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Rolls-Royce: No evidence of a sustained recovery

4-Nov-2009 10:36 AM

Rolls-Royce Group issued its Interim Management Statement for 01-Jul-2009 to 02-Nov-2009, stating trading activity across the group’s businesses remains “in line with expectations”. Rolls-Royce continues to expect underlying revenues to grow in 2009, with underlying profits remaining “broadly similar” to 2008. The company also expects a modest cash outflow in 2009 and an increase in the average net cash balance. [more]

Rolls-Royce Group: “Global economic activity remains depressed. Whilst some emerging economies have shown signs of recovery, there is no evidence yet of a sustained and general return to growth across the Group’s markets… We have strong positions in markets with long-term growth potential and we have a record order book, which has been increasing despite some minor cancellations. We continue to invest despite this general economic downturn to support the growing demand for our products and services and we have the financial strength to take advantage of opportunities as they arise,” Sir John Rose, CEO. Source: Rolls-Royce, 03-Nov-2009.