Profit leaps at Rolls-Royce

Pre-tax profit at engine maker Rolls-Royce jumped by almost a quarter last year to £1.4bn, it announced this morning.

The 24 per cent leap in full-year profit was driven by growth its civil aerospace unit and a strong performance at Tognum, its marine and industrial engine joint venture with Daimler.

Revenues came in eight per cent higher at £12.2bn, while its order book – Rolls-Royce is a big exporter – was four per cent higher at £60.1bn.

"For the full year 2013, we expect the group to see modest growth in underlying revenue and good growth in underlying profit, with cash flow around breakeven as we continue to invest for future growth," the blue chip company said this morning.

Separately, Rolls-Royce announced the appointment of BP executive Ian Davis as chairman, to succeed Sir Simon Robertson.