Shares in Rolls-Royce topped the FTSE 100, after the world-famous engine maker’s annual profit more than doubled.
The rebound was powered by the return of jets to the skies and a strategy overhaul from its tough-talking chief executive, Tufan Erginbilgic.
He said the turnaround plan was behind the “record performance” as “we focused on commercial optimization and cost efficiencies across the group”.
Shortly after he was appointed, Erginbilgic compared Rolls-Royce to “a burning platform”. He said there was “no silver bullet”, even as he hailed the success of efforts to “significantly improve management information and performance management” and pointed to more action.
“We have a lot more to do here”, the former BP executive said in a conference call with investors, but voiced “confidence on our mid-term targets”.
But he warned that supply chains were expected “to remain challenging for another 18 to 24 months”.
The Derby-based giant reported 2023 underlying profit of £1.6 billion, up from £652 million a year earlier. That flew past its own forecasts of a range between £1.2 billion and £1.4 billion, and City predictions of £1.4 billion.