Global economy ‘remains depressed’: Rolls-Royce

In the statement for the period 1 July to 2 November Rolls said its businesses remained in line with expectations. It continues to expect revenues to grow in 2009, with profits remaining similar to those achieved last year. Chief executive Sir John Rose said: "Global economic activity remains depressed. Whilst some emerging economies have shown signs of recovery, there is no evidence yet of a sustained and general return to growth across the Group's markets. "Our access to a wide range of global markets, the strength of our balance sheet and the early action we have taken to reduce costs and improve efficiency give the Group resilience to manage through the current uncertain environment. "We have strong positions in markets with long-term growth potential and we have a record order book, which has been increasing despite some minor cancellations. We continue to invest despite this general economic downturn to support the growing demand for our products and services and we have the financial strength to take advantage of opportunities as they arise". In July, Rolls Royce announced that it would be proceeding with a number of new operational and research facilities in the UK, Singapore and the USAthat would increase capacity and geographic spread and improve productivity.