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19-Jun-2017 9:58 AM

Rolls-Royce: 2017 starts 'well', full year outlook remains unchanged

Rolls-Royce reported (16-Jun-2017) it started 2017 "well", with all businesses "performing in line with our expectations". Group expectations for 1H2017 revenue, profit and free cash flow remain unchanged from that provided at the AGM in May-2017. For 2017 as a whole, against a backdrop of mixed market conditions, the company "remain[s] focused on the delivery of our engine production ramp up, the continued execution of our transformation programme and growing our free cash flow". Full year expectations for revenue, profit and free cash flow are unchanged from those outlined in Feb-2017. The 2017 outlook excludes the year-on-year effect of foreign exchange translations. Rolls-Royce's guidance at this stage of the year is unchanged. If rates remain unchanged from those seen recently, the impact of the average year-on-year movement on the translation of Rolls-Royce's overseas subsidiaries results would improve full year reported revenues by around GBP400 million and improve reported profit before tax by around GBP50 million. [more - original PR]