Rolls-Royce reports 2022 profit lifted by aviation sector

Rolls-Royce’s £238 million  (US$286 million) 2022 profit increase was part-driven by “strong new order wins” in civil aerospace, the UK manufacturer reported on February 23. Defence and “a record order book in power systems” also contributed to what Rolls-Royce reported as an underlying operating profit of £652 million, with “new large engine orders” from Malaysia Aviation Group, Norse Atlantic Airways and Qantas listed. The company’s net debt fell by £1.9bn to £3.3bn after “improved cash flow”, which was £2bn higher than in 2021 and was “led by engine flying hour recovery”. “Free cash flow benefitted from higher civil aerospace LTSA