nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

Rolls-Royce rocked by a £4 billion loss

Decreasing stack of isometric money with red arrow, downtrend infographic vector

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…… https://www.thisismoney.co.uk/money/markets/article-9352005/Rolls-Royce-hit-4bn-loss-Boss-says-firm-thrive-post-lockdown.html

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

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: