Rolls-Royce burns through 3 billion pounds, expects more cash outflows

Aerospace engineer Rolls-Royce burned through 3 billion pounds ($3.8 billion) in the first half as the hours flown by its engines halved due to the Covid-19 pandemic, and said it expected a further 1 billion pound outflow in the second half.

The British company, which makes engines for the Boeing 787 and Airbus 350, said flying hours fell 75% in April, May and June, and it had only seen a marginal improvement since.

Chief Executive Warren East said Rolls had started reviewing options for strengthening its balance sheet, and it had 8.1 billion pounds at hand even after the first-half