Rolls-Royce, which makes engines and turbines for passenger planes, fighter jets, ships and power stations, saw its other divisions offset the stunted civil aerospace demand last year that saw the division’s profit drop 13 per cent.
“In 2010 revenues and profits will be broadly similar to those achieved last year,†chief executive John Rose said, offering little optimism of a recovery this year.
“Air travel and air freight remain at subdued levels. Although there are some signs of improvement in traffic, the sustainability of these trends is uncertain,†said Rose.
Rolls-Royce, like its competitors Pratt & Whitney, General Electric and International Aero Engines (IAE), has been affected by delays in production of two airliners, the Airbus A380 and Boeing 787, which has delayed revenues from engine deliveries and resulted in a build-up in inventory.
Rolls-Royce said its order book at the end of last year rose to £58.3 billion from £55.5 billion a year earlier.