The main news in Rolls-Royce’s half-year numbers was obviously further proof that the engine-maker and defence group, which was virtually bust during the Covid pandemic, is now in soaraway financial form.
Dividends are coming back; the chief executive, Tufan Erginbilgiç, increased forecasts for profits and cash generation; and the shares went on another tear. Congratulations if you caught the bottom at 40p, around the time of the 2020 rescue rights issue – the price is now 481p, up 7% on Thursday. It is the most astonishing turnaround at a major FTSE 100 company in decades.
