Full-year results at aero engine manufacturer Rolls-Royce have sent shares to a three and a half year high. It said that the underlying operating profit of £1.6bn and underlying margin of 10.3% reflected the impact of its strategic initiatives, with commercial optimisation and cost efficiency benefits now seen across the Group. It also reported record free cash flow of £1.3bn driven by operating profit and continued balance growth – it now sees 2024 free cash flows of between £1.7 to £1.9bln on from estimates of £1.37bln.

Return on capital more than doubled to 11.3% reflecting improved operating profit, disciplined capital allocation and working capital management. Additionally net debt fell from £3.3bln to £2.0bln. 2024 guidance sees continued progress with underlying operating profit between £1.7bn and £2.0bn and free cash flow between £1.7bln and £1.9blm.

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