Rolls Royce enjoys 24% rise in profits

Pre-tax profit at Rolls-Royce rose by 24% last year to £1.4bn driven by growth its civil aerospace unit. Revenues rose 8% to £12.2bn, while its order book up 4% at £60.1bn. “For the full year 2013, we expect the group to see modest growth in underlying revenue and good growth in underlying profit, with cash flow around breakeven as we continue to invest for future growth,” the company said. Rolls-Royce has also announced the appointment of BP executive Ian Davis as chairman, to succeed Sir Simon Robertson.