Rolls Royce profits soar 50% in first six months of the year
The upgrade came after a bumper first-half saw profits hit £1.7billion - compared with £1.1billion a year earlier - and revenue jump 11 per cent from £8.2billion to £9.1billion.
Erginbilgic has been credited with turning the 119-year-old company's fortunes around. Rolls-Royce shares are up more than 85 per cent so far this year and are worth nearly 10 times more than they were when the former BP executive took the reins in 2023.
The half-year results gave 'further confidence for mid-term targets', Erginbilgic said, adding that the goal was 'a milestone not a destination' with 'growth prospects beyond the midterm'. Demand for Rolls-Royce's jet engines has been boosted by the recovery of international travel since the pandemic.
In the first six months of the year, Erginbilgic said Rolls-Royce had improved the time its engines spend 'on wing' – meaning the hours engines spend powering planes before needing maintenance – and the profitability of its maintenance services.
And the company shrugged off the impact of Donald Trump's tariff war, including by taking 'pricing actions where appropriate' and making cost efficiencies. 'By February we were already ready,' Erginbilgic said. 'We didn't know what to predict. In an uncertain world, my personal belief is that a company's job is not to predict what s going to happen but to gear up to respond. 'They need to have the mindset and response capability.'
He added: 'Our processes were aligned before tariff numbers hit, we were very quick to go to the mitigations.' Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, said: 'Rolls-Royce continues to soar above expectations, delivering yet another set of high-flying results and profit guidance upgrades.
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