Rolls-Royce plans to sell electric flight division to focus on jet engines
[1] This article is more than 3 months old
Rolls-Royce plans to sell electric flight division to focus on jet engines
This article is more than 3 months oldCEO Tufan Erginbilgic aims for record operating profits as he launches new strategy
Rolls-Royce will sell its electric flight division as it focuses on improving profits in its jet engine business, under a new plan from its chief executive, Tufan Erginbilgic.
The FTSE 100 manufacturer will aim for record operating profits of between GBP2.5bn and GBP2.8bn a year, compared with GBP837m in 2022, it said in a strategy published on Tuesday.
Rolls-Royce has enjoyed much-improved performance over 2023 thanks to the end of coronavirus pandemic lockdowns and the recovery in air travel.
The Derby-based engineering company makes jet engines for larger wide-body planes that are used generally for long-haul travel, so it has recovered more slowly than rival engine manufacturers.
First transatlantic flight using 100% sustainable jet fuel to take off