Belfast Telegraph

Marine business is driving profits for Rolls Royce

By Graeme Evans

Engines giant Rolls-Royce said it was more optimistic about full-year results after seeing a strong performance in its marine business.

Cost controls have also boosted its outlook as the UK company reported a 4% rise in underlying profits to £465m for the six months to June 30.

It now expects the full-year figure to be "modestly higher" than 2009, compared with its forecast in March for a flat performance.

Chief executive Sir John Rose said Rolls had delivered a robust performance despite the continuing uncertainty in the global economy. Shares opened more than 2% higher after today's upgrade.

Whilst activity in many markets remains subdued, Rolls said it secured orders worth £5.9bn in the first half, increasing its order book to a record £58.4bn.

A further £1.1bn of orders were received at the Farnborough air show earlier this month.

The company's marine business, which provides power systems in the offshore oil and gas, specialist vessel and naval market, was the company's stand-out performer in the half after a 55% rise in underlying profits to £171m.