Rolls-Royce releases 2017 half year results

Rolls-Royce has reported that revenue for the first half 2017 was up 12% at constant exchange rates, 17% at actual exchange rates compared to 2016. Profit before tax was £1,941m (2016 loss: £2,150m) and underlying revenue was up 6% at constant exchange rates, led by Civil Aerospace and Power Systems. Underlying profit before tax was £287m, up £183m (2016: £104m).
Civil Aerospace segment reported underlying revenue increase of 14%, principally due to Original equipment (OE): 27% increase in deliveries of Trent engines. Underlying profit before financing was £173m, up from £31m in 2016, helped by aftermarket growth and a higher than expected benefit from long-term contract accounting adjustments (a net gain of £56m v 2016, including a £77m benefit arising from a change to a customer credit rating risk assessment).