Rolls Royce delivers sharp rise in 1H revenues and profits

Rolls Royce was firing on all cylinders during the front half of 2023.

"There is much more to do to deliver better performance and to transform Rolls-Royce into a high performing, competitive, resilient, and growing business," chief executive officer Turfan Erginbilgic said.

"We will share the outcome of our strategy review along with medium-term goals for the Group in November.

"We have a strong portfolio of products and technologies in growing end markets and have secured key contract wins that will create future value and profitable growth. Our continued transformation will grow our business and allow us to play a stronger role in the energy transition."

For the six months ending on 30 June, Rolls Royce delivered a 31% jump in underlying revenues to reach £6.95bn.

Underlying operating profits more than quintupled to £673m and Rolls Royce turned cash flow positive to the tune of £356m after an outflow of -£68m in the year earlier period.

Management attributed the improvement to continued growth in its end markets, commercial optimisation and cost efficiencies.

Its performance was driven by the Civil and Defence sectors.

Net debt reduced £3.25bn to £2.85bn.