Bleak figures show how engines market is struggling, but asset sales could help firm muddle through
This is how bad things have got for Rolls-Royce, pride of the UK’s engineering industry: its finance director would prefer to work for Ocado, and his career move looks rational. The online grocer, remarkably, is three times the size of the engine-maker these days by stock market capitalisation, and the share-incentive prospects at his new home will be better to boot.
The timing of Stephen Daintith’s exit will irritate Rolls’ shareholders but it was not the main event amid another set of bleak figures. That was the “severe but plausible downside scenario” that sketched out Rolls’ predicament if a second wave of Covid-19 infections forces more lockdowns and further restrictions on air travel.
Continue reading… Source: The Guardian: Rolls-Royce hoping to avoid Covid second wave on bumpy flight path | Nils Pratley ———