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Rolls-Royce no longer burning through cash after making deep cuts
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Rolls-Royce is no longer burning cash after making deep cost cuts in response to the coronavirus pandemic, the jet engine maker has said as it appeared to shrug off the fresh uncertainty facing the aviation industry as a result of the Omicron variant.
The FTSE 100 company has been hit hard because of its reliance on revenues from maintaining the jet engines it sells. The hours flown by its large engines remain at only half of pre-pandemic levels – albeit an improvement from the average of 43% in the first half of the year.
However, Warren East, Rolls-Royce’s chief executive, said the company returned to positive free cash flow in the third quarter of 2021 after a period in which spending has far outweighed inflows. Cash outflow in 2021 would
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