Rolls-Royce CEO Tufan Erginbilgic says the company's results show improvement but a lot more is needed to be done.
“Our cash generation is improving but remains too low and our debt is too high,” he told reporters on Thursday, February 23.
The market responded positively to his announcement of a strategic review and the signs of recovery, as the company eclipsed its own forecast of “modestly positive” 2022 cash flow with a result of 505 million pounds . Warren East, Erginbilgic’s predecessor, launched a turnaround in 2018, before the pandemic two years later forced another restructuring when grounded aircraft caused a collapse in revenue linked to engine flying hours.
“There is good performance improvement opportunity in this business in all the divisions, especially in civil aerospace and power systems,” he told reporters. “And that is ongoing and then strategic review will create the clarity.”
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