Rolls Royce Holdings CEO Tufan Erginbilgic has announced that it will begin a strategic review of Rolls Royce’s operations after promising that it can deliver “materially higher profits, cash flow and returns”.
In a statement made by the British engineering company, it was noted that the company has identified seven areas for improvement, from working capital to investment priorities.
Saying that no dividends will be distributed from last year’s profit, Erginbilgiç said, “We are capable of doing much more while our performance improves in 2022.” made the statement. The company had revenue of £652m last year, beating analysts’ estimate of £489m.
Rolls Royce, which produces aircraft engines for Boeing and Airbus, has struggled throughout the industry for a long time, as the aviation industry came to a virtual standstill during the Kovid-19 outbreak.
Erginbilgic, CEO of Rolls-Royce with an engineering background, has served at BP for over 20 years, 5 of which was part of the management team, and was appointed CEO of Rolls-Royce in July last year.