Rolls-Royce Holdings plc Paris Airshow and Pre-Close Statement (2538I)
June 16 2017 - 2:00AM
UK Regulatory
TIDMRR.
RNS Number : 2538I
Rolls-Royce Holdings plc
16 June 2017
16 June 2017
ROLLS-ROYCE HOLDINGS PLC
PARIS AIRSHOW and PRE-CLOSE STATEMENT
Rolls-Royce Holdings plc will be meeting investors over the next
two weeks, principally at the Paris Airshow, and in advance of the
close period ahead of its Half Year Results on 1 August 2017.
Rolls-Royce has started 2017 well, with all businesses
performing in line with our expectations. As a result, Group
expectations for first half revenue, profit and free cash flow
remain unchanged from that provided at the AGM in May.
Looking at the year as a whole, against a backdrop of mixed
market conditions, we remain 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 February 2017.
The 2017 outlook excludes the year-on-year effect of foreign
exchange translation on our reported results. Our 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 our overseas subsidiaries results
would improve full year reported revenues by around GBP400m and
improve reported profit before tax by around GBP50m.
Over the next few days the Company will be holding a number of
meetings with investors and analysts; all comments made at these
events are expected to be consistent with the outlook reconfirmed
above and should not be seen as a change to any of the longer term
comments made on the company's growth prospects.
Commenting on the performance to date, Warren East, Chief
Executive of Rolls-Royce, said: "2017 has started well, although we
have a great deal more to do to deliver the full year. As expected,
near term cash flow performance remains challenging as we continue
to invest in transforming and growing the business to benefit
future years."
"News updates around events such as the Paris Airshow are
increasingly expected to reflect our transition from a period of
above-trend order book growth to one of operational delivery. Our
ramp up in large engine production is progressing well, reflecting
the significant investments in manufacturing capability in recent
years. Across the wider group, all our businesses continue to focus
on transformation activities and are benefiting from our increased
focus on pace and simplicity."
For further information please contact:
Investors:
John Dawson +44 7557 287101
Helen Harman +44 7968 906645
Ross Hawley +44 7920 822534
Media:
Richard Wray +44 20 7227 9163
This announcement contains forward-looking statements. Any
statements that express forecasts, expectations and projections are
not guarantees of future performance and will not be updated. By
their nature, these statements involve risk and uncertainty, and a
number of factors could cause material differences to the actual
results or developments. This announcement is intended to provide
information to shareholders, is not designed to be relied upon by
any other party, or for any other purpose and the Company and its
directors accept no liability to any other person other than under
English law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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