Rolls-Royce Returns to Profit as Long-Haul Travel Rebounds
Rolls-Royce has announced a significant financial turnaround, posting a pre-tax profit of £2.4 billion for 2023, compared to a £1.5 billion loss the previous year. This recovery is largely fueled by the resurgence in long-haul international air travel following the pandemic. The company's revenue model is heavily dependent on the number of hours its large aircraft engines are operational. With large engine flying hours now at 88% of 2019 levels, its income from maintenance and servicing has surged. The positive results also reflect the impact of a new turnaround plan implemented by CEO Tufan Erginbilgic.
Official Source: https://www.bbc.com/news/articles/ce8pmrp0m47o?at_medium=RSS&at_campaign=rss
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