Menu
07/03/2002
Rolls-Royce profits remain on course
Rolls-Royce has revealed a 9 per cent rise in profits, effectively ending speculation over possible further job cuts.
The aerospace engine manufacturer shed over 5,000 jobs in October of last year, as the downturn in the aviation industry forced Rolls-Royce to implement a restructuring programme that saw their UK operations lose 3,800 employees.
In the company's preliminary results for 2001, released on Thursday 7 March, Rolls-Royce was able to report improved pre-tax profits (before exceptional items) of £475 million, representing a 9 per cent increase on the previous year's performance.
In addition, the firm has managed to reduce its average net debt by 25 per cent to £990 million, meaning its cost reduction plans remain on target for 2002.
This positive result comes despite the predicted decrease in the company's core business of civil aerospace projects, which is likely to mean that profits for the forthcoming year will be halved.
However, with aftermarket and services revenue representing 40 per cent of Rolls-Royce sales, and with the company's order book remaining strong, any further redundancies are ruled out for the foreseeable future.
(CL)
The aerospace engine manufacturer shed over 5,000 jobs in October of last year, as the downturn in the aviation industry forced Rolls-Royce to implement a restructuring programme that saw their UK operations lose 3,800 employees.
In the company's preliminary results for 2001, released on Thursday 7 March, Rolls-Royce was able to report improved pre-tax profits (before exceptional items) of £475 million, representing a 9 per cent increase on the previous year's performance.
In addition, the firm has managed to reduce its average net debt by 25 per cent to £990 million, meaning its cost reduction plans remain on target for 2002.
This positive result comes despite the predicted decrease in the company's core business of civil aerospace projects, which is likely to mean that profits for the forthcoming year will be halved.
However, with aftermarket and services revenue representing 40 per cent of Rolls-Royce sales, and with the company's order book remaining strong, any further redundancies are ruled out for the foreseeable future.
(CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
11 April 2002
UK new investment projects fall
The latest Ernst & Young European Investment Monitor survey has revealed that the number of new investment projects into Europe in 2001 fell by 12 per cent on 2000 figures. Countries that performed poorly in 2001 included the UK with a 34 per cent decline from 575 projects to 377.
UK new investment projects fall
The latest Ernst & Young European Investment Monitor survey has revealed that the number of new investment projects into Europe in 2001 fell by 12 per cent on 2000 figures. Countries that performed poorly in 2001 included the UK with a 34 per cent decline from 575 projects to 377.
30 August 2001
Hilton Group report 33 per cent rise in profits
The UK hotels and leisure company Hilton Group has reported a one thid rise in profits for the first six months of the year. The company’s profits, which rose by 33 per cent to £144.3 million, improved despite the recent problems besetting the British tourist industry such as an economic slowdown and the outbreak of foot-and-mouth disease.
Hilton Group report 33 per cent rise in profits
The UK hotels and leisure company Hilton Group has reported a one thid rise in profits for the first six months of the year. The company’s profits, which rose by 33 per cent to £144.3 million, improved despite the recent problems besetting the British tourist industry such as an economic slowdown and the outbreak of foot-and-mouth disease.
20 December 2001
Business success relies on effective investment
According to the Department of Trade and Industry there is a positive relationship between effective capital investment (Capex) and company performance.
Business success relies on effective investment
According to the Department of Trade and Industry there is a positive relationship between effective capital investment (Capex) and company performance.
02 October 2001
NI lags behind UK in designating stakeholder pensions
Only two thirds of Northern Ireland businesses have designated a stakeholder pension provider compared with the UK average of 85 per cent a new report shows.
NI lags behind UK in designating stakeholder pensions
Only two thirds of Northern Ireland businesses have designated a stakeholder pension provider compared with the UK average of 85 per cent a new report shows.
14 August 2001
UK R&D spend is below European average
The latest figures on research and development (R&D) spending shows that the UK lags behind the European average and falls well below the US. Figures released by the Office of National Statistics revealed that the UK spent £16.7 billion, equivalent to 1.83 per cent of Gross Domestic Product (GDP) on research and development in 1999.
UK R&D spend is below European average
The latest figures on research and development (R&D) spending shows that the UK lags behind the European average and falls well below the US. Figures released by the Office of National Statistics revealed that the UK spent £16.7 billion, equivalent to 1.83 per cent of Gross Domestic Product (GDP) on research and development in 1999.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
