30th Jul 2015 15:20
LONDON (Alliance News) - Rolls-Royce Holdings PLC said Chief Executive Officer Warren East bought 6,691 shares at a price of 746.31 pence per share Thursday.
Following this transaction, East holds 7,690 shares.
Rolls-Royce earlier Thursday posted a sharp fall in first half profit, hit by weakness in its offshore marine markets due to low oil prices, as revenue increased and the group edged up its dividend payout.
"In the near term, we are managing a significant transition from mature engines to newer, more fuel efficient ones, such as the Trent XWB, Trent 7000 and Trent 1000. At the same time, we are taking appropriate actions to mitigate the effects of weakness in our offshore marine markets," said Warren East, Rolls-Royce's chief executive.
"While these create a profit headwind in the near term, it is critical we successfully deliver our product launches, complete our supply chain transformation and sustain investment in our businesses to strengthen their competitive positions. The initial phase of my ongoing operational review has and will continue to concentrate on how we drive improvements and sharpen our focus to make us a more resilient and sustainable business," East added.
Shares in the power systems developer were trading 2.5% higher at 749.00p, among the top 10 performers in the FTSE 100.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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