Rolls-Royce Holdings

Ticker RR.

Today's data summary

Market closed
% change
+0.49%
Price Pence
870.00
Change
+4.20
As of 03:37 18 Jul 2019
Market cap. Pound sterling
16,650.70 million
As of 03:37 18 Jul 2019

Latest updates

Rolls-Royce looks to electric aircraft

Today Programme

BBC Radio 4

Conventional plane
Getty Images
Could planes be less polluting in future?

This week's Paris Air show has seen Rolls-Royce step up its push to be greener by buying German industrial giant Siemens's electric and hybrid-electric “eAircraft” division, in a deal believed to be worth about €50m (£45m).

Chief executive Warren East told the Today programme: "There has to be a future in aerospace beyond setting fire to hydrocarbons."

He denied that the air industry had been slow to tackle carbon emissions and climate change, saying refinements of existing technology had made planes less polluting. "Actually, getting on an aeroplane compared with, say, 20 years ago is probably in order of 25% more efficient."

Mr East refused to be drawn on the continuing political uncertainty surrounding Brexit, saying Rolls-Royce was "ready for whatever outcome materialises".

"We have to leave the politics to the politicians," he added.

Rolls-Royce: possible deal for Spanish unit

Engine and a man wearing a Rolls-Royce jacket
reuters

Engineering company Rolls-Royce says it received "a preliminary and conditional indication of interest" from Indra, the Spanish company, to acquire a majority stake in its Spanish operations, ITP Aero.

"This indication of interest is subject to a number of conditions. There is no certainty that this will result in a transaction involving ITP Aero," Rolls-Royce said.

Rolls-Royce, which owns 100% of ITP Aero, said it intends to retain a long-term relationship with the business across its civil aerospace and defence programmes.

Pensions switch announced by Rolls-Royce

BBC Business Live

Rolls-Royce says its UK pension trustee has completed a deal to transfer certain pension risk liabilities to Legal & General.

The deal covers the transfer of assets and liabilities relating to approximately 33,000 pensioners who are members of the Rolls-Royce UK Pension Fund out of a total of 76,000 members.

Rolls-Royce engine
Reuters

Rolls-Royce will make an exceptional cash contribution of about £30m. Alongside the transfer of about £4.1bn of liabilities to Legal & General, the Rolls-Royce trustee will also transfer about £4.6bn of assets.

Joel Griffin, head of global pensions & benefits at Rolls-Royce, said: "This agreement will result in increased security for Rolls-Royce pensioners and reduced risk for our business."

Rolls-Royce pension transfer

Rolls-Royce logo on a plane
Getty Images

Engineering company Rolls-Royce says its UK pension trustee has completed a deal to transfer certain pension risk liabilities to Legal & General.

The deal covers the transfer of assets and liabilities relating to approximately 33,000 pensioners who are members of the Rolls-Royce UK Pension Fund out of a total of 76,000 members.

Rolls-Royce will make an exceptional cash contribution of around £30m. Alongside the transfer of around £4.1bn of liabilities to Legal & General, the Rolls-Royce trustee will also transfer around £4.6bn of assets.

Joel Griffin, head of global pensions & benefits at Rolls-Royce, said: "This agreement will result in increased security for Rolls-Royce pensioners and reduced risk for our business.

Rolls-Royce on track

Rolls engine
Getty Images

Engineering company Rolls-Royce - which reported a loss last year when it increased the charge for fixing problems with its Trent 1000 engines - is holding its annual general meeting later.

Chief executive Warren East said he was confident in his underlying operating profit and free cash flow guidance and also the expected cost for fixing the problems with the engines.

"We remain on track for the full year and to deliver our longer-term aspirations," he said.

Singapore planes grounded through engine troubles

Singapore Airlines plane
AFP
Not one of the grounded Singapore Airlines planes

Singapore Airlines has grounded two Boeing Co 787-10 jets after experiencing problems with Rolls-Royce engines after checks found premature blade deterioration.

The jets have been removed from service pending engine replacement, the airline said in a statement, but added: "As a result, some flights to destinations served by the 787-10 fleet have been affected".

The Trent 1000 TEN is the latest version of an engine that has had problems.

Rolls-Royce said it told "operators that the high-pressure turbine blades in these engines would have a limited life cycle" but that tests showed "a small number of these engines need to have their blades replaced earlier than scheduled".

By the end of last month 35 787s had been grounded globally due to engine blades corroding or cracking prematurely.

The manufacturer said it was aiming to reduce the number to 10 by the end of the year.

More from the SFO

The SFO has announced it is closing investigations into Rolls-Royce and GlaxosmithKline.

Lisa Osofsky, director of the Serious Fraud Office said: “After an extensive and careful examination I have concluded that there is either insufficient evidence to provide a realistic prospect of conviction or it is not in the public interest to bring a prosecution in these cases.

“In the Rolls-Royce case, the SFO investigation led to the company taking responsibility for corrupt conduct spanning three decades, seven jurisdictions and three businesses, for which it paid a fine of £497.25m."