Rolls-Royce Holdings

Ticker RR.

Today's data summary

Market closed
% change
-0.70%
Price Pence
105.90
Change
-0.75
As of 11:58 17 Jan 2021
Market cap. Pound sterling
8,861.29 million
As of 11:58 17 Jan 2021

Latest updates

  1. Rolls-Royce planning Hucknall plant switch

    Gavin Bevis

    BBC News

    Rolls-Royce has said it plans to transfer its Hucknall plant to its subsidiary company ITP Aero.

    The change for the facility, which produces a range of aero-engine parts, forms part of a major restructuring of the firm's civil aerospace business.

    Rolls-Royce said ITP Aero was among a number of assets it was considering selling to help it generate proceeds of £2bn to strengthen its balance sheet.

    The firm said it was also proposing to end the manufacture of aero-engine shafts at its Inchinnan plant in Scotland so it could "consolidate" production of the part in Derby.

    Rolls-Royce in Hucknall

    Chris Cholerton, the company's head of civil aerospace, said: "The pandemic has created a once-in-a-generation shock to the whole of commercial aviation and it is going to take years to recover.

    “The proposals we are laying out today will provide an opportunity for our workforce in Hucknall to benefit from being part of an enlarged global aerospace leader that can compete for business with other engine manufacturers."

    Rolls-Royce added any job losses resulting from the shake-up were included within the figure of at least 9,000 across the company, which was announced in May.

  2. Rolls Royce asks for £200m backing for N-power plants

    The engineering company Rolls Royce has called for the government to support its plans for a number of small nuclear power station, including one in at Moorside in Cumbria.

    Artist's impression of reactor building

    The firm is now leading a number of companies in a consortium to nuclear power plants using the "modular" reactors, which would be prefabricated in parts at factories and assembled on site, which Rolls Royce says would reduce the time and cost of construction.

    In the statement today, the consortium says a government commitment of £200m could enable a "fleet" of 16 of the power plants, creating 6,000 jobs, helping meet zero carbon objectives, and with a potential £250bn export market.

    Tom Samson, interim chief executive of the consortium said: "Families and businesses in our existing nuclear estate, such as West Cumbria and North Wales, will benefit from prosperity, social mobility and opportunity for decades to come.”

  3. Dangerous chemicals discovered at former Rolls-Royce site

    Eddie Bisknell

    Local Democracy Reporter

    Dangerous chemicals – including one made infamous in the film Erin Brockovich – have been found at a former Rolls-Royce site in Derby.

    Experts discovered the cancer-causing Chromium VI – the subject of the Julia Roberts movie – at the Marble Hall site in Nightingale Road, which was vacated by the firm in 2008.

    Other substances detected at dangerously-high levels include asbestos, arsenic and high quantities of carbon dioxide gas.

    Marble Hall site

    Keepmoat Homes has planning permission to build more than 400 new homes at the site in a partnership with Derby City Council.

    But before that happens, engineers will need to wear chemical protection suits to dig out contaminated earth to a depth of “at least” two metres, a report by ground investigation firm Hydrock said.

    Marble Hall site
  4. Coronavirus: Rolls-Royce unveils cash plan

    BBC Business News

    Rolls-Royce has announced it will aim to raise £3bn to bolster its finances amid the coronavirus crisis.

    The Derby-based engine maker announced plans to raise £2bn from its shareholders through a rights issue, which could trigger a further £1bn loan from UK Export Finance, the government's trade finance body.

    The company says the money will help protect it from wider economic risks relating to the pandemic, which has scarred much of the aerospace industry.

    The plan comes after the company announced earlier this year at least 9,000 jobs globally will be cut, 3,000 of which will be in the UK.

    Rolls-Royce Derby
  5. Sturgeon will look at trades union concern about Rolls Royce task force

    Labour leader Richard Leonard points out that, in June, the Scottish government announced it was establishing a working group to protect jobs under threat at Rolls Royce in Inchinnan and would work closely with trades unions.

    However, he claims there is concern that the working group does not include one Rolls Royce trades union representative and, on their behalf asks what has been done to secure the 550 jobs under threat.

    Richard Leonard

    First Minister Nicola Sturgeon replies that: "If there is a concern about the membership of the task force, we will try to address that.

    "There is no interest for the Scottish government not to have everybody involved in a collective effort."

    She says she personally spoke to Rolls Royce's chief executive a few weeks ago and points out that a group has been formed with the company to see what can be done to protect jobs.

    "Rolls Royce is facing a challenge globally because of a fall in demand for what it does and we cannot magic that away, but we have committed to what could be done in the short-term and long-term," she says, adding that the focus is on "re-purposing" the facility.

  6. County agencies line up behind new nuclear talks

    Two multinational engineering companies have now expressed interest in developing a nuclear power plant at Moorside, near Sellafield.

    The site has been abandoned since since the troubled Japanese conglomerate, Toshiba, decided not to go ahead with proposals for a power station there in November 2018.

    The Copeland MP Trudy Harrison now says she has been in talks with the French company EDF, which is already building a nuclear reactor in Somerset and is laying plans for another in Essex, and Rolls Royce, which is looking for a site to build a small modular reactor.

    Dr rebecca Weston

    Today the county's Local Enterprise Partnership (LEP), the county council, Copeland borough and the Energy Coast group all welcomed the development.

    Dr Rebecca Weston, chair of the LEP’s clean energy panel, said: “Cumbria is determined to put a strong case forward to ensure that we are at the forefront of both government and investors’ thinking, when they are considering new nuclear."

  7. Rolls-Royce job cuts 'extremely concerning'

    The loss of 50 jobs at the Rolls-Royce factory in Washington is "extremely concerning", according to MP Sharon Hodgson.

    The losses at the plant, which employs 340 people making fans and turbine discs for jet engines, are among 3,000 cuts the company is making across the country.

    Rolls-Royce engineer next to engine

    Washington and Sunderland West Labour MP Ms Hodgson said: "The scale of the cuts across the country will be extremely concerning for many families.

    "I have been working closely with a cross-party group of MPs with Rolls-Royce plants in their constituencies and union reps at the factory in Washington, and will be doing everything I can to support them."

    She said companies like Rolls-Royce should be "using financial support schemes put in place by the government and should not use this coronavirus pandemic to cut highly-skilled jobs in the UK".

    "As a company that has received significant taxpayer funding in recent years, they should be doing everything they can to protect UK jobs," she said.

    The company has blamed a global fall in air travel.