Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

Rolls-Royce shares soar to all-time high on reinstated dividend, raised profit guidance

Shares of Rolls-Royce jumped more than 11% to hit an all-time high on Thursday after the company reinstated its dividend and raised its profit forecast on the back of strong first-half results.

Shares had pared gains slightly to trade 9.4% higher by 9:20 am London time.

The British aerospace and defense company reported underlying profit of £1.1 billion ($1.4 billion) in the first half of the year, and said it expects that figure to rise to between £2.1 billion and £2.3 billion for 2024.

That's up from the £1.7 billion to £2.0 billion forecast in its 2023 full-year results and ahead of market expectations. Full-year free cash flow was now projected to pick up to a range between £2.1 billion to £2.2 billion, up from a previous forecast between £1.7 billion and £1.9 billion.

The firm, which supplies aviation giants Boeing and Airbus, also said it would resume dividends for full-year 2024, starting at a 30% pay-out ratio of underlying profit after tax. It comes after pay-outs were suspended in 2020, when flying halted during the pandemic.

CEO Tufan Erginbilgic, who took the helm in 2023 to revitalize the company, said the strong results were a sign that the company's plans, optimization and cost efficiency programs were taking shape.

"Our transformation of Rolls-Royce into a high-performing, competitive, resilient, and growing business is proceeding with pace and intensity. We are expanding the earnings and cash potential of the business in a challenging supply chain environment, which we are proactively managing," he said in a statement.

"These results and our increased financial resilience give us the confidence to raise our 2024 guidance and reinstate shareholder distributions in respect of the full year 2024 results,"

Read more on cnbc.com
DMCA