strong and above the 2019 level year to date.
In Defence, there is continued robust demand from customers with $1.8 billion in contract renewals and repricing relating to the next five years. Revenue growth in 2022 is expected to be modest due to the non-repeat of legacy spare parts sales that took place in 2021.
In Power Systems, the company reported a record order intake year to date in 2022 and good revenue cover for 2023 and beyond. Order intake included an order for more than 500 mtu engines for the UK's Boxer armoured vehicle and 16 gensets for four new frigates for the German Navy.
Chief Executive Warren East said, 'We continue to focus on operational execution and delivering on our commitments and we have maintained our Group financial guidance for 2022.'
The company plans to release fiscal 2022 results on February 23.
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