Rolls-Royce is expected to report bumper profits of £1.4billion this week as a turnaround plan led by boss Tufan Erginbilgic continues.
City analysts forecast that the British engineering firm, which makes aircraft engines, will see profit more than double in 2023, compared with the previous year.
The FTSE 100 firm will unveil its full-year results on Thursday when investors will also be keen to see if Rolls-Royce pays a dividend.
The profits boom comes three months after Erginbilgic, who took over in January 2023, unveiled a strategy to quadruple earnings within five years.
Former BP executive Erginbilgic vowed in November to boost profits to £2.8billion by 2027 compared with £652m in 2022.
High-flying: Rolls-Royce was the FTSE 100’s biggest riser in 2023, with its share price soaring more than 200 per cent
He also plans to fatten the margins at its main civil aerospace business from 2.5 per cent in 2022 to as much as 17 per cent by 2027.
Rolls-Royce spent years underperforming and came close to bankruptcy during the pandemic.
But the company was the FTSE 100’s biggest riser in 2023, with its share price soaring more than 200 per cent in its best year since its 1987 public listing.
Last year it announced plans to cut 2,500 jobs, up to 6 per cent of its workforce.
