Rolls-Royce Group plc has announced that its underlying profit before taxation for the 2009 financial year increased by four per cent, while revenues increased by 11 per cent.
The marine and aviation engine manufacturer saw its underlying PBT grow to £1.17bn (A$2bn) as underlying revenue grew to £10.1bn (A$17.8bn). The value of the company’s order book also grew substantially, ending the year at a record £58.2bn (A$102.6bn) backlog across its portfolios.
In commenting on the civil aerospace segment, the company noted that volatile trading conditions and impacts of delays to the 787 and A380 programs, for which RR supplies the Trent 1000 and Trent 900 respectively, had impacted on its performance. Nevertheless, the Trent 700 and XWB passed important milestones with each achieving orders for more than 1000 units. Total civil engine deliveries for the year were down 17 per cent at 844.
The military engines business fared better as a result of higher deliveries of aircraft including the C-130J and V-22, which saw deliveries increase by 28 per cent, while services revenues increased by 10 per cent, reflecting the utilisation of the large installed fleet and foreign exchange translation benefits.
In its outlook the company says that it expects 2010’s results to be broadly in line with those of 2009 due to continued difficult trading conditions. Nevertheless, it says that its strong market position, a record number of major programs, new service facilities and expanded aftermarket services will position it to double its revenues over the next 10 years.