11 March 2021 | 08:57am
StockMarketWire.com - Rolls Royce has said its performance in 2020 has been 'significantly affected by the COVID-19 pandemic' as it reports a fall in revenue to £11.8 billion.
The underlying revenue of £11.8 billion reflected lower activity and included a £1.1 billion revenue impact from Civil Aerospace LTSA contract accounting catch-ups.
The underlying operating loss of £2 billion included £1.3bn of one-off charges largely due to COVID-19 comprising charges for LTSA catch-ups, contracts that have become loss-making in the year and customer provisions.
In a statement, the company said: 'In May 2020 we launched a major restructuring programme to fundamentally re-size the cost base and capital requirements of our Civil Aerospace business. In total we expect the restructuring to lead to the reduction of at least 9,000 roles by the end of 2022, most of which are in Civil Aerospace.