Rolls Royce revenue up 6% but profits plummet in 2010

Rolls Royce revenue up 6% - financial highlights for the 12 months ended 31-Dec-2010:

• Revenue: GBP11,085 million, +6.4% year-on-year;
  • Civil aerospace: GBP4919 million, +9.8%;
• Operating profit: GBP1130 million, -3.7%;
• Net profit: GBP539 million, -75.7%;
• Total assets: GBP16,234 million, +5.3%;
• Total liabilities: GBP12,255 million, +5.3%;
• Engine deliveries:
  • Civil aerospace: 846, +0.2%. [more]

Rolls Royce: "The group expects underlying revenues to grow modestly in 2011. Group underlying profits in 2011 are expected to see good growth benefitting from a strong trading performance in the civil aerospace business, a better revenue mix, improved achieved foreign exchange rates and a continued focus on cost control. Air travel and air freight are recovering but the extent of the improvement varies by engine programme, customer and region and future trends remain uncertain largely for macroeconomic reasons. There are encouraging signs of the return of much delayed 'time and materials' activities on a number of programmes, and overall service growth in 2011 is expected to be in the mid to high single digit range," Company statement. Source: Rolls Royce, 10-Feb-2011.