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Rolls-Royce rocked by a £4 billion loss

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Rolls-Royce rocked by a £4 billion loss: But upbeat boss says firm is in a position to ‘thrive, not just survive’ after lockdown, This is Money, By FRANCESCA WASHTELL FOR THE DAILY MAIL, 12 March 2021  Rolls-Royce plunged to a £4billion loss last year after the collapse in air travel hammered its engines business.

The UK’s premier engineering firm warned the recovery this year would be even slower than expected after a second wave of the pandemic led to more flight cancellations.

But boss Warren East was in fighting mood and said the company was in a position to ‘thrive, not just survive’ and had built up enough cash to deal with any further setbacks.,,,,,,,

 The £4billion loss – which compares with a £583million profit in 2019 – was worse than analysts had expected.

In an effort to get through the crisis, Rolls kicked off a huge restructuring last May that included cutting 9,000 jobs from its 52,000-strong workforce and selling parts of the business worth £2billion. 

Rolls has also raised £7.3billion – which included arranging loans and selling new shares – and has access to £9billion.

But at its lowest point last year, the Derby-headquartered company admitted it could struggle to survive if the downturn continued. 

Rolls has been burning through cash, £4billion in total last year, and expects to go through another £2billion in 2021……..

Away from civil aerospace, Rolls is also trying to establish itself as a leader in building small nuclear reactors and developing green flight technology……

May 17, 2021 - Posted by | business and costs, UK

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