Britain’s Rolls-Royce said annual profit more than doubled last year, beating consensus, and it forecast a further jump in 2024 as aircraft powered by its engines fly more, its power business improves and defence orders continue to flow.

Group underlying operating profit for 2023 came in at £1.6 billion, well ahead of an analyst forecast of £1.4 billion and its own guidance of £1.2 billion to £1.4 billion, and compared with the £652 million it made in 2022.

For this year, Rolls forecast underlying operating profit would rise by at least 6 per cent, predicting a range of between £1.7 billion and £2 billion, compared with the current consensus forecast of £1.7 billion.

Rolls, which powers ships and submarines and makes power generation systems as well as engines for big commercial aircraft, has delivered strong growth under Tufan Erginbilgic, the former BP executive who took the helm a year ago.

“We are unlocking our full potential as a high-performing, competitive, resilient, and growing Rolls-Royce,” he said in a statement on Thursday (Feb 22). REUTERS