2022 was a mixed year for Rolls-Royce. The company faced challenges including supply chain disruptions, rising costs, and the ongoing impact of the pandemic. These factors weighed on its financial performance, leading to a statutory loss of £1.6 billion for the year. However, the company also made significant progress in its transformation program, which is expected to deliver sustainable growth and profitability in the future.
Rolls-Royce's transformation program, which was launched in 2020, is designed to improve the company's operational efficiency, reduce costs, and accelerate cash generation. The program is on track to deliver £1.3 billion of annual cost savings by 2025.
In 2022, Rolls-Royce made significant progress in implementing the transformation program. The company reduced its workforce by 9%, closed or consolidated 10% of its global facilities, and streamlined its supply chain. These measures helped to reduce costs and improve efficiency.
Rolls-Royce expects to return to profitability in 2023. The company's financial performance is expected to be supported by strong demand for its engines and services, as well as the benefits of its transformation program.
Rolls-Royce has a number of key growth areas for 2023, including:
Rolls-Royce faces a number of risks and challenges in 2023, including:
Rolls-Royce is a global leader in the aerospace and defense industries. The company has a strong track record of innovation and a loyal customer base. Rolls-Royce's transformation program is on track to deliver sustainable growth and profitability in the future.
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