After the new chief executive Tufan Erginbilgic’s dramatic description of Rolls-Royce as “a burning platform”, the actual numbers for 2022 were almost encouraging – or, at least, better than forecast. In place of the previously promised “modest” positive cashflow, Derby’s finest engine-maker produced £505m, which is not small change even in the context of a group of this size.
Meanwhile, commercial aircraft are flying again, especially in China, which is critical for Rolls-Royce. And it is obviously a good moment to own a business in the defence sector.
