Rolls-Royce's Results Reflect Well on Turnaround Plan -- Market Talk

Dow Jones02-22

1226 GMT - Rolls-Royce's results represent a good start for a company, which has spent a year convincing the market of the merits of CEO Tufan Erginbilgic's turnaround plan, AJ Bell analyst Russ Mould says in a note. Most significant is the substantial increase in cash flow after the patchy cash generation that had dogged it for at least a decade and had been an area of focus albeit with little success, Mould says. The company's defense business is benefiting from an improved outlook as countries prioritize military spending on increased global tensions, and aviation's recovery translates into higher revenue, profit and cashflow, he says. Combined with Erginbilgic's efficiencies there is a powerful driver helping underpin 2024's robust guidance, Mould says. Shares are up 9.7% at 361.40 pence. (anthony.orunagoriainoff@dowjones.com)

(END) Dow Jones Newswires

February 22, 2024 07:27 ET (12:27 GMT)

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