Rolls-Royce swings to £4bn loss

Rolls Royce SFO
Rolls-Royce Engine of a Boeing Dreamliner

Rolls-Royce (LON: RR) has plunged to a £4bn loss in 2020.

Compared to the £306m profit in 2019, profits at the group swung to a loss as the pandemic led to airplanes remaining grounded.

Revenue at Rolls-Royce fell from £15.5b to £11.7bn.

CEO, Warren East, said: “The impact of the Covid-19 pandemic on the Group was felt most acutely by our Civil Aerospace business.

“In response, we took immediate actions to address our cost base, launching the largest restructuring in our recent history, consolidating our global manufacturing footprint and delivering significant cost reduction measures,” he added.

Rolls-Royce has said that it is in the place to see improved results if travel restrictions are lifted in 2021.