July 9, 2020 / 6:18 AM / a month ago

Rolls-Royce posts cash outflow of 3 billion pounds in first half

LONDON, July 9 (Reuters) - Aerospace engineer Rolls-Royce said it had burned through 3 billion pounds ($3.8 billion) in its first half as the hours flown by its engines halved due to the COVID-19 pandemic.

The British company, which makes engines for the Boeing 787 and Airbus 350, said it expected to see an improvement in the second half, resulting in free cash outflow for the full year of about 4 billion pounds.

It said a restructuring, which will see at least 9,000 jobs cut, would support a recovery in free cashflow to at least 750 million pounds in 2022.

$1 = 0.7911 pounds Reporting by Paul Sandle; Editing by Edmund Blair

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