ValueAct Capital cuts stake in Rolls-Royce

Lauren Eldershaw
By Lauren Eldershaw March 26, 2019 15:51

ValueAct Capital cuts stake in Rolls-Royce

Rolls-Royce’s biggest investor, ValueAct Capital, has reduced its stake in the aero-engine manufacturer to 9.48% from 10.94%.

In its annual report, published March 25, Rolls-Royce chairman, Ian Davis, expressed his regret at the setbacks experienced in 2018, primarily the operational issues the Trent 1000 engine, which he said has “caused pain for us and even more importantly for many of our customers” that he regrets. Addressing the issues remains the manufacturers most important priority, he said, adding that the exceptional charge related to problems with its Trent 1000 engines rose by £236m for the full year to £790m. The increase “reflects a contribution to customer disruption costs,” the company said when it was announced in February. Those additional charges, including £186m on its Trent 900 programme following the decision by Airbus to stop production of the A380, drove Rolls-Royce to a full-year operating loss of £1.16bn.

Lauren Eldershaw
By Lauren Eldershaw March 26, 2019 15:51