Rolls Royce has announced pre-tax profits of £840m for the half-year ended 30 June, up £212m the same period last year (release).
Excluding Tognum, the German propulsion and energy system specialist (which did not feature in a fully consolidated form in the group's results last year), underlying profit before tax was up by 32 per cent to £787m.
John Rishton, chief executive, said:
Results in the first half show good progress against some of our priorities, as well as highlighting the need for further action in others. In terms of delivery on our promises, we were delighted to take management control of Tognum after nearly two years; the whole organisation was excited by the first flight of the Airbus A350 powered by our Trent XWB engines and we made good progress on our customer initiatives.
While underlying profits were up 34%, primarily reflecting volume and the benefit from the IAE restructuring, it is clear we have a lot more to do on cost (and cash). Fortunately we have significant opportunities to improve both, but this will take time and firm resolve to deliver.
We maintain our full year guidance for the Group.