LONDON — Rolls-Royce shares jumped more than 8% on Thursday after the British aerospace group more than doubled its annual profits in 2023 and forecast further momentum this year. Rolls-Royce, which manufactures jet engines for commercial aircraft along with power systems for ships and submarines, posted an underlying operating profit of £1.6 billion ($2 billion) in 2023, compared to £652 million in 2022. The group also reported a record free cash flow of £1.3 billion, driven by strong operating profit and continued growth of its long-term service agreement (LTSA) book. Rolls-Royce was the top performer in Britain's FTSE 100 in 2023, soaring over 200% on the back of a profit forecast upgrade and the announcement in November that profits could quadruple by 2027. "Our strong delivery in 2023 gives us confidence in our 2024 guidance and is a significant step towards our mid-term targets," Erginbilgic added.

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Persons: Tufan Erginbilgic, Royce, Erginbilgic, Cheviot Organizations: Airbus, Universal Sky, LONDON, Royce, Power Systems, Defence Locations: Barcelona, Spain, British, Britain's