British engine-maker Rolls-Royce said it was on track to meet its forecasts for 2021, reassuring investors that despite a muted recovery its cost-cutting and disposal plans were making progress
Sticks to 2021 free cash flow guidanceis on track to meet its forecasts for this year as cost cuts and asset sales help the British engine-maker weather a slow recovery in long-haul travel, it said on Thursday.
Raising 2 billion pounds from asset sales is key to repairing its finances, and Rolls said on Wednesday it was in exclusive talks with a buyer for its ITP Aero unit, for a reported 1.6 billion euros .Rolls is also counting on a cost-cutting programme in its civil aviation business to help it while international flying continues at low levels due to the pandemic, and said it was on track to make more than 1 billion pounds of savings this year.
Chief Executive Warren East shrugged off worries about the slower than expected recovery in international travel, which the company said would mean it reaches a 2022 free cash flow target of 750 million pounds later than expected.Rolls Royce engine of the first Fiji Airways A350 XWB airliner is seen at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse, France, November 15, 2019.
Rolls, whose engines power planes like Airbus A350s and Boeing 787s, said large engine flying hours came in at 43% of pre-pandemic levels in the first half. It has been hoping they will be at 55% for 2021 overall.
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