Coronavirus pandemic worsens 2020 outlook for Rolls-Royce
Written by Reuters -
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A man looks at Rolls-Royce's Trent Engine displayed at the Singapore Airshow, 11 February 2020. - Reuters
British engineering company Rolls-Royce downgraded this year’s cash outflow forecast and warned of a challenging outlook as the slump in air travel continues.
But the company stuck to its guidance to turn cash flow positive during the second half of next year, saying that its deep cost-cutting plans were on track and would help turn its cash burn rate around.
The company, whose engines power Boeing 787s and Airbus A350s, has been hit by the travel slump during the coronavirus pandemic and to survive it raised 2 billion pounds ($2.7 billion) from shareholders in November.