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| Rolls-Royce profits and revenues rise | Rolls-Royce profits and revenues rise |
| (about 2 hours later) | |
| British aerospace company Rolls-Royce has reported a higher-than-expected rise in full-year profits. | British aerospace company Rolls-Royce has reported a higher-than-expected rise in full-year profits. |
| Underlying pre-tax profit rose 24% to £1.4bn ($2.18bn; 1.63bn euros), led by a strong performance in its civil aerospace division. | Underlying pre-tax profit rose 24% to £1.4bn ($2.18bn; 1.63bn euros), led by a strong performance in its civil aerospace division. |
| The world's second largest aero engine maker saw revenues grow 8% to £12.2bn. | The world's second largest aero engine maker saw revenues grow 8% to £12.2bn. |
| The company also appointed a new chairman, Ian Davis, who will succeed Sir Simon Robertson following the annual general meeting on 2 May 2013. | The company also appointed a new chairman, Ian Davis, who will succeed Sir Simon Robertson following the annual general meeting on 2 May 2013. |
| Investec analyst Andrew Gollan said: "Rolls has delivered solid results, slightly ahead of our estimates and guided to another year of good growth in profits." | |
| It is maintaining its forecast that pre-tax profits will grow 20% in 2013. | |
| Rolls-Royce's order book rose 4% to £60.1bn thanks to strong demand for its Trent aircraft engines. | Rolls-Royce's order book rose 4% to £60.1bn thanks to strong demand for its Trent aircraft engines. |
| The newly-certificated Trent XWB engine will power the Airbus A350, while its Trent 1000-TEN will power Boeing's 787 Dreamliner from 2016. | The newly-certificated Trent XWB engine will power the Airbus A350, while its Trent 1000-TEN will power Boeing's 787 Dreamliner from 2016. |
| Looking ahead, chief executive John Rishton said he expected "modest growth in underlying revenue and good growth in underlying profit" in 2013. | Looking ahead, chief executive John Rishton said he expected "modest growth in underlying revenue and good growth in underlying profit" in 2013. |
| He said the company would concentrate on making engines for the civil and defence aerospace markets as well as turbines for the marine and energy sectors. | He said the company would concentrate on making engines for the civil and defence aerospace markets as well as turbines for the marine and energy sectors. |
| But Rolls-Royce is withdrawing from tidal power generation, following the sale of its business to Alstom in January 2013. | But Rolls-Royce is withdrawing from tidal power generation, following the sale of its business to Alstom in January 2013. |
| The company also sold a 51% stake in its fuel cell business to LG. | The company also sold a 51% stake in its fuel cell business to LG. |