Rolls-Royce confident on targets

Power systems firm Rolls-Royce said this morning it expects to post good growth in underlying revenue and profit for the year, despite forecasting flat revenue in its marine division.

The FTSE 100 firm said guidance for all business segments remained unchanged, except in its marine division, where revenue would be broadly flat due to “phasing of deliveries”. It added that its balance sheet remained strong.

Since July, the engine maker has signed a $2.6bn contract with Singapore Airlines to power 20 Airbus 350s and 380s. Rolls-Royce also agreed a deal with the US Navy to power a future fleet of hovercraft.

Meanwhile, it also announced that its veteran chief operating officer Mike Terrett is to retire at the end of the year.