LONDON (dpa-AFX) - Rolls Royce Holdings plc. (RYCEF.PK, RR.L, RYCEY.PK) Thursday said its financial performance year-to-date has been in line with expectations, and that it continues to expects fiscal 2023 underlying operating profit guidance of 0.8 billion pounds to 1.0 billion pounds.
In its trading update to April 30, ahead of today's Annual General Meeting, the company said its financial performance is improving reflecting positive changes driven by transformation programme workstreams and good end market demand for products and services.
In Civil Aerospace, long term service agreement large engine flying hours were 83% of 2019 levels in the four months to 30 April, and on track for the 80% to 90% range for the full year.
The company said it is encouraged by the early progress of commercial optimisation and working capital workstreams, with positive results expected to build as the year goes on.
The strategic review is on track and as previously indicated, the firm plans to communicate the findings and medium term targets in the second half of 2023.
Chief Executive Tufan Erginbilgic, said, 'We are transforming Rolls-Royce into a high quality and competitive business with a strong balance sheet and growing profit, cash flows and returns. . We are making good progress and our financial performance year-to-date is in line with expectations.'
The company is scheduled to release first-half results on August 3.
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