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The price of shares in FTSE 100 aero engine manufacturer Rolls Royce (LON:RR.) climbed 18.96% to 299.30p (as of 11:35 BST) after management detailed its liquidity position in the face of the COVID situation. Power Systems and Defence trading remained in line with expectations, but the Civil Aerospace arm has been impacted by the steep reduction in flying hours.
CEO Warren East commented: “We find ourselves in unprecedented times, both as a company and as a key player in vital power markets across the world. Our priority is to do everything we can to safeguard the lives and livelihoods of our people and to play our part in helping our customers, partners and communities. We are taking significant measures to strengthen the operational and financial resilience of our business. I would like to thank all our 52,000 colleagues worldwide for their support, dedication and hard work at this time when difficult decisions are being made“.