Rolls-Royce picks former Deloitte partner Kakoullis as finance chief February 15, 2021 Engineering giant Rolls-Royce has named Panos Kakoullis as its new chief financial officer, as the FTSE 100 group steers through a pandemic-driven restructuring. Kakoullis, who spent 30 years at accountancy firm Deloitte, will join the company in May. Restructuring Rolls-Royce said in January that its restructuring efforts were continuing apace, with 7,000 roles removed last [...]
Rolls-Royce to temporarily shut factories during the summer February 7, 2021 Rolls-Royce will temporarily shut down its jet engine factories for two weeks in the summer, in an attempt to save costs in the midst of the pandemic. The shutdown – the first in the company’s history – will affect all 19,000 staff in Britain, according to reports. Workers were told about the planned closure in [...]
Rolls-Royce continues disposal plan with €150m Bergen Engines sales February 4, 2021 Rolls–Royce has today announced that it will sell an engine units to Russian firm TMH for €150m (£132.5m). The sale of gas and diesel subsidiary Bergen Engines is the second disposal the FTSE 100 firm has made it as it seeks to raise £2bn to survive the pandemic. Chief exec Warren East said: “We believe [...]
Rolls-Royce shares plunge as firm cuts flying hours forecast January 26, 2021 Rolls-Royce shares nose-dived this morning as the blue-chip stock lowered its forecasts for the number of hours it expects aircraft powered by its engines to fly this year. Shares fell 6.0 per cent in the morning’s trading as the coronavirus showed no signs of abating. The FTSE 100 firm said that it now expected flying [...]
Rolls-Royce betting small is beautiful when it comes to UK nuclear power January 9, 2021 For many, nuclear power stations are eyesores – great slabs of gun-metal grey cluttering up the UK’s coastlines. But that could be about to change. Last year FTSE 100 blue-bloods Rolls-Royce announced it was planning on building a fleet of 16 so-called “small modular reactors” (SMRs) in a move that would shake up the UK’s [...]
Rolls-Royce kicks off £2bn disposal programme with nuclear instrument sale December 7, 2020 Rolls-Royce today announced that it would sell its nuclear instrumentation business in the first stage of plans to make £2bn in disposals to fuel its post-coronavirus recovery. The blue-chip engineer said that it would sell the business, which employs 550 people, to French nuclear firm Franatome, for an undisclosed fee. In a statement, the FTSE [...]
Rolls-Royce: Mini nuclear reactors to power 6,000 new jobs by 2025 November 11, 2020 Rolls-Royce has said that a government commitment to plans to develop mini nuclear reactors will create 6,000 jobs within the next five years. The engine maker is leading a consortium of companies in designing and building a fleet of 16 such reactors to be deployed across the country. The blue-chip firm said that with 80 [...]
Rolls-Royce shares halve after £2bn rights issue approved October 28, 2020 Rolls-Royce’s stock halved today after the the engine-maker’s shareholders voted in favour of a £2bn rights issue. After the morning’s trading, the blue chip’s stock was trading at 94.85p, down 56.7 per cent for the day. It’s the lowest the shares have traded at in over 15 years, and means that the stock has shed [...]
Rolls-Royce shareholders approve £2bn rights raise plan October 27, 2020 Rolls-Royce shareholders have this morning approved the engine maker’s £2bn rights issue as it seeks to bolster its finances. As a result, the group’s liquidity will rise by £5bn, as the capital raise opens up new options including a £2bn bond issue and the extension of a two-year loan by £1bn. Chairman Ian Davis told [...]
Rolls-Royce shares sink 10% after it taps shareholders for £2bn in fresh funding October 1, 2020 British industrial titan Rolls-Royce shares closed down more than 10 per cent after it confirmed plans to raise £2bn from shareholders as it seeks to rebuild its battered balance sheet after Covid-19. In total, the firm unveiled a restructuring package worth £5bn in total, with plans to raise an additional £1bn from the bond market [...]