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Rolls-Royce interim statement
Aircraft engine manufacturer Rolls-Royce issued a statement today that show little has changed since the half year results. Underlying profit (which presumable means stripping out the effects of last years loss and this years gain on fair value re-valuations) for the full year is still expected to be similar to last year.
In the first half a decline in civil aerospace profits offset growth in defence aerospace and marine profits. Even within the civil aerospace business, revenues rose and some parts of the business did well (large engines).
Rolls-Royce has performed reasonably give the recession, but the outlook is unclear. Airlines are facing tough conditions, and are less able to invest in new aircraft. Demand for smaller aircraft is already subdued. Although defence spending has remained strong so far, government budgets are under pressure as deficits mount, and spending will have to be curtailed at some point.
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