6th May 2016 09:42
LONDON (Alliance News) - Rolls-Royce Holdings PLC said Chief Financial Officer David Smith bought shares after the FTSE 100 company said its 2016 results will be significantly weighted to the second half as its markets remain challenging and it barrels ahead with its massive restructuring.
Smith bought 6,504 shares at 614.95 pence each on Friday, taking his shareholding to 35,469 shares.
On Thursday, Rolls-Royce said it was on track to deliver targeted savings of GBP30.0 million to GBP50.0 million a year in 2016, while legacy restructuring efforts in its civil aerospace, defence aerospace and marine businesses are progressing to plan.
Rolls-Royce said profit for 2016 will be significantly weighted to the second half, with the first half expected to be close to break even, stripping out finance charges and tax. The group said the outlook for the second half is brighter, based on increased large engine deliveries, good underlying growth in aftermarket revenue and anticipated benefits from the restructuring programme.
Shares in the power systems developer were 0.2% at 631.50p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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