Rolls Royce commits to UK in wake of vote to quit the EU

Work being carried out on Rolls-Royce's BR725 engine. PRESS ASSOCIATION
Work being carried out on Rolls-Royce's BR725 engine. PRESS ASSOCIATION
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Prestige car manufacturer Rolls-Royce has reaffirmed its commitment to the UK in the wake of the country’s decision to exit the European Union, but warned that longer term assurances would depend on a post-Brexit deal.

The jet and engine maker said that the result was “not the outcome the company would have chosen”, but added that it “remains committed” to Britain, where it employs 23,000 people.

The announcement comes as a boost for South Yorkshire’s Advanced Manufacturing Research Centre, where Rolls Royce has a substantial presence.

Rolls-Royce said: “Although this is not the outcome the company would have chosen, Rolls-Royce remains committed to the United Kingdom where we are headquartered, directly employ over 23,000 talented and committed workers and where we carry out a significant majority of our research and development. The UK’s decision will have no immediate impact on our day-to-day business. The medium and long-term effect will depend upon the relationships that are established between the UK, the EU and the rest of the world over the coming years.”

The firm also said that its outlook for the year ahead is unchanged and that currency movements would boost underlying revenues by around £400m and improve underlying profit before tax by around £40m. In May, its boss Warren East told investors that its turnaround was on track. It is set for improved trading in the second half of the year thanks to large engine deliveries.