The British company Rolls Royce has announced that it will begin a strategic review of its operations in order to increase the company’s income.
The CEO of Rolls Royce Holdings, Tufan Erginbilgic, has announced that it will begin a strategic review of Rolls Royce’s operations after promising that it can deliver “greater profitability, cash flow and earnings”.
In the statement released by the British engineering company, it noted that the company has identified seven areas that it will improve, from working capital to investment priorities.
Stating that no dividends will be distributed from last year’s profits, Erginbilgiç said, “We have the ability to do more as our performance improves in 2022.” he made a statement. The company had revenues of £652m last year, beating analysts’ estimates of £489m.
Rolls Royce, which makes jet engines for Boeing and Airbus, has struggled across the industry for a long time, as the aerospace industry came to a standstill during the Kovid-19 outbreak.
Erginbilgic, a Rolls-Royce CEO with an engineering background, has served at BP for over 20 years, 5 of which were part of the management team, and was appointed CEO of Rolls-Royce in July last year.