Rolls-Royce has delivered a record performance in 2023, driven by transformation.
Underlying operating profit of £1.6bn was up from £652m in 2022. Meanwhile revenues grew from £12.7bn to £15.4bn.
The business also highlighted record free cash flow of £1.3bn.
Net debt at the Derby manufacturer was £2bn, down from £3.3bn at the end of 2022.
Looking to 2024, Rolls-Royce is expecting underlying operating profit between £1.7bn and £2bn and free cash flow between £1.7bn and £1.9bn.
Tufan Erginbilgic, CEO, said: “Our transformation has delivered a record performance in 2023, driven by commercial optimisation, cost efficiencies and progress on our strategic initiatives.
“This step-change has been achieved across all our divisions, despite a volatile environment with geopolitical uncertainty, supply chain challenges and inflationary pressures.
“We are managing the business differently and our significant performance improvement in the year reflects the hard work and focused actions of all our teams. We are also continuing to invest to drive future sustainable growth.
“Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets. We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce.”
