13 May 2021 | 07:17am
StockMarketWire.com - Rolls-Royce is confident it can deliver permanent cost reductions after its restructure last year, positioning the business well for the rebound in international air travel.
Ahead of its AGM today, the company said it is expecting its Spirit of Innovation all-electric aircraft will take to the air "within weeks".
In the first four months of 2021 large engine flying hours were around 40% of 2019 levels supported by demand for cargo flights and the maintenance of key routes. This is broadly unchanged from the run rate at the end of 2020 and consistent with planning assumptions.
The company said that while the timing of the recovery remains uncertain, the progress of Covid-19 vaccination programmes in a significant number of countries, particularly the US and UK, is encouraging. Combined with increased testing, vaccination programmes are key enablers of further recovery in international air travel.